I think this is pretty odd too. My payments always went through same day on the More card. I converted to IT 2 months ago, each of my payments take 2 days regardless of when I pay it. Thought it was just me or something.
FICO scores: 790 (EQ) 786 (EX) 796 (TU) |
My Wallet:NFCU CR Visa 24k, AMEX Delta Gd 18k, Walmart Discvr 12k, USAA Plat RA MC 13k, BECU Visa 13k, NFCU NR MC 10k, Sams Discvr 10k, Sportsmans Visa 11.5k, WF Plat Visa 10k, Paypal
Extra MC 10k, BofA Fraternity MC 14k, Sams Credit 10k, USAA World MC 9k, Military Star 8.2k |BOA CR 8k |AMEX Evrdy 8k |Lowes 7.3k | Chase Military Star MC 16k, JCPenneys MC 7k, Discover IT 5k , Gymboree Visa 4.5k, Sears MC 4k, TJX MC 3.5k, ToysRUS MC 5k, Chase Amazon Visa 3k, Home Depot 3k, Citibank Simplicity 6.5k, Fred Meyers Visa 2.5k, Target 2k, Kohls 2k, ITunes Visa 5k, Macys 2k, Vystar CU Visa 5k
Have you ever made your credit card payment, then eagerly waited for the payment to be applied to your account? Maybe you needed to clear up some available credit for a large payment or you're hoping to reduce your balance for a credit report update.
Both the timing and method of your credit card payment affect how quickly the payment is applied to your account.
Note
The amount of time it takes for a payment to post to your credit card account depends on how you pay, when you pay, your credit card issuer, and your bank.
Which Payments Post Faster?
Electronic payments made online or by phone on a business day and during business hours will post to your credit card account faster than a mailed check. With electronic payments, you don’t have to wait for the mail to reach your credit card issuer.
Since payment posting and processing times can vary by the credit card issuer, the best way to figure out when your credit card payment will post to your account is to contact your credit card issuer. They’ll be able to give you a precise answer. If you already have a pending payment, your card issuer can let you know when you can expect that payment to post to your account and reflect in your available credit.
© The Balance, 2018When Will Online or Phone Payments Post to Your Account?
While electronic payments are faster, they’re not instant. It can take one to three business days for an online or phone payment to post to your credit card account and reflect in your available credit. That’s because payments made using a checking account and routing number are processed in batches overnight and not in real time. Payments made on Friday nights or over the weekend may not post to your account until the following business week.
Note
After you've made your payment, you can call or check your online account to see whether the payment has posted, along with your current balance and available credit.
When Will a Mailed Payment Post to Your Account?
Mailed credit card payments take the longest to post to your account. The credit card payment has to be delivered to your credit card issuer. Then, the payment processing center has to open up hundreds of envelopes, retrieve payments, and post the payments to each account.
Increased mail volume and postal holidays can delay mailed payments around holidays. Make sure you consider this when you mail a credit card payment.
Linked Checking and Credit Card Accounts
If your credit card is linked to your checking account, that is, both accounts are with the same bank, your credit card payment will post to your account the same day. This is the case with Bank of America, for example. Of course, you'll need to be sure the funds are available in your checking account.
Payment Posting vs. Timely Payments
Even though your credit card payment may not reflect in your available credit immediately, as long as you submit the payment information online (or by phone) by the cut-off time on the due date, your payment will be considered on time. However, if the payment is returned by your bank, for example, because you don't have enough money in your account, you’ll be charged a returned check fee of up to $40.
Freeing Up Credit in a Certain Timeframe
To guarantee your payment posts to your account by a certain date, it’s better to make the payment a few days before you need the available credit. Or, if you need a certain amount of credit available to make a purchase, contact your credit card issuer to ask that a phone payment post to your account right away.
When you need additional credit for a larger purchase, you might also consider asking for a credit limit increase. You may qualify if you’ve used your credit card responsibly, you have a good credit history, your income can support a bigger credit limit, and it’s been enough time since your last credit limit increase. Alternatively, your credit card issuer may allow you to temporarily exceed your credit limit for the purchase, especially if you’ve already made a payment that’s waiting to post to your account.
Frequently Asked Questions (FAQs)
Why is my credit card payment pending?
When you make a credit card payment, it will usually show as "pending" until your bank processes the transaction and transfers the funds from your bank account.
How do you cancel a pending credit card payment?
You can usually cancel a pending payment until your bank begins processing the transaction. If you made the payment online, you can go online or in the mobile app to cancel it. If you sent a check or made the payment over the phone, you will need to call the credit card issuer.
When should I make a credit card payment?
The deadline for scheduling or mailing your payment will depend on your due date and the time it takes your credit card company to receive and process payments. Many credit card issuers allow you to schedule your payment on the same day as the due date as long as you make the cutoff time. If you send the payment by standard mail, you should probably mail it at least a week before the due date.