Pending transactions

Vinknut

Depending on when you check the balance, and when you made payments, you'll often see some discrepancies between the current balance, the amount of credit left, pending transactions, etc.  This is quite normal as the banks systems update and charges move from pending to processed, etc.  This is precisely why you have a monthly statement - it's a confirmation of *exactly* what you spent and the *exact* amount you need to pay to remain interest free.

As has been mentioned before just pay the statement amount, there's no reason to pay the balance and, indeed, it can cause a lot of confusion.  There are no credit cards out there that will miraculously make it all add up if you insist on paying what you think is the current balance and not paying the statement amount. 

lr1277

Some suggestions for you:

1) As already mentioned, use a debit card. No S75 but you do get chargeback facility.

2) If as you say you are keeping a track of transactions, are you also tracking which transactions are reconcilled i.e. showing as a proper transaction on your credit card app/statement?

 One option is to pay the reconciled balance when you make your payment. The other option is as suggested above, pay the statement balance by DD. Then make a further payment of the difference between the reconciled balance and the statement balance in the days on or after the DD is taken and before the next statement is produced. Could be complicated but might work for you. I mention the date thing because for certain cards, payments over a certain  amount can stop that month's direct debit being collected.

3) If you are worried about going over your credit limit, would you consider using a charge card? Advantage no theoretical limit (see below). Disadvantage only have chargeback protection, just like a debit card and no S75.

There are 3 charge cards I know of. Coutts Silk (well available both as a credit card and a charge card. For the credit card apparently you can ask for a limit increase in the app.

With Amex, there is:

Basic card (no fee and no rewards)

Harrods Amex (Rewards based on speding in Harrods, there is a fee and need to spend £5k in Harrods first before you can even apply).

There is also the Centurion card which is a charge card for which you have to be invited but you can express an interest if you so wish.

With Amex there is theoretically no limit but my reading on the internet suggests there is a limit, which is not easily visible. This limit can go up as you build a good relationship with Amex.

Disadvantage of Amex is that it is not accepted in as many places as Visa/Mastercard.

Just to say in terms of keeping track of your transactions, one previous card I had would text me when I made a transaction with the transaction details within minutes of making the transaction, I can't remember if the transaction would also show in the app as an authorised transaction or a pending transaction.

My current bank credit card does not notifiy me of any pending transactions but the available balance is reduced by the amount I just spent. That is too onerous for me to track. So I wait till the app is showing a transaction as definite before I mark it as reconciled.

HTH

Edited to add: the commentary about Amex on this site and others is if you choose to pay by DD, you get less time to pay than a credit card. Also sometimes the DD is taken before the advised date. If you choose this route, make sure there is sufficient money in your current account a few days before the payment date.

2nd edit: Amex do not allow you to pay more than you owe them i.e you can't pay off any pending transactions.

Hoenir

Keep the receipts and check them off the statement. 

Most credit card providers allow you to view the current status of the account.