Making multiple payments causes 7 day hold

[LS2982]

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@tcbofade wrote:

In my experience, different credit card companies have different policies here.

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.

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Never had a problem with HSBC, next day funds available always make 2-3 payments a month.

[RockinRay]

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@CS800 wrote:

I dont think that initially it was like that, AMEX tends to learn your habits and let you loose.

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You use USAA right? I just use their Bill Pay and shove it down the CC throats!

Works every time...  

Ray

[tcbofade]

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@LS2982 wrote:

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@tcbofade wrote:

In my experience, different credit card companies have different policies here.

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.

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Never had a problem with HSBC, next day funds available always make 2-3 payments a month.

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Read that again.  I think that we're saying the same thing...almost.

I pay my Household every Friday, and never have an issue.

If a holiday effects my payroll schedule, I have to be VERY careful, because making payments LESS THAN SEVEN DAYS apart, causes a hold on the payment.  (in my case, anyway...)

[haulingthescoreup]

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@bcdudley wrote:

I do typically charge up to the limit and pay it off almost completely. I have a $2000 limit and I run it all the way up and down. I have only had the card for a few months so I doubt a credit increase would be in order yet. When I called the first time to ask about the hold, the csr did mention an increase, but then he saw how new the card was and said it would likely not go through.

I also have another credit card with them as well as my checking account and a $6500 atv loan.

Oh well, I will just restructure the way I make my payments. Thanks.

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(SIAP, but I lost track of the original questions while the thread went zooming off on American Express, Cap One, HSBC, etc.)

I wonder if the fact that the card is new is relevant. It's not unusual for lenders, especially conservative ones like USAA, to keep you on a short leash initially until you've built up a payment history/ pattern.

How long have you been a member of USAA, and how long have you had the other card and the ATV loan?

[LS2982]

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@haulingthescoreup wrote:

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@bcdudley wrote:

I do typically charge up to the limit and pay it off almost completely. I have a $2000 limit and I run it all the way up and down. I have only had the card for a few months so I doubt a credit increase would be in order yet. When I called the first time to ask about the hold, the csr did mention an increase, but then he saw how new the card was and said it would likely not go through.

I also have another credit card with them as well as my checking account and a $6500 atv loan.

Oh well, I will just restructure the way I make my payments. Thanks.

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(SIAP, but I lost track of the original questions while the thread went zooming off on American Express, Cap One, HSBC, etc.)

I wonder if the fact that the card is new is relevant. It's not unusual for lenders, especially conservative ones like USAA, to keep you on a short leash initially until you've built up a payment history/ pattern.

How long have you been a member of USAA, and how long have you had the other card and the ATV loan?

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+1

Cap1 was like that, then stopped. Now its just the computer PMS'ing every now and then

[Open123]

Just curious, but what's the rationale for paying frequently, or even while it's pending before a charge has posted?  

[LS2982]

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@Open123 wrote:

Just curious, but what's the rationale for paying frequently, or even while it's pending before a charge has posted?  

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1) If its a rewards card (esp. cash) running big normal bills though it gets you $$$

2) I feel like it shows the bank i'm responsible with their card and they can trust me.

[LS2982]

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@tcbofade wrote:

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@LS2982 wrote:

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@tcbofade wrote:

In my experience, different credit card companies have different policies here.

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.

---

Never had a problem with HSBC, next day funds available always make 2-3 payments a month.

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Read that again.  I think that we're saying the same thing...almost.

I pay my Household every Friday, and never have an issue.

If a holiday effects my payroll schedule, I have to be VERY careful, because making payments LESS THAN SEVEN DAYS apart, causes a hold on the payment.  (in my case, anyway...)

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Gotcha.

I'm about 2 weeks between when I make payments and never had an issue.

[tinuviel]

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@tcbofade wrote:

In my experience, different credit card companies have different policies here.

I know that with HSBC / Orchard, if you make more than one payment within seven days, it'll trigger a hold on funds.  If you make payments exactly seven days apart, there's no hold.

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That was one of the things that I hated about First Premier. If I made more than one payment in a month, they would hold the additional payment for 10 days. Now with Cap1, I pay them at least once a week and the never hold my payments; my CL is restored the following day.

[tinuviel]

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@Open123 wrote:

Just curious, but what's the rationale for paying frequently, or even while it's pending before a charge has posted?  

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For me, it's because I get cash rewards on my Cap1 card, but the CL is only 750. So, if I want to run a significant amount of monthly spending through it to earn the rewards, I have to pay more than once a month.