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I have three CC's. I am paying them off, but the lowest one is a bank CC and I can move money into that account with 3 clicks of a mouse. It only takes 2 seconds. But when I pay the other 2, even online it takes 2-5 DAYS for the debt to be deducted from my account.
Is there any chance it could be made faster?
Btw I have the debts:
US Bank CC $3300 Max $3500
Walmart CC $5700 Max $6K
Amex $5500 Max $6K
Us bank first, Amex will start charging interest in Nov....Walmart drooling at the interest they charge me. It's OK my hole I dug...
First of all, are you pushing the payments using your bank's billpay system, or pulling the funds from the credit cards' websites?
If you're pushing the funds, it is what it is. If the transfer takes two days you just need to take that into account when you set up the payment.
If you're pulling the funds, there may be a delay in the payment showing up so that it can be verified. When it shows up, though, the posting date should be the same as the date you set up the payment. So it shouldn't have any effect on the amount of interest charged, if that's your concern.
Either way, the answer is to set up the payments a couple of days earlier.
I have three CC's. I am paying them off, but the lowest one is a bank CC and I can move money into that account with 3 clicks of a mouse. It only takes 2 seconds. But when I pay the other 2, even online it takes 2-5 DAYS for the debt to be deducted from my account.
Is there any chance it could be made faster?
Btw I have the debts:
US Bank CC $3300 Max $3500
Walmart CC $5700 Max $6K
Amex $5500 Max $6K
Us bank first, Amex will start charging interest in Nov....Walmart drooling at the interest they charge me. It's OK my hole I dug...
Sometimes my payments with a capital one take 3 days. Chase card from chase checking shows instantly on checking but takes 1 or 2 days to show up on credit end. It’s ridiculous. It should be instantly done after the click
Need more info. Assume the one that is instance is because the card and your checking account is the same bank and you are making an electronic transfer. The others could be going through the US mail.
I have three CC's. I am paying them off, but the lowest one is a bank CC and I can move money into that account with 3 clicks of a mouse. It only takes 2 seconds. But when I pay the other 2, even online it takes 2-5 DAYS for the debt to be deducted from my account.
Is there any chance it could be made faster?
Btw I have the debts:
US Bank CC $3300 Max $3500
Walmart CC $5700 Max $6K
Amex $5500 Max $6K
Us bank first, Amex will start charging interest in Nov....Walmart drooling at the interest they charge me. It's OK my hole I dug...
I personally prefer the highest interest rate snowballed first. Obviously your choice, but financially the highest rate should go first by the math.
As for the payment - if you're talking about "moving money" it sounds like you're talking about an internal transfer of funds, which is why it can be instant.
The others if you're paying from a bank that's different than the credit card (e.g. a Chase checking account and a Citibank credit card), then the payment is sent through the ACH (automated clearing house) which is why it takes 2-3 business days. The only instant way is to take cash to a bank branch that the credit card is held under. There's a reason most transactions take 2-3 business days to clear, and most reasons are due to a lag to catch fraudulent transactions and not allowing them to clear when one bank tries to transfer money to another.
I have three CC's. I am paying them off, but the lowest one is a bank CC and I can move money into that account with 3 clicks of a mouse. It only takes 2 seconds. But when I pay the other 2, even online it takes 2-5 DAYS for the debt to be deducted from my account.
Is there any chance it could be made faster?
Btw I have the debts:
US Bank CC $3300 Max $3500
Walmart CC $5700 Max $6K
Amex $5500 Max $6K
Us bank first, Amex will start charging interest in Nov....Walmart drooling at the interest they charge me. It's OK my hole I dug...
With Citi, it takes either the same day or the next day to process, but the balance reflected is updated once you click on 'make payment' button.
As someone else mentioned, perhaps paying them 2 days ahead would be a good idea.
And, my suggestion would always be to pay off store (walmart) cards first, followed by others. Typically they have the highest interest rates, not sure how the other two are in your case.
Another option is to move all these into a 0% balance transfer card so that the delayed payments posting will not impact one way or other for the initial intro period. BofA / Discover / Citi all have 0% intro 15-18 months, if not already, do explore them. https://www.creditcards.com/balance-transfer/
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