Besides the interest rate fiasco with Nextcard, I submitted my payment last Thursday using their "click-pay" on the website. The funds have come out of my checking account and the payment is posted on my credit card, but my available credit is unchanged. I phoned Nextcard and they said that they can "hold" the available credit for up to 7 business days, even if the funds have come out of the account. This is a bunch of crap! I do not have any intention on using this card anymore, but it is the principal of the matter that gets my blood boiling! Greg
I have had the same problem with them. Once I am done my credit repair, it will be the first card to get dumped! Tom
THEY SENT A NOTE OR IT WAS ON THE BILL...CAN "HOLD" PAYMENTS UP TO 14 DAYS...THIS IS A BUNCH OF GARBAGE!!!!!!!!!!!!!!!!!!!! MOST OF MY BILLS ARE MAILED, RECEIVED, AND CHARGED AGAINST MY CHECKING ACCOUNT IN 7 TO 10 DAYS...SO 14 DAYS AFTER POSTING OF PAYMENT...SOMETHING IS WRONG THERE!!!!!!!!!!!!!!!
Doesen't the law say payments have to be credited on the date received ? How can they get by with this 14 day crock?
They get away with it because they DO credit the payment (i.e. if you make the minimum payment or more there is nothing further due on the account until the next statement period) but they do NOT update your available credit until the holding period is over.
AVAILABLE CREDIT IS NOT AVAILABLE FOR THE 14 DAYS IN THE AMOUNT OF THE CHECK... THIS POLICY IS REALLY BAD IF YOU WANT TO OVER PAY YOUR ACCOUNT FOR F.I.C.O. REASONS... YOU MAY END UP WITH NO AVAILABLE CREDIT FOR 14 DAYS AFTER RECEIPT OF THE CHECK, EVEN THOUGH IT HAS BEEN CHARGED TO YOUR CHECKING ACCOUNT 1-2 DAYS AFTER THEY GOT IT!!!!
