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The other day I went and got food at work, and since my debit card was left at home I used my credit. I paid my bill today and it still only said I owed two dollars and so I wasn't able to pay off the food from the other day. I used the card two days ago, is that too quick of a time period to expect them to add it to my account? Now I'll have to wait until it appears and then pay that off. Every debit transaction I make is immediately taken out including the same food place. This is a Chase credit card. Is everyone else's this slow or do some people have cards that post quickly like a debit? I would've rather been done with it.
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The transactions (credit versus debit) are both sent across virtually the same system, so the time difference probably isn't credit versus debit.
More likely, your bank account history shows transactions that are in "Pending" status where your credit card account may only show them after the payment has officially posted to the account. Usually, transactions processed are in pending status for 24-48 hours while the merchant account is confirmed as credited with the actual funds. That's one of the reasons many banks accounts show you your balance alongside your "available" balance. Your balance includes only posted (confirmed) transactions, while your available balance gives you the heads up on pending transactions.
On another note: Is it really necessary that you pay your credit card off immediately after each use? Why do you feel the need to pay it off the day after using it? -
I actually don't pay it off immediately. The due date is tomorrow and I paid it today. The two dollar balance is from the previous month. The $6 amount wasn't posted at all so I could just pay the larger balance which would be $8 and be done with it. So now I guess it'll just be for next month. The whole thing is I really don't like having that extra bill at all, so I just wished I could pay off the whole amount. My credit card account doesn't show it's even pending after two days of using it that time. Sorry if that was confusing, it's not even that big a deal. It just takes longer to be credited to my credit card bill.Comment
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All of my credit cards are that way, they have a 3-5 day delay in posting a charge. A couple of them will show a pending/processing charge, and reflect it in my available credit before actually posting.
In the end, I wouldn't worry about it. Unless you've got a wicked CC, as long as you don't carry a balance month-to-month, the grace period on the charges will cover you. Yea, it's bothersome if you charge something the day before you want to pay your bill and you can't include it in your online payment, but in the end, I say "no big deal".Comment
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boone,
you wouldn't have owed the $6 anyway. there is a cutoff for charges to be included in your currently due amount. it's usually 10-15 days prior to your due date.
If you time your charges right, you can maximize use of "their" money. Doing that, you could splurge alittle and get a nice Cianti to go with that $6 burrito.Comment
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nmboone
I'm with you, I would like to see charges post immediately. I have chase, too. I use it for everything. It is aggravating to see the pending amount and not know what it is attributed to.
I look at my account almost daily to make sure only authorized charges are on the account, If we have gone somewhere recently, I try not to get too worked up about the pending amount. Sometimes it is a high amount which stays on there for several days and turns out to be a pre-authorized limit from a hotel visit (we never make hotel charges that are as much as the limit). It seems that the hotels will hold onto that for a long time. Since you can't tell what the amount is attributed to, you don't know if it is an unauthorized charge or not.
I know it is technically feasible to post the pending charges right away because my DS has a CC that does just that.Comment
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Many people use credit cards precisely because the charges do not show up right away and the payment doesn't have to be made immediately. For instance, if one has an interest-bearing checking account, and uses a credit card to buy his or her fuel, groceries, and etc. for the month. At the end of the month (or the credit card cycle) the statement is given and payment of the stated balance is made in full then. All the time that the purchases were being made, the money remained in the bank account earning interest. Such uses are common.
If you want charges to appear immediately so that you can pay them quickly, you're better off using a debit card (or cash) to make purchases. Both give the desired the result of the money being gone right after the purchase.
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