topic Re: Am I missing something???? in Credit Cards

Am I missing something????

cgreer72 — Tue, 17 May 2011 19:23:40 GMT

Account Name

Account Number

Payment
Due Date

Minimum Payment

Last Payment
(Posted)

Your available credit may not include pending transactions such as car rentals, hotel reservations, or other recent purchases and payments, so it could actually be greater or less than what is displayed here.

Available
Credit

Your balance includes all transactions, payments, fees, and interest charges that have cleared. This balance does not include pending transactions.

Balance

Platinum MasterCard

....3192

JUN 10, 2011

$0.00

$177.81

(MAY 13, 2011)

$22.19
(Credit Limit:$200.00)
Transfer a Balance

$0.00

How is this possible? I have a zero balance, but only $22 in available credit??????

Re: Am I missing something????

cdtotten — Tue, 17 May 2011 19:24:45 GMT

You most likely have either pending transactions totalling $177.81, or holds totalling that amount. If you recently made a payment, they could have a hold on your payment to make sure it clears, which could result in your available balance being so low.

You can always call and ask - they will most likely confirm one of the above items I mentioned.

Re: Am I missing something????

cgreer72 — Tue, 17 May 2011 19:28:45 GMT

I have no pending transactions. I made a payement of 177.81 which has posted, and I havent used the card since.

Re: Am I missing something????

JayRizzo — Tue, 17 May 2011 19:35:23 GMT

Depending on when you checked this account. If it was early morning before 8am EST, then you caught it in the middle of updating. If it's been this way 24 hours or more, then you have a hold on your funds as cdtotten stated.

For a $200 limit, a payment of $177 appears to be a "large" payment. All you need to do is call the Backdoor Senior Account Managers to have your funds released. I'm not sure if it was a Bank-to-Bank (push/pull) payment, but they'll release it.

Also, a good word of advice is to keep at least $50 cushion between your high balance and your credit limit just in case you get hit with any type of fee out of left field such as an Annual Fee, etc. (depends if your AF is < $50) because wheeeeew, that's close!!!

Re: Am I missing something????

cgreer72 — Tue, 17 May 2011 19:34:10 GMT

I'm not needing to use the card. I was just curious. It has been more than 24 hours. I'll just wait it out. Thanks for the response!

Re: Am I missing something????

JayRizzo — Tue, 17 May 2011 19:36:41 GMT

Oh okay, good deal!!!

Re: Am I missing something????

payingoffdebt001 — Tue, 17 May 2011 20:10:36 GMT

CGREER My new capital 1 is doing the same thing right now, even though my payment was posted everywhere (bank & cap 1 history) for some reason it hasnt actually been applied to show the actual avialable credit. I made my payment on May 14th and it cleared the bank on the 15th and recorded in Capital on the 14th.

I know someone that had this happend to them and since it showed cleared in Cap1 and their bank they went and tried to use the card and it was declined. They phoned and managed to get the payment truly credited to the account. She was told that a debit card payment goes through quicker than the online bank draft. Not sure which you used. I was in no hurry for the funds to be released so I just used a bank draft this time. If it takes too long to be released I may use a debit card in the future and phone it in.

Re: Am I missing something????

cgreer72 — Tue, 17 May 2011 20:40:16 GMT

@payingoffdebt001 wrote:
CGREER My new capital 1 is doing the same thing right now, even though my payment was posted everywhere (bank & cap 1 history) for some reason it hasnt actually been applied to show the actual avialable credit. I made my payment on May 14th and it cleared the bank on the 15th and recorded in Capital on the 14th.

I know someone that had this happend to them and since it showed cleared in Cap1 and their bank they went and tried to use the card and it was declined. They phoned and managed to get the payment truly credited to the account. She was told that a debit card payment goes through quicker than the online bank draft. Not sure which you used. I was in no hurry for the funds to be released so I just used a bank draft this time. If it takes too long to be released I may use a debit card in the future and phone it in.

Yes, Im new to Cap1 as well. Do you know how long they "hold" it for?

Re: Am I missing something????

Chaos122 — Wed, 18 May 2011 02:39:58 GMT

dont worry about it, sometimes it takes a while.. Ive had my cap1 card for years and whenever i make a payment over $100, it takes 2 or 3 business days to release the amount to my available credit. I really dont care, because the balance is updated and will be reported accurately.

Once i made a payment for 800 or so and it took a week. Dont worry about it

Re: Am I missing something????

Anonymous — Wed, 18 May 2011 03:24:43 GMT

I have found that with new accounts, it is common to hold the Credit availability for up to 10 days.

Re: Am I missing something????

cgreer72 — Wed, 18 May 2011 03:43:29 GMT

Thanks guys!

Re: Am I missing something????

barbaralee — Wed, 18 May 2011 03:54:27 GMT

Sounds like a payment float to me. A lot of people think that because the money is deducted from account and posted to cc that the payment is through. That is not usually the case. When my bank does payment floats the money will be deducted, the payment will appear to post to the account but the credit line will not be available until the float is done (usually 7 days, available on the 8th).

Re: Am I missing something????

scottwagnon — Wed, 18 May 2011 04:02:37 GMT

floating payment post? man that sucks. im glad i haven't dealt with that yet. it seems like this is a subprime capone pattern.

Re: Am I missing something????

cgreer72 — Wed, 18 May 2011 04:09:11 GMT

@scottwagnon wrote:
floating payment post? man that sucks. im glad i haven't dealt with that yet. it seems like this is a subprime capone pattern.

Doesn't suck, really. Just curious. One of the things you have to deal with when rebuilding. Glad you don't have to deal with it.

Re: Am I missing something????

OnTheRebound — Wed, 18 May 2011 04:20:08 GMT

@Anonymous wrote:
I have found that with new accounts, it is common to hold the Credit availability for up to 10 days.

PenFed does this with all new card members. The payment will post but they will not update the available credit for exactly 10 days. This goes on for 6 months. After that its business as usual.

Re: Am I missing something????

cgreer72 — Wed, 18 May 2011 04:22:44 GMT

@OnTheRebound wrote:

PenFed does this with all new card members. The payment will post but they will not update the available credit for exactly 10 days. This goes on for 6 months. After that its business as usual.

Wow, six months? Does this go for payments of any amount?

Re: Am I missing something????

OnTheRebound — Wed, 18 May 2011 04:27:28 GMT

@cgreer72 wrote:
@OnTheRebound wrote:

PenFed does this with all new card members. The payment will post but they will not update the available credit for exactly 10 days. This goes on for 6 months. After that its business as usual.

Wow, six months? Does this go for payments of any amount?

Yes. Doesn't matter if it's $2 or $2000.

Re: Am I missing something????

barbaralee — Wed, 18 May 2011 04:30:36 GMT

Yes, my bank will do it if you

1. Have a payment returned

2. Go over your credit limit

3. Get close to going over your credit limit

4. If you are new

5. for the helluva it.

Having to explain payment defenders to customers are the worst calls. When I get a call and I figure out it is about a float I always pull up the explanation for float in my procedural manual and then put the customer on a brief hold while I mentally prepare myself for the onslaught.

Re: Am I missing something????

scottwagnon — Wed, 18 May 2011 04:40:42 GMT

@barbaralee wrote:
Yes, my bank will do it if you

1. Have a payment returned
2. Go over your credit limit
3. Get close to going over your credit limit
4. If you are new
5. for the helluva it.

Having to explain payment defenders to customers are the worst calls. When I get a call and I figure out it is about a float I always pull up the explanation for float in my procedural manual and then put the customer on a brief hold while I mentally prepare myself for the onslaught.

if i get a capone subprime card, and you have to talk to me about a floater, i promise i will not make you feel that you need to prepare for battle. i will be like a nice soft snuggly kitten purring. meow.

Re: Am I missing something????

payingoffdebt001 — Wed, 18 May 2011 17:38:15 GMT

I contacted and asked about this and they said a hold was placed on my account, but could not tell me why and i didn insist..they released the hold with no issues. All is good now.