Sneaky Credit Card Companies...

young_victor_meldrew

Make a payment to clear your credit card using a debit card, payment leaves your bank account straight away, however, the sneaky credit card company doesn't allocate the payment to your card straight away...

"It may take up to 3 days to reach your account" the CSR says.

I find this practice sneaky and underhand... are there any card issuers that allocate debit card payments to your balance with immediate effect?

Eydon

Yes - payments from a Barclays account to a Barclaycard made before 6:30pm hit your Barclaycard the same day.

It all depends really on who the bank account and credit card belong to. If they are the same financial institution (as Barclays and Barclaycard are) then there really shouldn't be any reason for it not to be instantaneous.

Also, Faster Payments was supposed to help with this, but both Payee and Payer institutions have to support it, and not all do (yet).

bingy_burge

yeh barclays does but capital one takes two days.

willstewart

I find:

Lloyds current account to credit card takes 3 days min.

MBNA. Pay bill Thursday morning and it only goes through on Tues. Pay say Tues, through by Friday (record being over 15 days from an online transaction which resulted in a late payment fee a couple of years ago)

Barclaycard. Last payment took 2 days from a non-Barclays account. The one before went through next day.

Capital 1. Usually about 3-4 days.

Nikkisun

That's nothing - on 23/09 I made a payment to my Nat West cc using my Barclays debit card, on 26/09 Nat West shows as reversed payment (why????), they then reapplied it on 30/09 and it finally cleared on my cc on 07/10!!!! So from me paying it to it actually being 'available funds' was 7 days!!!!

BigDave81

I am not sure if this answers the question (I'm not really that fussed as I pay in full every month so no interest charges anyway) but may help.

I pay my AMEX online with my debit card and if I log on to my Nationwide bank account the money is gone straight away. If I look at my available balance online with AMEX it includes the payment amount but doesn't show for 2-3 days as acyually received but you obvioulsy know they have it.

For example say the limit is £5000 you owe them £500 so the available credit is £4500. You pay £500 but it still shows you owe them £500 and no payment received but your available credit is now £5000. Then 3 days later it says payment received.

Hope that's clear, I seemed to ramble a bit ther

young_victor_meldrew

One for Martin to make noise about maybe?

Once they have the auth code, there should be nothing to stop the payment being credited there and then.

Budner

young_victor_meldrew wrote: »

Make a payment to clear your credit card using a debit card, payment leaves your bank account straight away, however, the sneaky credit card company doesn't allocate the payment to your card straight away...

"It may take up to 3 days to reach your account" the CSR says.

I find this practice sneaky and underhand... are there any card issuers that allocate debit card payments to your balance with immediate effect?

How is it sneakey or underhand iff they're telling you?