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    Capital One credit card billing cycle question! very confused!?

    alright I just got my credit card, its a Master and the whole thing is kind of confusing to me. My credit line is 300. My cycle goes from Jan2 to Feb1 then Feb2 to Mar1, that's easy. Alright then between Jan2 and Feb1 I spent $250, then I thought the next transactions would go to another cycle and that my available credit had become full again, so I spent another $50 but after that it wouldn't let me spend anymore. I was scared, thinking that there was something wrong with my card. My statement arrived on Feb 10, I paid them right away. They received my bill on Feb 15, and I could use my credit card again. It happened again this month! then I draw this conclusion: Even though it is a new cycle, you can't continue using your card if you have used up all your credit line from the start of the cycle TO THE DAY THEY RECEIVE YOUR PAYMENT! its all about them receiving your payment for last cycle, not because another cycle begins. even though my conclusion seems logical to me, it is still confusing. sorry I'm a newbie, so please please explain fully to me I'm extremely baffled. thanks millions
    7 months ago 5 Answers

    Best Answer

    Yes, that's correct. You cannot exceed your credit limit AT ANY TIME. It does not "reset" just because the billing cycle has started over.
    a few seconds ago

    Other Answers

    • Your card has a $300 limit. You cannot charge more than $300 period. You do not get a new $300 with each new cycle. The cycle is a billing period. All transactions for that billing period show up on your statement. You have to pay down the balance to have available credit. Hopefully, you are paying the entire balance on that card and not just the minimum payment. There is no advantage to carrying balances on credit cards. If your limit is too small, you might consider making additional payments during the billing cycle to keep your balance below the limit and have credit available.

      by bdancer222 - 8 hours ago

    • Ok what is so confusing about having a $300 limit? This is the maximum you can spend with this card...period. Just remember that even though the limit is $300 and you spend $300 you can still go over your limit with interest and fees. And if you are only sending in the minimum payment due the balance will never really go down. Stop using the card so much! These types of spending habits only get people in trouble.

      by nu_girlie - 8 hours ago

    • credit cards can get u in trouble, when you used them and your credit limit is filled, you can not use them again until your payment is received and recorded, best advice is if you can not pay cash for something do you really need it...no

      by wcb1111 - 8 hours ago

    • Capital One are the worst company you could be with, I am in the UK and I have had nothing but trouble with them, I had payment protection last year and when I became unemployed it took them 8 months to activate my claim which added a lot of defaults to my account, I constantly received threatening phone calls from the call centre in the Philippians around 3/4 times each day, I received letters threatening court action and extra money to be paid and when I asked them what the extra money was they could not answer me. I have now passed my complaint to the Financial Ombudsman who are fighting my case. Did you know that they were fined £175.000 in 2007 for selling false payment protection insurance. Cut the card into little bits and find a better company.

      by Jackie m - 8 hours ago

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