topic For How Long Does Capital One Hold a Payment? in Credit Cards

For How Long Does Capital One Hold a Payment?

ThomasJNewton — Fri, 21 Oct 2022 15:38:54 GMT

On Prime Day, Capital One increased the limit on my B/F's Quicksilver to $10,500 from $7,500. On Monday, three days before the statement closed, he made a payment of $9,589 (the maximum amount over the posted balance at the time), leaving him with a balance of $-201. That payment cleared the account from which it was drawn on the 18th, and he pushed two additional payments from his Capital One 360 checking account, so that his statement closed yesterday with a balance of $-502.97. With all these payments, they have not yet updated his available credit (it is currently sitting at $742). The account is not locked, as new charges have gone through, so I am just trying to understand how long he can expect them to hold that payment before making the credit available?

He has no need for it at the moment, but is just a bit surprised as it usually makes the credit available the same night (or the latest, the next night).

Re: For How Long Does Capital One Hold a Payment?

RSX — Fri, 21 Oct 2022 16:52:21 GMT

mine is usually overnight

but he is overpaying, so their processing may be different in this case

why exactly is he giving them more money than he needs to zero balance the account?

Re: For How Long Does Capital One Hold a Payment?

ThomasJNewton — Fri, 21 Oct 2022 18:41:53 GMT

@RSX wrote:
mine is usually overnight

So is his usually, but this time it has been it has been 4 days and counting.

but he is overpaying, so their processing may be different in this case

why exactly is he giving them more money than he needs to zero balance the account?

He overpaid the posted balance because there were pending charges and he wanted to make sure it reports as $0.00. Until it reports, he keeps it with a negative balance. Once it reports, he only pays when he has to do so. :-)

Re: For How Long Does Capital One Hold a Payment?

RSX — Fri, 21 Oct 2022 19:58:06 GMT

ok gotcha

i have also overpaid - just never by $500 - maybe 25-50 bucks

unsure why it is taking so long to update this time for him

i would wait until Monday, then maybe a phone call or online chat with them

Re: For How Long Does Capital One Hold a Payment?

ThomasJNewton — Fri, 21 Oct 2022 21:45:49 GMT

Just looked at his statement and was a bit surprised that it states that the available credit on the 20th was $10,500, rather than the $712 that it actually shows.

Re: For How Long Does Capital One Hold a Payment?

ThomasJNewton — Sat, 22 Oct 2022 02:45:27 GMT

Well, it just cleared (an hour ago it was still showing $712). Shows his current balance at $-303.97, and his available credit at $10,500.00. Now just have to see how long it takes to update his CRA data. :-)

Re: For How Long Does Capital One Hold a Payment?

SUPERSQUID — Sat, 22 Oct 2022 08:14:17 GMT

@ThomasJNewton wrote:
Well, it just cleared (an hour ago it was still showing $712). Shows his current balance at $-303.97, and his available credit at $10,500.00. Now just have to see how long it takes to update his CRA dataU

Usually when you pay cap 1 the amount paid immediately reflects in your available credit, however it doesnt reflect the payment in your balance until about 2 days have passed, ymmv

Re: For How Long Does Capital One Hold a Payment?

Lou-natic — Sat, 22 Oct 2022 17:26:08 GMT

@SUPERSQUID wrote:
@ThomasJNewton wrote:
Well, it just cleared (an hour ago it was still showing $712). Shows his current balance at $-303.97, and his available credit at $10,500.00. Now just have to see how long it takes to update his CRA dataU
Usually when you pay cap 1 the amount paid immediately reflects in your available credit, however it doesnt reflect the payment in your balance until about 2 days have passed, ymmv

This is my experience. In the app my limit is updated instantly and then about 2 days later it shows the payment processed. Even on Sundays which is crazy because they are the only ones. Usually Cap1 is on Sunday, with NFCU updating my account on their end Monday morning. FNBO is actually the slowest one to process. I pay on Friday and it's usually Wednesday before it's all settled. All the others are usually done settling by Tuesday when I pay on Friday.

Re: For How Long Does Capital One Hold a Payment?

ThomasJNewton — Sat, 22 Oct 2022 17:33:01 GMT

@SUPERSQUID wrote:
Usually when you pay cap 1 the amount paid immediately reflects in your available credit, however it doesnt reflect the payment in your balance until about 2 days have passed, ymmv

Up until this payment, they have typically adjusted his available credit right away and then the balnace adjusts that night (or sometimes the next night). This time it took until the night of the fifth day before they adjusted his available credit, but the balance adjusted right away. Very different from his normal experience.