BNZ Credit Card statement closing date and time

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Forums › Finance and wealth management › BNZ Credit Card statement closing date and time

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Gordy7

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#3143921 7-Oct-2023 12:33

eracode:

Gordy7:

I have just discovered that BNZ clearly states that the cut off time is 6pm for Credit Card payments on business days.

https://www.bnz.co.nz/support/everyday-accounts/payments/processing-times-for-payments

So, I am somewhat dissappointed that BNZ did not point this out on my initial enquiry.

If a late payment is made, transactions will show a credit balance on a CC account on statement day. However, a transaction credit balance is not valid after the 6pm cut off time.

Maybe BNZ should have tagged the late payment to my CC account as pending.

Well - so much for some of my earlier comments which were plain wrong - sorry. I worked in banking and finance for most of my working life and did not know that. Live and learn.

Thanks for your comments. A learning experience for me too.

When it finally comes down to it, the balance on the statement is what counts.

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

eracode

Smpl Mnmlst
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#3145566 12-Oct-2023 08:47

Because I was previously unaware how this all works (and had a prior occupational involvement), I was interested so I took particular note of how the numbers worked on my CC statement-date cutoff yesterday. Also I probably have too much time on my hands.

It's not quite as simple as a 6pm cutoff on balance date - what you see is not necessarily what you get. This table shows the last few transactions and balances leading up to my cutoff at 6pm yesterday - as they show in the BNZ app - Visa Advantage CC. Actual purchases and times but fictitious amounts and balances.

This morning I received my statement for this period. You might expect that the statement balance would be $133DR - but it's not. Statement balance is $108DR - because the three 'pending' transactions totaling $25 were not taken into account, even though they were real/actual transactions. Goodness knows why they're 'pending' when other purchases on the same day were fully processed.

At time of writing none of these three pending transactions have converted to 'completed'. What this also means is that I get a month longer free-credit-carry period on these pending transactions than I would have otherwise got. i.e. the supermarket and sushi will be paid for on 6 Nov when the current statement payment is due - but the beer and haircut won't be payable until 6 Dec after they show in my next statement.

Sometimes I just sit and think. Other times I just sit.

Gordy7

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#3145577 12-Oct-2023 09:15

Thanks for looking into your transactions and the way they have been processed.

I don't recall my 7.20pm credit payment to my CC as being marked as P pending in my transactions..... Maybe I did not notice.

I usually have my CC in credit on statement day... I was just caught out with the late credit payment.

Maybe it is all BNZ AI customer training by throwing a curve ball at the customer 😃

Gordy

My first ever AM radio network connection was with a 1MHz AM crystal(OA91) radio receiver.

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