OliverB

I have a 13k limit. I spend a lot on this card.

2 days ago I put an 8k transaction through for travel.

I have two more transactions for similar amounts scheduled for next week.

As a result of high spending, my current available is barely hovering over 4k.

I need to pay off the balance ASAP but for some stupid reason, it takes Chase almost a full week to post transactions. They debit the amount from your available credit, but then don't fully process the charges for at least 4 days (so far) making it impossible to transfer funds to pay off the balance and be able to use the card again.

This is very concerning as I will be in Japan in several weeks and will be spending considerable amounts each week. If each transaction takes up to a full business week to process, and then another four days or so to transfer funds from my Wells Fargo account to pay the balance, it's going to be very stressful and I will constantly have to be checking my account and monitoring all spending and finances, which is the last thing I want to do.

I know that an easy solution is just to request a higher credit limit, which I intend to do. However that still doesn't make up for the ridiculously slow time lag between a charge posting and processing on your account. If the amount has been deducted from your available credit IMO, then it should instantly register in your balance as a payable amount.

I find this not only very frustrating but also very counterproductive and unusual. I've never held a card before that operated in a similar way. Typically if a charge is posted to your account then it's incorporated into your balance instantly. The fact that it takes almost a full business week to process a charge, regardless of whether it's a hamburger or weekend bar tab or a 6k travel expense, seems absurd to me. Perhaps this is standard for US credit cards (I'm a recently emmigrated Canadian ex-pat) but I've never seen this before from TD Visa, Amex, etc. back home. Even my US Visa debit cards are an instantaneous process. What is the reason or purpose behind this exagerrated delay in posting and processing transactions? Surely it's not for protection as the amount is deducted immediately from your credit line and if there were any issues with a charge, you would not be able to act on it until it's fully processed and posted to yoru account regardless. So what's really going on? Is this standard with all American cards?

littleconsumer

Not really sure for the reason that it's taking a full week, but since I've been keeping an eye on my chase cards lately, I've noticed that sometimes pending charges disappear from pending and don't make their way down to posted activity for a day or so (these are not restaurants or other transactions where posted amount might fluctuate from pending).

One way to get around your issue is to use another bank's bill pay feature. This would push the payment to Chase. It sounds as though you're currently trying to pull from another from another source or making a transfer from a Chase account, hence the inability to make your payment because Chase doesn't think you have a high enough balance.

Doing what I said above might raise some flags, but I wouldn't give too much thought to it to be honest.

Edit: You might also consider having a spouse get their own CSP if possible, and have them add you as an AU.

OliverB

I've considered doing the bill pay thing from my Wells Fargo account; essentially sourcing the transfer from WF instead of Chase, right?

I'm not sure how comfortable I feel doing that with 8k+ though.

I've never really understood why you aren't able to put additional funds on your account extending it above your credit limit. I know this isn't done in the US but I would do it regularly in Canada with all cards I've owned (Amex, TD Visa, RBC Visa, etc). For some reason it's not possible to do this in the US. It would sure simplify things as I could pay the sum of the pending transactions right now even before they're reflected in my balance. As it stands, Chase only allows you to make payments in the maximum amount of the balance due.

Strangely, none of the pending transactions are from restaurants or anything that might be subject to change either. They are mostly for travel costs through an agency (hotels, tours, etc) and store purchases (clothing). Two of them have been pending since Saturday afternoon.

uneeq

IIRC, there's no hard credit limit for CSP if it's a visa signature? You can go over the limit, but they say you must pay it down to the limit after state close at a minimum.

Might try calling a CSR and asking.

OliverB

Thanks uneeq,

I'm sure there must be a cap on that. While doubtful, I wonder if there are applicable fees.

I've been able to force through charges in excess of several hundred dollars on past Visa cards, but I doubt it would work for several thousands.

jeanie

I would try to push a few hundred from your WF account to make sure it works. Then you could try the 8k amount after you are more comfortable. But this is your best option IMHO unless you are able to get Chase to substantially increase your credit limit.

You aren't going to like any of our answers because none of us have the power to change the way Chase processes your transactions. That is ultimately what you want. So pick the best option out of what you have left and run with it.

littleconsumer

Yeah, prepaying 8K wouldn't be advisable. Another option would be to get a freedom card to use for non-bonus CSP categories.

OliverB

I do have the Freedom card but for these upcoming and pending transactions (at least the travel-related purchases) the CSP is the way to go. Unfortunately, these are also the big money transactions.

Oh well, I'll work it out... I was just curious as to why it takes so long for transactions to post to balance. It was really more of a question about Chase's policies and procedures than it was an outlet for advice but I appreciate all of the feedback!

mia

Posting time is primarily controlled by the merchant, which has authorized the transaction but apparently not finalized it. I often see this type of delay if buying airline tickets, especially through an agency.

I suggest that you ask Chase for guidance on the amount that you can exceed the nominal credit limit on a VISA Signature account. Typically it is a small multiple of the limit (2X or 3X), but if your account is new it would be best to explain your anticipated transactions.

OliverB

Thanks mia, will do!

UA Fan

Be careful with cycling credit. I think Chase has shutdown some customers due to it.

OliverB

What does this mean, I'm not familiar with the term?

Thanks!

Edit: do you mean "overpaying" a balance to add credit to an account?

OliverB

Btw, the charge is still "pending"... This is getting ridiculous.

mia

I believe UA Fan is referring to paying early to free up part of the credit line to spend more.

UA Fan

Correct.