How To Cancel a Pending Transaction on Credit Card?

Pending Transaction

Just like debit cards, credit cards make it easy for individuals to make purchases and withdrawals. However, with a credit card, the funds are usually borrowed to be paid back at the end of the month. People prefer to make purchases with their credit card because it offers greater protection from fraud. Like its counterpart, people don’t often know what to do when they wish to cancel a pending transaction on their credit card. And this begs the question, how do you end an awaiting transaction on a credit card?

The best option to cancel a pending transaction on credit card is to contact the merchant and dispute the charge. The other option is to contact your credit card issuer and make your request. Option 2 should be adopted if the merchant fails to comply.

Have you ever made a purchase with your credit card and change your mind? Have you been in a situation that requires you to cancel a pending credit card payment because the product you got is faulty or defective? If you answered “yes” to those questions, I assume you’d be looking for answers regarding how to end such transactions. Cancelling a pending credit card payment can be easy, in some cases, and it can be difficult in others. In this article, I’ll provide you with insights into how to do this the easy way.

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How To Cancel a Pending Transaction on Credit Card?

There are many things cardholders find hard to accomplish, and one of them is cancelling a pending payment. In fact, you may seem surprised at the fact that some cardholders aren’t aware of what a pending transaction. It’s either because they don’t care or due to their ignorance. Cancelling a pending transaction is not hard, provided you know the ropes and play your part well.

Before we delve into how to cancel an awaiting payment, it is essential you understand what pending transactions are and how they work. Once you have a little understanding of the process, you’ll have an insight into how to go about the cancellation process.

What Is a Pending Transaction?

From the word “Pend”, you should be able to deduce the meaning of the term mentioned above. A pending transaction is one that is still being processed by the merchant, or you can say it is yet to post. You see, credit and debit card purchases don’t happen the way some of us think they are. The behind the scenes process is contrary to what some of us think.

I bet there are some people out there who still think that credit card payments post immediately. And I want to believe that people who think that way are novice cardholders because if you have been using a credit or debit card for a while, you’ll surely know that transactions don’t post in real-time. So how do pending transactions work, and why are they implemented?

You see, the holds placed on a credit card payment are very important, especially to the merchant. These holds prevent unpleasant situations like chargebacks; it helps the merchant charge you correctly for the product purchased or service rendered. It also makes it easy for the money to be reversed if you table a dispute.

Authorization holds, which are usually temporal, gives the merchant and the parties involved in processing a credit card payment the time to make the necessary checks and approval. One of the reviews the merchant conduct is carried out to determine if you have sufficient funds to cover the purchase. After about two to three days, the transaction will post. This means that the money has been deposited in the merchant’s account.

Having known what a pending transaction is, let’s take a look at how to end it.

You can end an awaiting payment in two ways, and they include:

  1. Contacting the merchant
  2. Contacting the credit card issuer

Contacting the Merchant:

The merchant should be the first person to contact if you wish to end a credit card payment, and this is because you made payment to them, thus putting them in the best position to attend to your request. Before you go ahead to contact them, I suggest you read their return and cancellation policy to have an insight into how it works so you won’t be stunned when they reveal certain things to you.

Also, ensure you contact them in time. Time is a huge factor when disputing a credit card payment. The earlier you contact the merchant, the better for you. And it is essential that you provide all the necessary documentation as proof that you made the purchase. If your request is granted, you’ll receive a refund to the same credit card you used to make the purchase.

Contacting the Credit Card Issuer:

You should contact your credit card issuer if the merchant refuses to cooperate. However, the merchant should be the first person you should contact. If you suspect that the transaction is a fraudulent one, then you should contact the card issuer first. After contacting the card issuer regarding the cancellation, they will try to sort things out with you and the merchant. Mind you, not all credit card issuers may be willing to help, especially if the case is not a fraudulent affair.

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How Long Do You Have To Cancel a Credit Card Transaction?

There are a lot of circumstances that could compel you to end a credit card payment. These circumstances range from a change of heart, defect or faulty product, the merchant’s failure to leave up to the agreement, etc. You see, knowing how to end a credit card transaction is one thing, and knowing the window of time available to end the transaction is another. To ensure that you are successful in your pursuit of cancellation and refund, you must know how long you have to end a credit card payment.

There is no specific timeframe provided by merchants or credit card issuers regarding the cancellation of a credit card transaction. However, you are advised to contact the merchant in time so that they can look into the case. The faster, the better!

Time is essential when it comes to credit card transactions. The more time you waste, the more complicated your case becomes. Remember, the best and easiest time to recall a payment is when it hasn’t officially posted.

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