Source for credit cards
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Source for credit cards
Products Free
StuffSite
Map
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Authorization Only In transactions stipulated as "authorization only," the purpose of the authorization is to reserve a specific amount of funds from the card's available credit limit for the purpose of covering a purchase. "Authorization only" transactions normally do not clear for three to five days. An example of such an authorization occurs with credit card use at the gas pump. The machine authorizes for an amount larger than the intended purchase to guarantee the funds are available. The reason for this is that the price of gas fluctuates so that the consumer may not know exactly how much it will cost to fill the tank. If the card is authorized for $80 and the purchase is only $35, the remainder of the funds will be released back into the available credit balance when the transaction is finalized. This process is not visible on the credit card statement and for the most part consumers were not aware of this type of authorization until the proliferation of debit cards made this brief "tying up" of available funds an issue with some card holders. For most credit card holders, the available credit line is sufficient to make "authorization only" transactions a non-issue. More Credit-Card Terms Explained |
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