Answers about Credit Card Payments and Late Payments

Why wasn’t my online payment credited to my credit card account on the same day I made it?

The general rule is that the payment must be credited as of the date it is received.

The bank may set reasonable requirements for payments, including a cut-off time.  The cut-off time on the payment due date generally must be 5 p.m. or later.  Payments received after the established cut-off time will generally be credited as of the next business day.  If the bank listed reasonable requirements for conforming payments on your billing statement, but accepted a payment you made that did not meet those requirements; the bank must credit the non-conforming payment within five days of receipt.

If the bank promoted electronic payment via their website, then generally any payments made via the bank’s website prior to the specified cut-off time would be considered a timely payment.

September 2017