Hooters delaying available credit

[CCsAreEvil]

So, I checked my Hooter's MC account online today since I had made a payment on Tuesday. However, when do they update the Available Credit? It looks like they delay it for some amount of time? Here's what it shows:

Today: Friday, Sept 17

Current Balance: $0
Available Credit: $203
Total Credit Limit: $300

Last Payment Amount: $97
Last Payment Credited On: 9/14/2010

So, I was wondering if they do not adjust the available credit maybe until my statement date? BTW, I am paying ahead of receiving my statement.

[justbroke]

Most of the Blemished Credit card providers will hold checks for 7 days (even electronic payments) if you have made more than one payment within the billing period. This is to keep them from getting stuck with bad checks. Also, some will hold the credit line (but adjust the balance) for up to 7 days if the payment is over $100.

Just the way they work.

[Logan]

I used to use my Capital One card quite a bit until they did this to me. I still use them for foreign transactions but switched. Their loss since I charge over 25K a year.

Logan

[SPalin]

I know from experience both my Best Buy Rewards MC and Credit One Visa will place holds on the available balance for a few extra days (payment is posted that next business day) if I pay through their website. If I use my bill pay through my bank it is posted and have an updated available balance the next business day! Use your banks bill pay.. I'm going to with my new Hooters card!

[CCsAreEvil]

You guys were right. Maybe the transactions are treated different even though I provide my bank routing and checking account number. The payment was posted the very next day. But they didn't adjust the available balance until 7 days later.

I don't know why billpay would be different, but maybe because the payment is being treated as a "bank" source authorized/initiated transaction. Well, I may switch to billpay. Wells Fargo keeps spamming me with "use our billpay" often. Using banks' billpay services must help them in transactions or maybe they get a kickback or something.

[SPalin]

Update: I used the online Hooter's account to see how they post payments and update credit available. They posted the payment on the same day, but I'm still waiting for the credit available to reflect the balance 5 days later.

[justbroke]

It takes 7 calendar days for a payment to actually be reflected in the available credit. (I know that some of these creditors will post "one" payment per billing cycle and immediately release the available credit, but any additional payments in the same 30 day period are treated with the 7 calendar day wait.)

[SPalin]

Well the available balance took 6 days from posting of the payment to the account. This was my first payment, and it was over $100.00, so that may have some bearing to see if the payment didn't get rejected by my Bank. I just added my Hooter's account to my Banks bill pay and the payment will get processed on 10/13, so we'll see if the available balance gets posted any faster... I know it does with my Best Buy Rewards MC and Credit One V, same day posting and available balance update when I use my Bank's bill pay. Still love the Hooters, at least it is no AF!

[backtoschool]

I have had mixed results with using my bank's bill pay, versus going to the online site and paying on my credit cards (I don't have a hooter's card, so I am talking about my capital one and orchard bank cards) I find it takes an extra 2 days or so for the payment to show as available on my balance when I pay through bill pay. I have gotten in the habit of paying online on the card site.

[SPalin]

I have had mixed results with using my bank's bill pay, versus going to the online site and paying on my credit cards (I don't have a hooter's card, so I am talking about my capital one and orchard bank cards) I find it takes an extra 2 days or so for the payment to show as available on my balance when I pay through bill pay. I have gotten in the habit of paying online on the card site.

Who do you bank with? I have BofA, just noticed for them to now expedite a payment the same day they are charging $10.00 per payment and now almost all payments now take two business days to be sent out from BofA! Need to plan ahead and set up the dates in bill pay to automatically pay instead of manually doing it!

[backtoschool]

Who do you bank with? I have BofA, just noticed for them to now expedite a payment the same day they are charging $10.00 per payment and now almost all payments now take two business days to be sent out from BofA! Need to plan ahead and set up the dates in bill pay to automatically pay instead of manually doing it!

I bank with Chase. Just like you said above SPalin, my bank states in advance that it will take two days for the money to get sent out, so I have to plan in advance. I find that to be a hassle, so I just pay on the credit card site directly and avoid bill pay for my credit cards.

[SPalin]

I bank with Chase. Just like you said above SPalin, my bank states in advance that it will take two days for the money to get sent out, so I have to plan in advance. I find that to be a hassle, so I just pay on the credit card site directly and avoid bill pay for my credit cards.

Back in the debt days, when I had, Chase, BofA, Citi and Capital1 I would also use their online websites to make payments as the posting and availability was the same day, as long as it was before 3:00 PM eastern and not on a Sunday! Those were the days, I can now settle for a few days delay and know I have control over my debt and not the other way around!

[backtoschool]

Back in the debt days, when I had, Chase, BofA, Citi and Capital1 I would also use their online websites to make payments as the posting and availability was the same day, as long as it was before 3:00 PM eastern and not on a Sunday! Those were the days, I can now settle for a few days delay and know I have control over my debt and not the other way around!

I totally agree. I can easily handle a few days delay, but I am being complusive about paying online multiple times a month, and paying right away, which is why I like logging onto the credit card sites directly.

[SPalin]

Well I have to report that using my bill pay through my bank (BofA) the posting and updated available was the same day... no hold on the available credit as I had using Hooter website to pay my bill! What have others experienced with using your Bank's bill pay vs. Hooters on-line website?

[Meh]

I actually had this happen today. I charged $50 and made a payment the next day, no problem. Then I charged 872 dollars and made a payment on Monday, Hooters system states they got the payment on the 19th but my avail credit didn't reflect it. I called in (prior to reading this thread, obviously) pissed off. I speak with a rep who states they reserve the right to hold and it's in the agreement ( i pulled it out and read it because im anal like that ) and then she also told me that I could request to have the hold lifted and check back in two hours. I did and my request was denied. The new person that I spoke with on my 2nd call back stated that this tends to happen when you're a new account holder making large payments and 'unofficially' shouldn't happen as your account ages and they see that you're not causing problems with bad payments etc. I was able to fax over a copy of my bank statement showing that the money had been withdrawn from my account and within an hour that released the rest of my available credit. The hold on the available credit wasn't a big deal but I paid the balance in full, i wanted all my credit available, it's just principle i guess. Anyway, I hope this proves useful to anyone that may go through this in the future.