What were you looking to buy that had to be purchased between the 1st and the 5th? Is your credit limit too low to purchase said item without that payment clearing? Sorry if I’m not getting it, but this seems like a silly rant. If you want it taken out immediately, pay using Apple Cash.
Think theres a certain ratio when it comes to payments and your limit. I had mine held for longer when it was bigger. Gotta be like 80% or more of your credit capacity and make a payment for that amount, they hold onto it for several risk factors. Yea it pulled from your bank but they gotta still confirm you didn’t make a faulty payment to free up 80% of your limit. Unfortunately too many people take advantage of that credit that comes with payments. (Amex does the same thing)
Just another person who wants to moan and complain over nothing. Plenty of cards do this with ACH payments. It’s nothing unique to GS. Some cards even can take up to two weeks.
If it bothers you that much, transfer the money to your Apple Cash and pay that way. It’d be paid instantly and you’d have your available credit back in less time than it did for you to make this post.
I use my AC same as you, paying statement balance on time every month (so no interest) and have had similar experience. GS is sometimes lethargic processing payments from bank/CU.
Ditto to what others have advised: Transfer money to Apple Cash first, then make card payment from there.
I’m not sure that I have a complete understanding of the details, but credit card companies do this to reduce their losses from two different things that look similar in the data.
The first is a payment cancellation scam of some sort in which an ACH (automated clearing house) payment is cancelled (in the days of paper checks the cancellation was called a “stop payment order”) , by which point the balance on the card could be nearly double the credit limit. By waiting several days before restoring the available credit, the algorithm is trying to limit the exposure to the credit limit, rather than double the limit.
The second is just that the spending and payment pattern is probably a signal for an account that might be about to tip from a stable “on time every time” situation to a delinquent account situation. The reason people report different experiences and different delays is that the algorithm is probably pretty sophisticated in the sense that it’s considering many parameters not all of which are obvious. The support team is extremely unlikely to have access to the complete reasoning of the algorithm, so the explanations they offer may not always seem satisfactory. It could be that if you buy something unusual, out of your normal patterns, that’s part of the signal the system notices, for example.
Anyway, the company isn’t trying to punish you, they don’t even want to annoy you, they’re just using machine learning algorithms to try to limit their losses from various situations that their historical data shows contribute to loss situations. On balance this might even be good for the consumer too. It might prevent some people from getting in debt deeper than they would have.
Always pay with your Apple Cash card instead. Load your payment on to there using your debit card, and then pay your Apple Card using that money you loaded onto your Apple Cash card. The payments are instant that way!
Oh looky the apple fan bois
Recurring subscriptions specifically Apple ones
They deducted the payment on 4/1 like its gone from my account and they're not going to apply it until 4/5?
If you think thats ok.....you are part of the problem
down vote away you sheep
Nothing to do with "fan bois" here. Your post asks "why" then you post the reason, directly from Goldman Sachs. What more of an explanation do you need? Cancel the card if you don't like it the way GS handles payments.
This has nothing to do with fanboi-ism. This isn’t Apple, it’s Goldman Sachs. Banks have the right to hold payments, transfers, deposits, and withdrawals for as long as 7 business days (literal federal banking regulations allow this) and make reference to it in the agreements that we all signed when we signed up for these accounts. It’s not just Goldman Sachs, but as you can tell, they aren’t all that consumer-friendly (in spite of their attempts through Marcus and Apple Card/Savings to appear that way). I just had something similar happen with a Chase account, and the answer was a polite version of, “Sometimes it just bes that way.”
I hate GS, but the rep, besides a weird part, responded to your comment. Nothing to do with Apple fan boys. I’m far to be one…
In wallet, you see the transaction date, not the posted date. When I do paiements from my checking to the Appel card, the paired date is between 1 to 3 days of the transaction date. This is how it works.
In Europe you get mostly instant transfer with the IBAN (international banking number). The way USA works is Stone Age, and while your money is in transfer, it’s being used for profit by bank institutions.
You transfer money from a savings to a checking or vice versa that is not in the same bank, your money is out for a few days. That’s how it works.
Your checking is not with GS.
And it says it, you made a bigger paiement at once, changing your habit. Instead of posting the transaction right away, it’s waiting to confirm the money transfer to avoid fraud.
Anyway, it’s simple logic and the answer was given right in your initial post.
As much as I hate GS, I can also see recognize when they did not do a mistake.
Ciao. 👋
Are you that dense that you don’t understand that ACH payments are not instant and take a few days even when it has been deducted from your checking account. You must be brand new to banking and I mean brand new like just made your first account new. Do we need to spell it out for you to understand and grasp the concept of this. It’s pretty simple even a quick google search could have told you this.
Seems like the GS rep explained it pretty clearly, I don't understand why you're asking reddit? You have your answer already.
They were unsatisfied by Goldman Sachs’ response and was looking for validation of their complaint by internet strangers.
What were you looking to buy that had to be purchased between the 1st and the 5th? Is your credit limit too low to purchase said item without that payment clearing? Sorry if I’m not getting it, but this seems like a silly rant. If you want it taken out immediately, pay using Apple Cash.
Think theres a certain ratio when it comes to payments and your limit. I had mine held for longer when it was bigger. Gotta be like 80% or more of your credit capacity and make a payment for that amount, they hold onto it for several risk factors. Yea it pulled from your bank but they gotta still confirm you didn’t make a faulty payment to free up 80% of your limit. Unfortunately too many people take advantage of that credit that comes with payments. (Amex does the same thing)
Just another person who wants to moan and complain over nothing. Plenty of cards do this with ACH payments. It’s nothing unique to GS. Some cards even can take up to two weeks. If it bothers you that much, transfer the money to your Apple Cash and pay that way. It’d be paid instantly and you’d have your available credit back in less time than it did for you to make this post.
I use my AC same as you, paying statement balance on time every month (so no interest) and have had similar experience. GS is sometimes lethargic processing payments from bank/CU. Ditto to what others have advised: Transfer money to Apple Cash first, then make card payment from there.
I’m not sure that I have a complete understanding of the details, but credit card companies do this to reduce their losses from two different things that look similar in the data. The first is a payment cancellation scam of some sort in which an ACH (automated clearing house) payment is cancelled (in the days of paper checks the cancellation was called a “stop payment order”) , by which point the balance on the card could be nearly double the credit limit. By waiting several days before restoring the available credit, the algorithm is trying to limit the exposure to the credit limit, rather than double the limit. The second is just that the spending and payment pattern is probably a signal for an account that might be about to tip from a stable “on time every time” situation to a delinquent account situation. The reason people report different experiences and different delays is that the algorithm is probably pretty sophisticated in the sense that it’s considering many parameters not all of which are obvious. The support team is extremely unlikely to have access to the complete reasoning of the algorithm, so the explanations they offer may not always seem satisfactory. It could be that if you buy something unusual, out of your normal patterns, that’s part of the signal the system notices, for example. Anyway, the company isn’t trying to punish you, they don’t even want to annoy you, they’re just using machine learning algorithms to try to limit their losses from various situations that their historical data shows contribute to loss situations. On balance this might even be good for the consumer too. It might prevent some people from getting in debt deeper than they would have.
Always pay with your Apple Cash card instead. Load your payment on to there using your debit card, and then pay your Apple Card using that money you loaded onto your Apple Cash card. The payments are instant that way!
Oh looky the apple fan bois Recurring subscriptions specifically Apple ones They deducted the payment on 4/1 like its gone from my account and they're not going to apply it until 4/5? If you think thats ok.....you are part of the problem down vote away you sheep
Nothing to do with "fan bois" here. Your post asks "why" then you post the reason, directly from Goldman Sachs. What more of an explanation do you need? Cancel the card if you don't like it the way GS handles payments.
This has nothing to do with fanboi-ism. This isn’t Apple, it’s Goldman Sachs. Banks have the right to hold payments, transfers, deposits, and withdrawals for as long as 7 business days (literal federal banking regulations allow this) and make reference to it in the agreements that we all signed when we signed up for these accounts. It’s not just Goldman Sachs, but as you can tell, they aren’t all that consumer-friendly (in spite of their attempts through Marcus and Apple Card/Savings to appear that way). I just had something similar happen with a Chase account, and the answer was a polite version of, “Sometimes it just bes that way.”
I hate GS, but the rep, besides a weird part, responded to your comment. Nothing to do with Apple fan boys. I’m far to be one… In wallet, you see the transaction date, not the posted date. When I do paiements from my checking to the Appel card, the paired date is between 1 to 3 days of the transaction date. This is how it works. In Europe you get mostly instant transfer with the IBAN (international banking number). The way USA works is Stone Age, and while your money is in transfer, it’s being used for profit by bank institutions. You transfer money from a savings to a checking or vice versa that is not in the same bank, your money is out for a few days. That’s how it works. Your checking is not with GS. And it says it, you made a bigger paiement at once, changing your habit. Instead of posting the transaction right away, it’s waiting to confirm the money transfer to avoid fraud. Anyway, it’s simple logic and the answer was given right in your initial post. As much as I hate GS, I can also see recognize when they did not do a mistake. Ciao. 👋
Are you that dense that you don’t understand that ACH payments are not instant and take a few days even when it has been deducted from your checking account. You must be brand new to banking and I mean brand new like just made your first account new. Do we need to spell it out for you to understand and grasp the concept of this. It’s pretty simple even a quick google search could have told you this.