PeopleImages/e+/getty images
Have you checked your credit card account and seen transactions listed as “pending” for days or weeks after purchase? When using a credit card, it is normal to sit on hold as a pending transaction, especially for large ticket items, restaurant bills, or hotel stays, but how long is it?
And what if you’re having a problem and want to cancel your bill while it’s still pending? Let’s see when pending fees are cleared and what to do if you run into problems.
What does that mean if a transaction is pending?
When you swipe your credit card to purchase, the merchant’s acquisition bank (which processes merchant’s payments) will communicate with the card issuer to ensure that you have a valid account with sufficient funds to make the purchase. The funds will be deducted from you Available credit lines As a pending transaction, it has not yet been paid to the merchant.
Transactions can be listed as pending, but when you run your business with a certain type of business, most often there will be transactions pending for a period of time. For example, in the hotel industry it is customary to hold off your credit card when checking in your stay. This will help you cover the hotel for damages you caused to the room or for accidental expenses such as snacks and drinks. Car rental companies can also place a hold on your card to cover accidental expenses. This appears as a pending fee.
In the restaurant industry, the final tab may contain conventional tips. In many cases, the first payment will be a pending payment until the invoice is finalized. in Gas stationThe owner may also make small holds on the card to ensure that there is enough funds to pay the bill.
How long does it take to clear the pending fee?
Typically, your account will display pending fees until the transaction is processed and the funds are transferred to the seller. This can usually take up to three days, but it can grow longer depending on the type of merchant and transaction.
In the meantime, any pending fees will be charged. Reduce the amount of credit available On your card. Always explain whenever you use your credit card.
So how long does a pending transaction take? This is a list of some common types of pending credit card transactions and if you can expect them to be resolved.
- Regular credit card purchases: Using your credit card at a retail or grocery store can result in charge of pending charges on your card. These fees will remain pending until the merchant completes the fees. This is usually resolved within 3 business days.
- Buy online: Just like in-store purchases, using your card to purchase items online can lead to pending transactions. Again, these transactions will appear pending until the merchant processes the transaction, but they may remain pending until the purchase is shipped. In either case, the fee may be resolved within 3 business days.
- Hotel Stay: Even if you use a co-brand Hotel credit cardsMost hotels will hold your card on check-in at a certain dollar amount. This pending transaction covers accidental charges and damages. Pending fees from the hotel usually resolve shortly after checking out.
- Rental Car Reservations: Most car rental companies will put your credit card on hold to cover damages and accidental charges (such as gas and entertainment options) during the rental period. You must remove the hold and resolve any pending fees immediately after returning the car.
- Gas station purchase: Similarly, using a credit card with a gas pump allows many gas stations to place temporary holds on their cards to pay enough funds to the gas they are trying to offend. These prices will be displayed on hold until the station completes your purchase and adjusts the prices to the correct amount.
- Credit card returns: Refunds received for returned items are usually shown as pending transactions on the card. Like other types of pending transactions, these typically take up to 3 business days to post.
What causes the pending transaction?
A pending credit card transaction is simply a transaction that has been approved by the issuer but has not yet been paid by the merchant. If the card shows a pending fee, it means that the merchant’s payment processor has contacted the card issuer, but the merchant has not completed the transaction completely.
Pending transactions can appear on your account for a variety of reasons. In some cases, as with hotels or car rentals, merchants may maintain an account due to incidental or damage charges that may arise. Also, pending fees may mean that the merchant has not yet finalised the claim through the payment processing company. In most cases, pending credit card charges will be resolved within a few business days.
What if I have issues with a pending transaction?
What if I have issues with a pending transaction? In some cases, the seller may replicate the fee. For example, online merchants can check their card at the time of purchase and authenticate their card when they actually make a payment (usually after the merchant has sent the order). This type of hold can appear twice in pending transactions, but should only be charged once.
Card issuers do not tend to resolve pending transaction issues as payments have not yet been confirmed and actual amounts vary. Therefore, you should contact the seller to resolve the issue with a pending transaction. If you wish to cancel a pending transaction, the merchant must contact the card issuer and ask that you cancel the transaction.
And what if the merchant doesn’t want to sort out the issues with pending transactions? Perhaps you can’t even contact a representative to sort out your issues. Unfortunately, we cannot challenge pending transactions with the card issuer. To resolve the issue, you will need to wait for the transaction to actually be posted. You can then take advantage of the protection provided Fair Credit Request Actwhich includes submitting a claim dispute to the card issuer.
Conclusion
Credit card charges usually appear as pending transactions in your account until the transaction is processed or the hold is deleted. This could extend for several days. If there is a problem with a transaction pending, you will need to resolve it with the merchant. You cannot challenge the card issuer and pending fees. You should wait for the publisher to actually post before taking any action.
