How do I transfer into my account urgently?

PhilFromTimeTeamsHat

Heya all, as there's only 40 minutes of the day I have quite an urgent query...

My credit card went over the credit limit due to an error ordering something earlier today.

I've tried to transfer the equivalent funds from my current account, but my credit card's app is still stating over-limit. I'm trying to avoid being fined so trying to clear the funds today.

My current account shows the transactions going from current account to pay off the over-limit as "pending" as unfortunately it takes more than a day to transfer onto credit card.

My overall question is: "Given that I've initiated the transfer from my current account to my newly over-limit credit account, will the bank still fine me?"

Many thanks, I don't know any ways to move the money by the end of the day. Any advice appreciated
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Voyager2002

I think that if you telephone the credit card people and apologise, and they will see that you transferred funds as soon as was feasible, they will waive the fine.

Ben8282

Firstly, you are not yet over the limit as something ordered earlier on Saturday cannot possibly have ben debited to the credit card account yet. You will not be over the limit until the pending transaction is debited to your account which at the earliest will be sometime Monday evening.
If you have made a faster payment from your current account to the credit card I don't understand why the payment is still showing as pending on your current account as faster payments usually go out immediately and the funds are usually received within 2 hours. While it is true that the inbound payment will not yet be shown on your credit card account until the next update, the payment should be reflected in your available funds.

T-G-C

Generally, a bank transfer (Faster Payments) should be credited to the recipient immediately or within 2 hours. Some providers will reflect this incoming credit instantly, where their system has a refresh cycle in place, as opposed to a lot of providers who mandate changes at close of business 1x 24hrs.

Although the payment may not be visible yet, this does not mean it was not applied instantly in the background.

If you are referring to an in-house credit card at your bank, which is held alongside your current account, then this should realistically be credited instantly, even if it does not show it yet. However, the provider does have the right to request a processing time, if that is documented in either your credit agreement or related policy. This would prevent you from upholding a complaint if the payment was made outside of their processing time and you were classed as overlimit.