Processing Time For Debit Card Payments To Credit Card Bill

SnowTiger

Archergirl wrote: »

Why not just set up a direct debit and not have to worry about it?

Because Direct Debits are so twentieth century and some people like to remain in control of their payments so that nothing goes wrong.

Archergirl

But it did go wrong, didn't it.............

cockmad

The processing time for Debit cards and Direct Debits varies greatly and can be frustrating.

The slowest Debit card processing that I have encountered is my Oyster automatic top-up for London transport which usually takes 4-5 working days.

My Sky subscription DD is also fairly slow taking usually 3 working days, while my Vodafone DD is very fast and efficient.

Bob_the_Saver

Archergirl wrote: »

But it did go wrong, didn't it.............

Oh I do like it when people hit the nail on the head.

scrub

I've just posted about this myself and someone posted this link:

In all the years I've had a Tesco credit card, I've always paid on the last day due and it's been fine. However, I saw an interest payment on my last statement. I checked my bank account and the money went out on the correct day. The bank told me the money's there but it needs to be accepted by Tesco.

Tesco's T&Cs say they'll credit the account as soon as they receive it and my bank shows the money went out on the correct day. Their direct debit goes out 6 days before it's due which I think is too long.

I made a complaint and a manager called me back. She eventually gave me some of the money back but wouldn't back down.

They clearly have made a slight change to their processes and it means it will catch a load of people out who've have been following a set procedure for years. I don't find this acceptable! It's a digital transfer and it should be instant, not 9 - 5 Monday to Friday rubbish. If the rest of Europe can do it, there's no reason why it can't be done here.

I've really lost faith in Tesco's banking. First, they lied about PPI on my credit card and now it looks like they're delaying taking payments as a cheap way of making a bit of extra cash.

As I said, this procedure has worked fine for many years - it's suddenly changed so I think it's at the point where I will suddenly change. To a new credit card.

SnowTiger

scrub wrote: »

As I said, this procedure has worked fine for many years - it's suddenly changed so I think it's at the point where I will suddenly change. To a new credit card.

Let's hope Tesco don't mark it as a late payment.

dalesrider

scrub wrote: »

In all the years I've had a Tesco credit card, I've always paid on the last day due and it's been fine. However, I saw an interest payment on my last statement. I checked my bank account and the money went out on the correct day. The bank told me the money's there but it needs to be accepted by Tesco.

Tesco's T&Cs say they'll credit the account as soon as they receive it .

You do not say how you make the payment. Which will make a big difference.
Waiting till the last day is always a risky approach. It would only need a system issue and your payment would be late.

Also there is a lot of work going on in the background on faster payments by many providers.
These can easily cause a delay.

Remember even a FP still does not have to reach the other party till the end of the next working day.

Can the rest of Europe make payments as fast? Maybe when you are within the same bank, but inter bank still has exactly the same issues.

zerog

Since Tesco accepts FP, why would anyone pay by debit card? Is there a debit card which gives rewards now?

molerat

Even if the OP had paid by FP it could still have taken until Monday for it to be credited.

DJBenson

guesswho2000 wrote: »

Afaik Barclaycard are the one and only issuer to credit a debit card payment so quickly. Another reminder why a direct debit for the minimum is essential - although I don't practice what I'm preaching on some of my cards (Tesco included), it is good practice

Aqua also credit payments very quickly. I made a payment (for 18 pence :rotfl:) and it had increased my available credit by the same amount within an hour of me making the payment.

I believe that most (if not all) credit card companies explicitly state that payments should be made "in good time" to allow for processing timescales (which are usually 2+ days).

I'd keep pushing with Tesco though - it's easy to make a mistake after many years of paying on time - my experience (with Barclaycard and Aqua) were that they refunded the charges as it was a "first offence". Barclaycard reported the late payment to the CRA, Aqua however did not (my particular scenario was that I made two payments close together and one was actually a day early to have been classed as received during the statement window - Aqua were very good and sorted it out for me :T ).