We've had a flurry of questions and feedback about how credit card transactions are now shown on FastNet and ASB Mobile. To help explain the changes more clearly, we've outlined some examples below to illustrate what this means for you.These initial platform changes are animportantfirst step which will allow us to offer future credit card enhancements to our customers.
What is a pending transaction?
Your recent credit card transactions may show as Pending. This could mean that:
- A purchase was made from your credit card and has been authorised, but not yet billed to your account (for example: concert tickets you bought online yesterday)
- A payment was made to your credit card before 8:30pm today and will be processed overnight
- A payment was made to your credit card after 8:30pm today and will be processed the following night
Alternatively, this may mean that a merchant has temporarily applied the following:
- A small amount (e.g. $1) to verify your card details
- An estimated amount of a purchase (called a pre-authorisation and commonly used in hotels)
Authorised and pre-authorised transactions are not new, however we have now enabled these to be visible to help you understand why your available credit may have changed.
A Pending transaction may appear for up to five days depending on:
- When the transaction was made
- How long the merchant takes to process the transaction (ASB does not control this)
- If the authorised transaction is not processed to your credit card (for example if you pay your hotel bill using another payment method)
In all of the above cases, the transaction will affect your available credit immediately. Once the processing is complete, the transaction will show normally and your current balance will reflect this.
Some customers have asked us about the timing of interest accruals when paying their credit card. This remains unchanged; as long as your payment is processed by the due date you will avoid incurring additional interest charges.
Here are some examples to help explain these scenarios further.
1. Payment made to your credit card