Credit Card Refunds - Time Delay

Cedros

Purchases via credit cards are debited to customer's accounts immediately (even if they are shown as pending) and, where applicable, interest is charged from the date of the transaction (same day). Refunds however are not credited to the credit card on the same day. These typically can take between 3 and 5 working days! Someone, other than credit card customers, are benefiting financially from this one-sided arrangement. The questions are, who and why is it possible to effect debit transactions on the same day but not refunds? Is this another PPI scam I wonder.

[Deleted User]

why would it be a ppi scam?its not even a scam,after all if you dont like it you can always pay cash

leicsmarkyr

Cedros wrote: »

Purchases via credit cards are debited to customer's accounts immediately (even if they are shown as pending) and, where applicable, interest is charged from the date of the transaction (same day). Refunds however are not credited to the credit card on the same day. These typically can take between 3 and 5 working days! Someone, other than credit card customers, are benefiting financially from this one-sided arrangement. The questions are, who and why is it possible to effect debit transactions on the same day but not refunds? Is this another PPI scam I wonder.

Sales are authorised and checked to see if you can afford the amount. Refunds (generally) are not authorised and just pop up in your account.

Both sales and refunds take 'x' days to appear on your account. Sales are pending so you do not overspend and interest is ONLY charged from the day the transaction is posted to your account as a general rule (assuming you do not pay the bill in full on time).

It is not a scam it is STANDARD functionality of credit cards

ashleypride

Cedros wrote: »

Purchases via credit cards are debited to customer's accounts immediately (even if they are shown as pending) and, where applicable, interest is charged from the date of the transaction (same day). Refunds however are not credited to the credit card on the same day. These typically can take between 3 and 5 working days! Someone, other than credit card customers, are benefiting financially from this one-sided arrangement. The questions are, who and why is it possible to effect debit transactions on the same day but not refunds? Is this another PPI scam I wonder.

My credit card doesn't charge me any interest if I pay in full, even better my 15 month 0% APR card gives me no interest at all even if I don't off in full each month! Better still, I can take the money I have saved and place it into the same companies bank account and earn interest! You might say I am scamming them.