Credit card payment....time to clear??

amv0

I had the same problem with the Natwest Credit Card.
Balance near the limit, full payment made (from my Natwest account using Natwest online banking). A couple of days later online banking shows payment received and the available balance updated accordingly. Yet all transactions declined.

I call to check what’s wrong and was told the same stuff about an additional 4 days to clear.

Had a look in their terms & conditions and found this:

“We reserve the right not to adjust your 'available credit' by the amount of any payments received until they have been cleared. Typically, this may take up to ten working days :shocked: after we receive your payment”.

jonesMUFCforever

discharged wrote: »

The payment was made well before the payment date!

Yes but it was near its limit.
This resulted in the same scenario as an uncleared cheque on your current account.

Dylanwing

To me, it seems that Banks develop and encourage use of electronic payment systems for ease, speed and convenience, and then just build in delays so that they are as slow and cumbersome as cheques.

discharged_2

ejones999 wrote: »

Yes but it was near its limit.
This resulted in the same scenario as an uncleared cheque on your current account.

No it is not the same as un uncleared cheque. An online bill payment goes in as cleared funds in every other application I have come across. If it were a cheque I could understand it.

angelo

just to share my ideas and my ways regarding credit card... MONITOR and CONTROL would be the two terms needed in order to utilize fully my cards...
without the two you can't enjoy the use of credit cards...:j

Mikeyorks

angelo wrote: »

just to share my ideas and my ways regarding credit card... MONITOR and CONTROL would be the two terms needed in order to utilize fully my cards...
without the two you can't enjoy the use of credit cards...:j

Is this to promote the unauthorised (and affiliate?) link in your signature????? Please get rid of it ... or yourself!

jonesMUFCforever

discharged wrote: »

No it is not the same as un uncleared cheque. An online bill payment goes in as cleared funds in every other application I have come across. If it were a cheque I could understand it.

If you pay your credit card at a bank - it makes no difference whether it is cash or cheque - at the end of the day it is a piece of paper which goes to a Head office account and is then credited to the card.
They can't tell the difference.

I would agree that an electronic payment should show as cleared on the account on receipt as most of mine do, but then I'm not normally near my limit and do not leave it until the last minute to pay.

discharged_2

ejones999 wrote: »

If you pay your credit card at a bank - it makes no difference whether it is cash or cheque - at the end of the day it is a piece of paper which goes to a Head office account and is then credited to the card.
They can't tell the difference.

I would agree that an electronic payment should show as cleared on the account on receipt as most of mine do, but then I'm not normally near my limit and do not leave it until the last minute to pay.

I'm very glad that you are able to keep your financial affairs so tidy!
However the account was within the prescribed limit and the payment was made WELL BEFORE the due date.

As an aside, how can I find out whether we have been charged interest on the outstanding balance, during the period that I believe the funds to have been cleared and the balance cleared?

jonesMUFCforever

Thank you for the compliment.
It's quite easy really.

Interest (if any) will show on your next statement.
If your previous balance was at nil before your wife used the card this month (and providing she has not withdrawn cash) there should be no interest IMO.