How long a bank payment takes to reach your bank account
The biggest difference between a cash payment and a card payment is that while a cash payment is easy to account for immediately, a card payment takes a while to reflect in your card account. This means that if you have any pending bills, you cannot count on a card payment as it may be a while before the money reflects in your account.
So if you owe money to a bank, it means that you have to take some steps to ensure that you don’t default when instalments fall due just because one or two card payments did not reach your card account in good time.
The amount of time that a card payment takes to show on your card account will depend on when the payment is made, how it is made, the card merchant and your bank. The best way to be certain about when a card payment will reach your account is to get in touch with the card merchant. If there are any pending payments, the card issuer is in a position to tell you when to expect it to show in your account. An issuer will give you the precise time to expect the money in your account.
How about online payments?
While an online payment is generally quick, it is not instant. An online payment can take between 1 to 3 days to show in your card account and give your account its true position. This is because these accounts are not processed in real time but in batches overnight. This means that a payment made on Friday will not reach your account as weekends are not counted as business days.
Linked card accounts
If your card account and bank account are linked, it is possible for your card payment to reflect in your account instantly. That is one of the advantages of having your card and your bank account in the same bank.
How to meet your desired timeframe
The best way to ensure that a card payment reaches your account in good time is to make payments well in advance. At the same time, if you want to have a specific amount in your account as credit, you can request your card issuer for an increase on your credit limit. This is where using your card responsibly helps, as you can easily get an increase whenever you want.
In instances where your card payment does not reflect in your account in good time, as long as you submitted it within the stipulated time, it will be considered to have been paid on time. However, if your bank returns the payment for one reason or another, you will be charged a fee.
One thing about a card payment is that, unlike cash, there are processes involved before it becomes actual money to be spent. It means that you have to consider things very carefully especially when making commitments involving a large amount of cash. But at the same time, a card payment will save you the trouble of having to deal with cash. When you are paid using cash, you still have to go to bank it. On the other hand, with a card payment, all you need to do is to wait for your statements to see if it reached your account.