Dick Smith and credit card charges or authorisations?

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Forums › Finance and wealth management › Dick Smith and credit card charges or authorisations?

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ajobbins

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#265870 21-Oct-2009 23:08

Ah right. I have a charge card, where as I guess others who I have spoken to have the credit card version.

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freitasm

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#265874 21-Oct-2009 23:18

You can have both on a single account if you want, too.

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bazzer

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#265946 22-Oct-2009 08:38

Why not just increase the limit on your regular credit card? I have a Visa with a limit so high I will only hit it if I buy a new car or something.

dickytim

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#265987 22-Oct-2009 10:20

bazzer: Why not just increase the limit on your regular credit card? I have a Visa with a limit so high I will only hit it if I buy a new car or something.

Not everyone will be granted such a large credit card limit, some of us with sub-million dollar salaries are somewhat limited to the credit limit the banks will allow.

bazzer

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#265991 22-Oct-2009 10:36

Yet the bank will lend you $500K+ for a house? Or give you a revolving credit mortgage facility? I don't earn $1,000,000, so maybe I just have a good realtionship with my bank? Or maybe I got "lucky", I'd say a high credit limit is a dubious "honour" ;)

cr250bromo

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#265992 22-Oct-2009 10:43

the difference is a credit card is an unsecured facility so if you don't pay, all the bank is entitled to is the money you owe them. They can't sell your house to settle a credit card debt for instance.

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tchart

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#265998 22-Oct-2009 11:06

Yeah, high credit card limits are awesome until you spend it all. I prefer to keep my limit low to stop me spending every last penny. My main credit card only has a $1000 limit on it.

Ive been burnt before and lesson learned!

bazzer

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#266028 22-Oct-2009 12:03

The lesson you learned was "Dont get a high limit on my credit card"? I thought it might've been "Learn some self control"!

Handsomedan

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#266032 22-Oct-2009 12:08

Pre-auths and completions on credit cards are a fairly simple affair.

A Pre-authorisation is taken for the value of goods or services (i.e. when checking into a hotel) and at the time of checkout or payment, the authorisation is completed. THis charges the card for the amount due and clears the pre-auth immediately.

The instances where this doesn't happen:
Offline - if the terminal can't connect to the network for whatever reason, there'll be a simple purchase transaction made and the completion does not occur.
Overseas - sometimes in an overseas environment, the pre-auth will not drop off immediately and can take any number of days to drop off - usually a week.
Card not present transaction - in many cases a CNP transaction will not immediately release the fuds, more due to processing error (human error0 than systematic failure
Alternate payment method - if you pay via EFTPOS or alternative means (i.e. cash, other card etc) the transaction cannot be "completed". Therefore you wait for the auth to drop off - either that or kick up a stink and get the merchant to fax a note to the issuing bank or their cards processor to jhave the auth removed.

I work in the industry so have a little knowledge.

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