Master Your Card: Card blocks at the pump
Have you noticed those signs at the gas pump that explain what the MasterCard and Visa purchase limits are for fuel purchases?
Master Your Card explains that situation – and what it means to your wallet – in this post: Credit and debit card blocks at the pump.
A snippet:
When you use credit at the pump, that hold isn’t automatically released once the transaction is complete. According to Visa, merchants and/or financial institutions – depending on who is holding the funds – have three business days to release the holds. But, for some, these holds can cause all manner of fees to hit their accounts if it causes them to go over their limits or overdraw their accounts. Some banks have it set up where you’re not actually charged that fee as long as the actual purchase clears for less than what you have in the account; however, credit card companies are not always so gracious.
Posted: June 23rd, 2008 under Financial Literacy, Gas prices, In the Blogosphere.
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