Samed ay debit to credit card account

BoGoF

Ben8282 wrote: »

The intention of this post was to start a sensible discussion on how a credit card chip/pin transaction undertaken by a merchant using a specific credit card processor came to be debited extremely quickly to the credit card account and outside the normal timescales for such a transaction.
Instead, replies have implied that I don't know what I am talking about, that what has occurred here is normal when it is not and other comments such as

apparently worthy of being thanked 3 times and

If this post is considered insane drivel the heaven help us!

My post was thanked 3 times as well......call it a draw.

What is there to discuss? It happened, get over it. Are you going to complain to the Ombudsman that the transaction hit your statement too soon?

Ben8282

BoGoF wrote: »

My post was thanked 3 times as well......call it a draw.

What is there to discuss? It happened, get over it. Are you going to complain to the Ombudsman that the transaction hit your statement too soon?

More sarcasm. No of course I am not going to comp0lain to anybody and there is nothing to get over.
.

SnowTiger

Ben8282 wrote: »

I used my Lloyds Mastercard credit card for a chip/pin purchase transaction on Tuesday afternoon.
The transaction was actually debited to the credit card account when they updated Tuesday evening. I don't mean it appeared as a pending transaction I mean it actually appeared as a debit on the account.

Wow. That was quick.

I've noticed that most of my credit and debit card transactions are posted a lot quicker now than they used to be. Usually the following day.

I've never seen a transaction posted to an account the same day it was made though.

HSBC (debit card) is one notable exception. I've been using my card a lot recently to take advantage of their 1% cashback offer. Transactions take several days to appear and HSBC doesn't show pending (debit card) transactions.

Bruno58

Does it matter you have still spent the money .

Ben8282

Bruno58 wrote: »

Does it matter you have still spent the money .

it doesn't matter in any way.
It would only have mattered if it had been right at the end of the statement period and I had found myself paying for something that I had every expectation of paying for on the following statement in which case if it had been a large value transaction it may have been inconvenient from a budgeting point of view.

Ben8282

SnowTiger wrote: »

Wow. That was quick.

I've noticed that most of my credit and debit card transactions are posted a lot quicker now than they used to be. Usually the following day.

I've never seen a transaction posted to an account the same day it was made though.

.

Exactly. At last somebody with some common sense.

Terry_Towelling

The issue is not about not having the money, or wanting things to be delayed, or wanting to stir up righteous indignation in people, or about complaining, it is about something slightly unusual for a credit product offered by a 'traditional' bank in the UK.

There are a few possible explanations. Certainly, a lot depends on how the retailer has been set up but the most likely explanation is that the retailer was acquired by Lloyds and you also used a Lloyds bank card - an 'on-us' transaction. So, possibly, when the retailer's terminal was 'polled' (or whatever they call it these days) it took the transaction into Lloyds systems and they simply posted the transaction for Lloyds cardholders straight to those accounts and sent the rest (the not-on-us transactions) out to Visa/MasterCard for overnight interchange.

Another possibility may be that this might be a Single-Message transaction. These do exist across the world but the UK has not traditionally participated. What happens is the transaction generates an authorisation request and the transaction is actually cleared using the auth. message data. The traditional transaction model is for an auth. message to be processed and for that to be held as a 'pending' transaction and for the actual clearing message to follow overnight - or even later.

It could even be a mixture of Single-Message processing and an on-us transaction. Maybe Lloyds is trialling something with some of their retailers and 'Payment Sense' is some new-fangled system.

Perhaps try this retailer again and see if it happens again.

onwards&upwards

born_again wrote: »

Well that is the whole point of a credit card :rotfl:

Only would come into play if nearly up to limit and could not make a payment for a few days, or just at point of statement being produced and wanted it on the next one...

Yes, that was exactly the scenario I was imagining.

OceanSound

Ben8282 wrote: »

it doesn't matter in any way.
It would only have mattered if it had been right at the end of the statement period and I had found myself paying for something that I had every expectation of paying for on the following statement in which case if it had been a large value transaction it may have been inconvenient from a budgeting point of view.

Just started a similar thread to yours. My question was - if a purchase was done on the statement date, will it be included in that month's statement or the next month's statement:
https://forums.moneysavingexpert.com/discussion/6060534/capital-one-billing-cycle-question#1

Ben8282

OceanSound wrote: »

Just started a similar thread to yours. My question was - if a purchase was done on the statement date, will it be included in that month's statement or the next month's statement:
https://forums.moneysavingexpert.com/discussion/6060534/capital-one-billing-cycle-question#1

Normally it would be on the next statement except in the highly unusual situation which is the subject of this thread where it would have been on the statement issued that day.