Pending credit card transactions are in a slightly grey area. They appear in your statement and can temporarily reduce the available credits, but they are not added to the balance.
It is possible to cancel pending credit card transactions whether you want to purchase or suspect fraud. You can also try cancelling your credit card payments completely.
What are pending credit card transactions?
Pending credit card transactions are fees that have been approved by the card issuer but are not yet included in your credit card balance.
In general, credit card fees can take several days to pass. This is a pending case. However, merchants can also “hold” them as a type of security deposit. These pending costs may appear when the seller seeks prepayment approval for payment and confirms that you have money to cover the costs.
For example, restaurants may charge an invoice before adding tips, and gas stations can charge a temporary amount while they are full of pumps. Hotels and car rental companies will be held in the event of damages.
These pending transactions can instantly reduce the available credit limits, but they do not earn interest and are not included until finalized in the current credit card balance. This may take more than 3 days. For hotel or car rental deposit holds, etc., the fee should disappear once your stay or rental is complete.
How to cancel a pending credit card transaction
The sooner you contact the merchant, the more likely you will be to cancel pending transactions. Depending on the situation, we will introduce some of the following steps:
Cancel pending transactions by phone or online
You can attempt to cancel your credit card transaction within 24 hours by calling the merchant directly to reverse the bill, cancel the sale, or release the hold.
You can also cancel pending transactions online or through the card issuer app.
The window to cancel the hold is often only a few days. You have the option to charge with the credit card issuer or bank even if the merchant does not respond in time or cannot delete pending transactions before posting on your account balance.
Report fraudulent pending transactions
If you see pending transactions, contact your card issuer immediately if you know you haven’t created them. It is often easier to challenge posted transactions than pending transactions, and credit card issuers usually tend to support cardholders after the bill is posted to their account.
The issuer’s fraud department will likely take the reins and remove the fees from the statement until the fraud investigation is complete.
You can also submit a police report if you see evidence of identity theft beyond your credit card statement. It is also harmless to warn three major credit bureaus and consider freezing your credits. If you are in doubt, it is best to protect your credit score.
How to cancel your credit card payment
If you have just paid your credit card balance and are still pending, you can generally cancel online via the app or via the phone. However, once your payment is finished, it becomes difficult to cancel.
However, if you suspect fraud or claim errors, you can call the issuer to open a dispute. Until the dispute is resolved, you will get a chargeback like a temporary refund from the issuer.
How to protect yourself from credit card errors and scams
Perform these proactive steps to avoid transaction errors and credit card fraud when using your card.
- Shop on a secure website. A secure URL starts httpsUse a signal on your site to secure socket layer (or SSL) to protect your outbound information, including financial information. Make sure you only shop on a safe and authentic website.
- Protects card information. Do not reply to phone calls or emails asking for personal or financial information, like your credit card number. Even if someone who is reaching out says that they are coming from your bank, hang up and call the bank or issuer directly and avoid passing information to strangers.
- Please review your statement. If you provide regular reviews of inconsistencies or unknown fees on your bank and credit card statements and do not see anything you are not aware of, call the card issuer immediately.
- Beware of skimmers. Make sure your ATM or card machine is lit up by security surveillance to avoid scammers who “skimmer” card information.
Conclusion
Credit card charges can take several days and are normally displayed on statements as pending transactions. You may also see pending credit card transactions on your invoice after you have pumped up gas or booked a hotel that acts as a hold until the transaction is completed.
If you are not aware of any pending credit card transactions, contact the merchant. However, if you suspect fraud, contact the issuer or bank immediately to begin an investigation.
