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melanie789 Avatar
8y, 5m agoPosted 8 years, 5 months ago
Anyone know why a credit card is debited within seconds of a transaction, yet when you receive a refund it takes between 3 to 5 days? Does it genuinely take that long, or is it just the banks holding on to the refund and getting interest on it for a while?
melanie789 Avatar
8y, 5m agoPosted 8 years, 5 months ago

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its cause the refund goes via a holding acct and then to card so has to clear 2 accts
but yes, they hold onto the money that little bit longer (just like bank transfers)
I think no, they first of all hope you ll forget to make the repayment monthly so that you can be charged late payment fees, but let say you remember to make the payment but a little late, still by the time it get to them, its still late so you still get charged. happened to me a few times.
I remember last year, I owed about £150 on my credit card and payment was about £8, I sold loads to CEX and it came to about £120.

Happy that my payment fot the month had been made by that I didnt pay the £8 to get a phone call asking why I hadnt paid.

I said there was quite a few payments in that month.

They said they dont cound as they are counted as refunds instead(though they werent refunds) so they wanted late payment fees etc.

With my bank too, I spent about £800 one month paying rent etc but then got £600 back for a faulty PC and sellinga few things and asked to temporarily incread OD, they said no as I hadnt put any money in, in 3 months despite being in credit.
the amount of money is ear marked, and takes a few days to clear. - It may go into a holding account but this is unlikely because the CC company already has the money 'duh' - It is earmarked, then the company requests the money to clear. Which takes the time. The same happens for a refund.
Obviously another scam by banks/credit card companies to make cash. There is absolutely no reason why refunds to credit cards couldn't show up on the account instantly. Anyone that says otherwise is a total Banker.

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