AMEX - Faster payments?

[Deleted User]

Did balance transfer from my sainsburys credit card.

They told me they used faster payments and in two days it was in my santander account. However, four days now and not in amex account.

I know I should have checked but I'm wondering if amex supports faster payments? Luckily, I still paid minimum amount but now it looks like I'm going to be a day late for full payment but bottom line is I've got interest to pay now. (I normally pay off in full).

Might try speaking nicely to amex and point out the mistake I made. They're usually pretty good I find. Not that it should matter because it looks like its my fault but its an amex platinum and I spend over £25K a year on it.

Anyone ever had anything similar?

[Deleted User]

Through the power of google, I managed to find a website for Amex, and they proclaim the following -

Please note that American Express is not currently part of the Faster Payments Service.

So I'd guess they don't.

YorkshireBoy

I'm confused!

Did you do a balance transfer to your Sainsburys card, ie they were taking on debt from another provider?

Did you make 2 balance transfers?...ie 1 from a Santander card and 1 from an Amex card?

If my understanding is correct, the issue with Amex may be down to that card having only 15 digits...not the usual 16 digits...so your payment may be 'hanging'.

Apologies if I've misunderstood.

YorkshireBoy

Deleted_User wrote: »

Please note that American Express is not currently part of the Faster Payments Service.

But they are subject to the PSD, so 'fast' to them would be by the end of the next business day?

[Deleted User]

YorkshireBoy wrote: »

But they are subject to the PSD, so 'fast' to them would be by the end of the next business day?

A good point.

krichards

Does your available credit figure on the Amex website reflect the payment, even though it isn't physically showing yet?

I did a BT from Halifax (same bank as Sainsbury's) and I understand from them that they sent the money on a Thursday, American Express got it on the Friday, but it took till the Monday for it to be reflected, and then till Tuesday to actually show as credited.

This was over Easter, so not sure if that was the reason.

[Deleted User]

YorkshireBoy wrote: »

I'm confused!

Did you do a balance transfer to your Sainsburys card, ie they were taking on debt from another provider?

Did you make 2 balance transfers?...ie 1 from a Santander card and 1 from an Amex card?

If my understanding is correct, the issue with Amex may be down to that card having only 15 digits...not the usual 16 digits...so your payment may be 'hanging'.

Apologies if I've misunderstood.

Yes, sorry. As you said.

Would have hoped that sainsburys knew how to transfer to an amex card though and would be able to work out that it had 15 digits.

[Deleted User]

krichards wrote: »

Does your available credit figure on the Amex website reflect the payment, even though it isn't physically showing yet?

I did a BT from Halifax (same bank as Sainsbury's) and I understand from them that they sent the money on a Thursday, American Express got it on the Friday, but it took till the Monday for it to be reflected, and then till Tuesday to actually show as credited.

This was over Easter, so not sure if that was the reason.

Good point. Will check that.

I actually did the transfer on Sunday (yes, I know its gotta wait till monday). Amex bill was due wednesday which I hoped was enough time.

Did same for santander card. Bill was tuesday and it got there on tuesday.

[Deleted User]

Deleted_User wrote: »

A good point.

So are you saying any money sent to them from someone else (i.e. sainsburys cc) would be in account end of next business day?

krichards

You may be alright, because if the payment got to Amex on Tuesday, or even Wednesday, that is the date it should show on the statement as being credited - even if it takes the website a day or two more to actually show the payment.

In the example I quoted, even though the payment didn't show on the statement till the 10th, it was credited as the 6th, which is the date the money would have originally received at Amex's bank.

[Deleted User]

Just checked amex online and it appears to have got there on 18th which is one day after payment was due. So it tool 4 working days inc day it was sent.

Problem is now I guess I'm due for interest on amount from statement and any other purchases since that time until I pay off totally. Is this correct?

I guess I better speak nicely to amex and explain the situation.