Interesting point I would like to share about Petal. I love the card, but I had my first statement post on the 1st of September. I paid off the amount, and the total amount was taken from my bank. Today, the fourth, my balance due still says $0.00 but my available credit is my credit line minus my statement balance.
I was wondering if it was a glitch, so I called. Marco, the customer service associate, explained that it was still pending and could take a couple of more days to reflect.
I haven’t seen a card do this in the past, so I thought I would warn people in case they carry a large balance. You won’t have your available balance update for a good amount of time, which could potentially cause problems if you go to use it again quickly.
It happens. My first payment to Chase took weeks to reflect on the available balance. Payment had posted and was already out of my banking account. Yet, my available balance never reflected that for weeks. The same thing happened with my Discover card. But, only for the first payment. After that first one, everything went to normal for both my Chase and Discover.
I actually read an article about Petal yesterday that specifically mentioned one of the negatives being slow payment posting but I can’t find it right now. I wouldn’t worry about it, my Apple Card did the same thing to me last week. I made my payment on a Saturday and my limit wasn’t restored until that Thursday. Never happened on any other card before but as long as it shows I made the payment on time, which it does, I can live with it.
In a lot of cases the first payment between two parties that have no existing relationship can be delayed. It really depends on the bank you are paying from and the bank that is receiving as well as the standing with each respective bank. Most likely Petal is using a smaller bank for processing that is a bit conservative. While Petal is in good standing which allows further payments to continue without hold that bank is skeptical of all the other banks. Most likely all new account holders get a small hold to stabilize the link and if the paying institution is smaller there is a even longer hold as they look up who is trying to pay. If I paid from Ally Bank I am fairly certain they would freak JP Morgan Chase Bank on the other hand would be much smoother.