topic Re: What?! Discover Payment Policy in Credit Cards

What?! Discover Payment Policy

Scott_S — Fri, 18 Mar 2016 18:46:05 GMT

So I just made my first payment on Discover It card. I was waiting for a small transaction to post, but it was taking forever and I thought I just make another payment when it posts. So today has posted and received a message before I submitted the payment

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For the safety and security of your account, if you make payment more often than every 3 days, your payments may NOT be reflected in your available credit for up to 8 days.

This is stupest thing I have ever heard!!!!!!

Re: What?! Discover Payment Policy

Anonymous — Fri, 18 Mar 2016 18:46:24 GMT

@Scott_S wrote:
So I just made my first payment on Discover It card. I was waiting for a small transaction to post, but it was taking forever and I thought I just make another payment when it posts. So today has posted and received a message before I submitted the payment

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

For the safety and security of your account, if you make payment more often than every 3 days, your payments may NOT be reflected in your available credit for up to 8 days.

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This is stupest thing I have ever heard!!!!!!

You must have had a very nice upbringing if that really is the stupidest thing you ever heard....

Just one of their identified fraud risk factors.

Re: What?! Discover Payment Policy

Anonymous — Fri, 18 Mar 2016 18:46:54 GMT

Ok so micropayments are a no....

one lump sum ok.

Not like Cap1 and BoA who's taken them like candy.

Re: What?! Discover Payment Policy

Hokies2379 — Fri, 18 Mar 2016 18:59:45 GMT

Can we please not use the "R" word. It's certainly not necessary.

Re: What?! Discover Payment Policy

Anonymous — Fri, 18 Mar 2016 18:47:32 GMT

Most CC issuers have similar policies for new accounts. It's nothing unusual.

Re: What?! Discover Payment Policy

SunriseEarth — Fri, 18 Mar 2016 19:02:40 GMT

This thread was initially posted with a title that included a term that may be considered offensive against persons with certain types of developmental delay. In the interest of maintaining the Forum's "FSR" standards--as well as to prevent distraction from a topic that may be of value to forum members--references to this term have been removed from the thread.

If you have any questions or concerns, please feel free to message me on this issue.

SunriseEarth

Moderator

Re: What?! Discover Payment Policy

Hokies2379 — Fri, 18 Mar 2016 18:59:57 GMT

Bravo.

Re: What?! Discover Payment Policy

dragontears — Fri, 18 Mar 2016 19:01:09 GMT

Yep that is their policy and it is not just for new accounts. I have heard of people being able to call in and get the hold released before the 8 days but might just be easier to space your payments with at least 4 days in between.

Re: What?! Discover Payment Policy

Anonymous — Fri, 18 Mar 2016 19:03:34 GMT

@Scott_S wrote:
So I just made my first payment on Discover It card. I was waiting for a small transaction to post, but it was taking forever and I thought I just make another payment when it posts. So today has posted and received a message before I submitted the payment

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

For the safety and security of your account, if you make payment more often than every 3 days, your payments may NOT be reflected in your available credit for up to 8 days.

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This is stupest thing I have ever heard!!!!!!

You've been a registered user here since 11/9/2011 which means you knew exactly what to expect in that very scenario.

Re: What?! Discover Payment Policy

SunriseEarth — Fri, 18 Mar 2016 19:08:31 GMT

@Scott_S wrote:
So I just made my first payment on Discover It card. I was waiting for a small transaction to post, but it was taking forever and I thought I just make another payment when it posts. So today has posted and received a message before I submitted the payment

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

For the safety and security of your account, if you make payment more often than every 3 days, your payments may NOT be reflected in your available credit for up to 8 days.

--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This is stupest thing I have ever heard!!!!!!

Many lenders set specific policies regarding payment frequency. Most commonly, there is a monthly limit (e.g., Sync Bank typically limits to 4 payments per month). I really don't find their limit too problematic. Are you trying to optimize currently for a specific goal (auto loan, mortgage, app spree, etc)? If so, then I understand your frustration. If not, just bear in mind that scores are a just a snapshot of your credit at a current moment. UTIL can always be corrected to what you want in the next reporting period.

Re: What?! Discover Payment Policy

Anonymous — Fri, 18 Mar 2016 19:52:01 GMT

It's judt a new account. I have made several payments close together with no problem. After your 2nd statement it shouldn't be a problem.

Re: What?! Discover Payment Policy

jacetx — Fri, 18 Mar 2016 20:08:35 GMT

@Anonymous wrote:
It's judt a new account. I have made several payments close together with no problem. After your 2nd statement it shouldn't be a problem.

My account is 1.5 years old and I still see that if I make a payment within 3 days of the last it might not be reflected for 8 days too. It has nothing to do with account being new but their rules.

Re: What?! Discover Payment Policy

dragontears — Fri, 18 Mar 2016 20:12:50 GMT

@jace8602 wrote:
@Anonymous wrote:
It's judt a new account. I have made several payments close together with no problem. After your 2nd statement it shouldn't be a problem.
My account is 1.5 years old and I still see that if I make a payment within 3 days of the last it might not be reflected for 8 days too. It has nothing to do with account being new but their rules.

+1 my account is almost 2 years old and they will still place a hold if I make payments withing 3 days of each other

Re: What?! Discover Payment Policy

Bman70 — Fri, 18 Mar 2016 20:20:53 GMT

I'm glad the 'R' word was edited out.. but "stupest?"

One thing I like about Discover's system is that they count your cashback redemption toward your payment. Sallie Mae doesn't.

Re: What?! Discover Payment Policy

Anonymous — Fri, 18 Mar 2016 20:45:06 GMT

this thread kinda backfired on you OP.. that sucks. lol.

Re: What?! Discover Payment Policy

Scott_S — Sat, 19 Mar 2016 03:34:04 GMT

@Anonymous wrote:
this thread kinda backfired on you OP.. that sucks. lol.

I posted this because I think it's a stupid policy. I understand it's typical or common or that other lenders share this policy. The only point I was making was I disagree with it. As for all the posts that followed mine, I don't really care about the hater, their opinions are theirs to have. As for your statement that my post backfired I disagree with that as well. I simply shared my feeling about a policy of Discover's that I diagree with, in an enviroment meant specifically for sharing a CC related opinion, so I don't see any backfiring.

I do occasionally see dead people. but that's a post for a different message board.....

Re: What?! Discover Payment Policy

Scott_S — Sat, 19 Mar 2016 03:50:57 GMT

@Anonymous wrote:

You've been a registered user here since 11/9/2011 which means you knew exactly what to expect in that very scenario.

I will infer from your comment that you mean that being on this forum since 2011 I should have seen others talking about this issue and therefore should have been aware of it and so not surprised by it, or certainly not to the point of posting about it.

To Which I Will Say.... I Was Not Aware, Because I Haven't Read Every Single Post Ever Created Since 2011, And Even If I Had I Still Disagree With The Policy & So I Felt Like Sharing It.....

Re: What?! Discover Payment Policy

UncleB — Sat, 19 Mar 2016 03:52:46 GMT

Years ago I had an HSBC card with a low limit, and I would make multiple payments throughout the month to be able to continue using the card (2% rewards). I quickly realized that they would routinely put a payment hold on the account when I made multiple payments, specifically if the payments were a large percent of the balance. Since I was PIF with each payment, this was always the case.

The 'remedy' for me was to start using my checking account to 'push' my payments to the card. It does take an extra day or so (depending on your bank) for the payment to be credited, but I never had to deal with a hold again (in my case they were usually 10 days).

I don't know how Discover will treat a 'pushed' payment with your specific account in regards to holds, but it might be worth a try, at least to see how it will work out for you. When I push a payment to Discover, I generally get credit two days later, but of course YMMV.

Good luck!

Re: What?! Discover Payment Policy

Scott_S — Sat, 19 Mar 2016 03:59:49 GMT

@UncleB wrote:
Years ago I had an HSBC card with a low limit, and I would make multiple payments throughout the month to be able to continue using the card (2% rewards). I quickly realized that they would routinely put a payment hold on the account when I made multiple payments, specifically if the payments were a large percent of the balance. Since I was PIF with each payment, this was always the case.

The 'remedy' for me was to start using my checking account to 'push' my payments to the card. It does take an extra day or so (depending on your bank) for the payment to be credited, but I never had to deal with a hold again (in my case they were usually 10 days).

I don't know how Discover will treat a 'pushed' payment with your specific account in regards to holds, but it might be worth a try, at least to see how it will work out for you. When I push a payment to Discover, I generally get credit two days later, but of course YMMV.

Good luck!

Thanks UncleB. That's a good idea and I will keep it in mind.

Re: What?! Discover Payment Policy

Anonymous — Sat, 19 Mar 2016 04:05:54 GMT

By pushing payments do you mean using the bill pay associated with your checking acct vs using the credit card issuer's electronic payment system (app or online)?

I made a $50 payment on Sunday and a $25 payment on Monday, on my Discover card I've had less than a week. I made the payments via the Discover app and they each posted the day after they were made. If Discover has this policy, it must be enforced randomly because it didn't seem to apply in my case.