No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I paid off my balance on my quicksilver before it's due so that I can keep using it (just got it a couple weeks ago so haven't had a statement yet or anything) and it says my payment is posted. It's not pending anymore. But it still shows that I only have $58.00 available credit instead of the whole amount even though it says I have a 0 balance.
What am I missing here?
@Anonymous wrote:I paid off my balance on my quicksilver before it's due so that I can keep using it (just got it a couple weeks ago so haven't had a statement yet or anything) and it says my payment is posted. It's not pending anymore. But it still shows that I only have $58.00 available credit instead of the whole amount even though it says I have a 0 balance.
What am I missing here?
Are there any pending charges? Pending charges will reduce the available balance but will not show up saying you have an actual balance until they are posted. Once the payment actually shows in their ledger, my available balance always is increased to include it. If the payment has not shown up yet (in the posted transactions section), then maybe you still need to wait.
Is this the first time you've paid a large balance off? It may be since the card is new they don't want you to run it up and keep paying it off before the due date. This is only a guess on my part.
Did you pay it yesterday?
It usually takes a business day for it to update after your payment has cleared.
A couple of times, after I've made a very large payment, they've held my payment for several days.
I think it's odd that they hold some people's payments from their available balance. My second QS statement cuts on the 5th and all of my payments, ranging from $500-$1800, have all gone through, as reflected in my available balance, by the next morning.
There's no pending charges. I paid it on Saturday so I could understand if it was still showing as pending but it's not. It says I have a 0 balance. It shows the payment as posted but then it says $58 available credit.
So weird! If it's not updated tomorrow, I guess I'll call. I was just curious if this is how they generally operate and I'm missing something.
@Anonymous wrote:There's no pending charges. I paid it on Saturday so I could understand if it was still showing as pending but it's not. It says I have a 0 balance. It shows the payment as posted but then it says $58 available credit.
So weird! If it's not updated tomorrow, I guess I'll call. I was just curious if this is how they generally operate and I'm missing something.
If you call them the CSR should be able to give you an exact reason, but from my own experience it's not unheard of. Years ago when I had a 'toy' limit on my QS1 when I first started making multiple payments during a cycle (which I did frequently) they would put a hold on my account, but they eventually stopped. Now when my payments post the available credit is available immediately. (If you want to be really technical, when the payment post in the middle of the night it's usually a couple of hours before the available credit is updated, but most folks wouldn't notice this.)
As a data point, the couple of times this did happen to me it was always when I allowed Capital One to do an ACH 'pull' from my checking account. When I used my bank's bill pay to do an ACH 'push' there was never a hold. This might be because it's generally trivial to have an ACH 'pull' reversed, and generally more difficult to get a bank to reverse a bill pay 'push' for fraud. As with many things credit related, YMMV.
It's a PITA, but the lenders have to protect themselves from what is referred to as a "bust-out". It's when folks make multiple payments, then use the newly available credit for additional purchses before the payment bounces (or is reversed), resulting in a multiplied loss.
@Anonymous wrote:There's no pending charges. I paid it on Saturday so I could understand if it was still showing as pending but it's not. It says I have a 0 balance. It shows the payment as posted but then it says $58 available credit.
So weird! If it's not updated tomorrow, I guess I'll call. I was just curious if this is how they generally operate and I'm missing something.
Well, I think that's your problem: Bank payments in general don't get processed on weekends. You can pay your bill if it's due on a weekend day, but the application of the payment will be held until the next business day. This is why I usually pay my bills by Thursday.
It will probably reflect your correct credit limit when you wake up tomorrow (Tuesday).