On 5 Aug 2006 14:24:11 -0700, MIG wrote:

I know a lot of answers have been given here, but I just want to be
sure of one thing.

If I made one journey of any kind before 0930, and then lots of other
journeys, the only paper travelcard that would cover it all would be a
peak one. I might choose instead to pay a single fare for the first
journey and then get an off-peak travelcard for the rest.

But are we definitely saying that Oyster will treat the first journey
as if you just bought a single fare, and then apply off-peak capping to
the rest of the day's journeys?

Yes. (Provided the total cost is less than the peak cap.)