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Thread: Credit cards and transaction/postin dates question (rant)

  1. #1
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    Default Credit cards and transaction/postin dates question (rant)

    if i buy something online from the US on OCTOBER 8, 2008 should i not be billed on October 8 currency exchange????

    the reason i'm asking is i used priceline to bid on a hotel on Oct 8, 2008 won a bid for $4777.10 USD. I called mastercard on October 8, 2008 to ask how much this was in CDN$ the guy said $5287.

    now i'm lookign at my statement the

    transaction date: October 9, 2008
    posting date: October 9, 2008
    priceline $4777.10 USD = $5621.71

    thats a $334.71 difference because of one day? that was the day the dollar dropped significantly.

    so i call priceline and ask them what was the delay in processing this, becuase on OCTOBER 8, 2008 where i initalled, it stated that "priceline will chrage your credit card right away if a hotel accepts my offer".

    so i wrote them a letter after many unsuccessful attempts talking to a customer service rep. this was there response

    "We apologize for any confusion regarding the billing process. After
    reviewing our records, we authorized your credit card on the date of
    purchase October 08, 2008. Authorizations typically post as a charge, so
    the amount you were authorized should be the amount you were charged.
    Due to this is an international purchase, it is possible your credit
    card may not be charged for 3-5 business days. We apologize; however, we
    have no control over the exchange increase. We would recommend that you
    contact your credit card company to address your concerns with them."

    ok so if it was authorized on Oct 8, 2008, should i be charged the october 8, 2008 exchange rate??? i'm confused on the transaction date and the posting date.

    SO here i'm "addressing my concerns with mastercard"
    i talked to Mastercard BMO mosiak numerous times, the lady (manager) said she was "sorry, the person who quoted you the $5287 CDN was clearly wrong, they quoted the $4777.10 USD on that day's exchange rate (oct 8, 2008) we didnt' receive the pricelines transation till october 9, 2008, we just got an authorization for the amount on october 8, 2008.

    so MC is blaming priceline, priceline is blaming MC.....

    i told the lady at BMO that there CPR CLEARLY stated numerous times, "THIS IS WHAT YOU OWE $5287, PAY IT BY NOV 20"

    sigh...thoughts?

    ok pp can start bashing me now lol i find when members start posting rants/questions we always get bashed

    bash away!!

    please don't flame me, or i'll have to learn how to use the ban button

  2. #2
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    Get a USD credit card.

  3. #3
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    hrm interesting..

    i know with paypal they charge my visa whatever the exchange rate is THAT day that i order..

  4. #4
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    man that sucks. ask to speak to a supervisor at either MC or priceline, sometimes the regular customer reps just don't give a shit.
    -Fighting on arrival, fighting for survival-

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    I find that most charges on my CC from the US can take a day or two.

    Just be thankful that you didn't buy that vacation today.

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    The transactions usually gets processed when the company submits it to the CC company. This is usually the same day for the large retail stores but could be a day or two for smaller ones. International purchases could've taken longer. I know my gas charges didn't show up the same day.. had a discrepency of 3-4 days on some of them.

    The exchange rate usually doesn't fluctuate too much between a day but when you're making a big purchase, every little bit counts.

  7. #7
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    It's unfortunate but you'll probably have to pay it.

    On another note, where the hell are you staying that costs $4,800 dollars US?

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    Would you complain if it was the other way around?

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    Originally posted by bobby_lu
    Would you complain if it was the other way around?
    i would definetly not complain who would? its also the "principle"... personally i probably wouldn't have noticed the difference in the charges, if the BMO CPR didn't specifically tell me numerous times

    CPR: so CDN $5287 is the charge
    me: so ok becuase i want to clear off the charge now, its exactly that amount, once i pay that off i'm square etc etc
    CPR: yes that is the amount from USD --> CDN $5287.

    i actually called them twice and spoke to two different reps who gave me the same quote....

    i dont usually go through my purchases in detail, this hotel booking is 1/2 1/2 with my friend, so he cut me a check for 1/2 of $5287, its just annoying to have to go ask him for another $150 because of a "exchange rate" difference, when i was specifically told that the price was $5287.
    please don't flame me, or i'll have to learn how to use the ban button

  10. #10
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    Originally posted by benyl
    I find that most charges on my CC from the US can take a day or two.

    Just be thankful that you didn't buy that vacation today.
    isn't that the difference between

    "transaction date"

    and

    "posting date"

    like with my mastercard, the flights that i purchased on OCT 8 was

    transaction date: Oct 8, 2008 posting date: Oct 9, 2008

    so i mean it did take a day to "go through?"

    when i spoke to priceline they said that they sent in the authorization OCT 8, 2008 (or else how can i get a confirmation # etc etc) but Mastercard said Oct 9, 2008....i asked for proof, they said "its on my screen, transaction date oct9, 2008"

    lol
    please don't flame me, or i'll have to learn how to use the ban button

  11. #11
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    mo sor wai lay yau cheen

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    sucks dude, i am holding off buying anything on ebay until it stabalizes. Sold some stuff and got 80usd for it, holding on to it until the dollar stabalizes, cuz right now it is in a freefall, and my 80 usd is worth 100 canadian now.

    So to all those who complained when the dollar was at parity...why isn't anyone compaining now? haha, tipical human response.

  13. #13
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    Originally posted by van
    mo sor wai lay yau cheen
    haha...translation for those who don't know cantonese: "doesn't matter, you've got the money"

  14. #14
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    Originally posted by gkAeris


    isn't that the difference between

    "transaction date"

    and

    "posting date"

    like with my mastercard, the flights that i purchased on OCT 8 was

    transaction date: Oct 8, 2008 posting date: Oct 9, 2008

    so i mean it did take a day to "go through?"

    when i spoke to priceline they said that they sent in the authorization OCT 8, 2008 (or else how can i get a confirmation # etc etc) but Mastercard said Oct 9, 2008....i asked for proof, they said "its on my screen, transaction date oct9, 2008"

    lol
    Priceline just got an Authorization # from mastercard on the 8th .. that does not consitute a transaction...
    Places can call up M/C and request an authorization # for an amount.. all this does is confirms to them that you have the available credit to go through with the transaction... Nothing is actually posted on your account at that time..

    Priceline did not actually put the transaction through until Oct 9th.. and so you would have been charged the exchange rate of that day..

  15. #15
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    Originally posted by eblend

    So to all those who complained when the dollar was at parity...why isn't anyone compaining now? haha, tipical human response.

    Im complaining...my Christmas vacation is going to cost 23% more than it would have a few weeks ago. Really my fault for not booking things beforehand...

  16. #16
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    You've got no grounds here whatsoever. This is how credits cards work, and if there's a currency exchange there's almost a guarantee it will be delayed at least a day.

  17. #17
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    again, that i understand, what im upset about is how the CPR's specifically told me that i owe $5287 cdn (for $4777.10USD) never did they say "oh its goign to flucuate, but this is an approxmiate"

    they said:
    "you owe $5287cdn, pay by nov 20"

    when i spoke to the manager she said was "i'm sorry my employees misquoted you, i will bring it up with him"

    like i said, i usually wait for the statement, but it was spilt between me and a friend so i wanted the $ first to pay off portion of the card so i called in to see how much i needed to collect.
    please don't flame me, or i'll have to learn how to use the ban button

  18. #18
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    CPR invoices you for a specific amount which means that money owed goes into Accounts Receivable. Deadline is there to give you time.

    As for the credit card, the day it gets processed is the day the money gets credit to CPR. Due to the payment transaction going through a third party, it will take time. CC transactions usually get posted by the company to the CC at the end of the day therefore the CC wouldn't process it till that evening/next business day.

    Again, CC is a third party member that is loaning you the money till you get your bill.

    Your bill was 4777.10, which was set in stone. The only thing was the exchange rate used by the CC company. Maybe she can just pay you in USD to settle.

  19. #19
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    Get a USD credit car I'd you continue to buy usd.

    I've also noticed with smaller companies they'll take longer to post too. During the stampede I bought something that took almost a week for them to post.

  20. #20
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    It also depends what time they posted the transaction too. I find that a lot of times if you do a transaction after 2pm ET, then it will be posted on the following business day. I'm not sure if this is case as you'd have find that out.

    At a lot of retailers, they only post/clear CC transactions at the end of business day so if they happen to do it too late in the day, your CC may not accept it until the following day.

    http://corporate.visa.com/md/fs/corp...ansactions.jsp

    This doesn't clearly explain why your transaction was not posted until the following day as that be between the merchant and issuing bank.

    Anyways, just enjoy your trip and spend $150 less!

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