Post Date

What Is a Post Date?

The post date is the day, month, and year when a card issuer posts a transaction and adds it to the cardholder's account balance. It is the date on which funds are taken or added to an account. Likewise called the settlement date, the post date can be around the same time as the transaction date. Frequently, be that as it may, the post date will happen one to three days later. The period between the transaction date and the post date is called the float.

Understanding Post Date

Electronic payments frequently require communication with numerous substances, which can influence a transaction's post date. Banks have systems in place that help an account holder to deal with the balance on their account during the floating time span between when the transaction happens and when it is posted or settled.

When a transaction has been authorized, the responsible bank will ordinarily place the funds on hold. For a credit card transaction, this will reduce the accessible credit balance by the purchase amount. For a debit card transaction, the account holder will see a reduction in their accessible funds. For both debit card and credit card accounts, the account holder will regularly see the transaction listed as a "forthcoming transaction." Most giving banks will involve the post date as the last date recorded on an account holder's month to month statement.

Special Considerations

Credit card accounts can be especially important for grasping the post date. The post date on a credit card account can influence the interest charged in a specific statement period. Consumers pay less in interest the prior a payment is posted. That is on the grounds that the card company perceives that balances are paid off sooner.

Likewise, assuming that a cardholder is close to arriving at the credit limit on their account, then, at that point, they need to keep an eye on the charges that haven't posted yet to ensure future transactions will not be declined, and furthermore to guarantee that they won't cause any fees for going over the credit limit.

It is likewise important to guarantee that a credit card payment post date happens before the card's month to month due date to stay away from any late fees. Normally, the credit card issuer will educate a client regarding the date that payment will post to their account. The post date is important on the grounds that it decides if the credit card issuer will believe a payment to be on time. Each credit card issuer has various rules about when a payment will be posted in view of when it is received.

For instance, online payments to Discover Financial Services that are submitted after 5:00 p.m. ET won't post until the next business day for Non-Discover It Card Members. For Discover It Card Members, payments submitted before 12 PM Eastern Time (ET) will be credited to your account that day, aside from payments made on the cycle date. Payments made on your cycle date submitted before 5:00 p.m. ET will be credited as of that very day.

Features

• Post date is important in light of the fact that it can influence late fees and the amount of interest rate charges on a credit card.
• Each credit card company has rules on when a transaction is posted in view of when a charge is made or when a payment is received.
• Otherwise called the settlement date, the post date can be that very day as the transaction date or one to three days later.
• Post date is the day when funds are added or deducted from a credit card account balance.