Transaction dates on credit card statement

snaver · 3 May 2020 at 1:44PM

Hi, can anyone help or advise me please? When I look at my credit card statement, there are two date columns next to each other, one is headed 'Transaction date' and the other 'Process date'. Most of the time, they both have the same date, as the transaction was processed immediately or at least on the same day, but occasionally the process date is the day after the transaction took place. Does anyone know if there's a way of making this happen, such as by making the transaction in the evening, after the close of business or working day, or if there's a cut off point please? It may be that it just depends on the speed of the shop or company's system or machine, but it could be useful, especially when putting a large payment on card at the end of the billing period to get it onto the following month's statement and increase the credit time. Any thoughts really appreciated.

victor2 · 3 May 2020 at 1:53PM

When you choose to buy something by credit card, the payment is authorised, but not actually paid out until the supplier requests it, often upon dispatch of the goods. You can't really control it, other than verifying the goods or service purchased won't be fulfilled until the next working day for example. However, so many systems are automated now that payment might go straight through as soon as you place the order.

born_again · 3 May 2020 at 2:16PM

Transaction date = When you actually made purchase.
Process date = Date retailer/system processed the payment.
More and more companies or their merchant banks are processing them on the same day. So NO there is no way to make sure that they are not debiting (showing on your statement) the same day. Only chance would be to make it late at night, but even then it can still happen.

Think back a few years, when you used to go food shopping on a Friday night (transaction date) but they never debited (shown on statement)(process date) till Monday or Tuesday. Long gone are these days. Systems are fast becoming real time just like a ATM transaction.

digalumps · 4 May 2020 at 10:34AM

Except for first direct credit cards of course where the average time is about 3 eons...

Se1Lad · 4 May 2020 at 10:41AM

The only way to be 100% sure is to wait for the next billing cycle to start before making the transaction . I’ve been in the same situation last year where I had a large amount to pay for my Football season ticket, due the day before a new billing cycle. In my case I asked if it was ok to pay a day late and they were fine with it - which meant I had another month to pay off the amount without being charged interest.