Business News Select | SMPost | Terms

Term: Credit Card Posting

28 Aug 2015

DEFINITION of ‘Credit Card Posting’
Adding recent transactions to a consumer’s credit card account. Credit card posting adds any purchases, refunds, payments or other transactions the cardholder has made. The date when this updating occurs is called the post date. The post date is often a day or more after the transaction date. Some credit card statements show the post date for every transaction, but others only show the transaction date. As soon as the transaction is authorized, the cardholder’s available credit will decrease to reflect that purchase, though the transaction may not post for another day or two. Until then, it will appear in the “pending” section of the consumer’s account.

Credit card posting is part of the clearing and settlement process. There are several parties involved in processing any credit card transaction; the clearing and settlement process involves credit card acquirers (also called “acquiring banks”) and credit card issuers (also called “issuing banks”). When you buy something or get a refund, the merchant sends the transaction information to the acquirer. When that information goes from the acquirer to the issuer, it then posts to your account and will appear on your next account statement. This type of credit card posting usually doesn’t matter much to consumers.

Another type of credit card posting will matter more to you if you tend to pay your credit card bills at the last minute. You need to know by what time and in what time zone you must initiate your payment for the credit card company to post your payment — that is, mark your payment as received — on that day and not categorize your payment as late. It can be frustrating to get hit with a late payment fee and interest charges when you thought you made your payment on time, only to learn afterward that you didn’t meet the credit card company’s payment posting deadline. Discover, for example, requires cardholders to submit payments by 5:00 p.m. Eastern Standard Time for the payment to post that day. It’s also important to understand when your scheduled payment will post if you think you might need to cancel it, because you’ll have to initiate the cancelation before the specified time on the posting date.

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