Credit Card Execute On Weekend – In this modern era of advanced technology, instead of carrying bundles of cash, one can carry around cards. It is an electronic method of payment. Cards such as ATM cards, debit cards, and credit cards help in the monetary terms. They make life simple with convenient financial transactions. However, the money you use from ATM and debit cards is your own money in the bank account. But the money on a credit card is a loan by the credit card provider

Credit Cards For Payment Purposes And Why They Do Not Execute On Weekends:

The banking system is a fusion of software and the human element. Out of three steps is authorization, settlement, and funding settlement is where human need is essential. 

In the authorization step, the cardholder transfers money to the merchant. This step is all about verification and whether the issuing bank will approve the transaction or not. Either transaction is approved or not, the consumer will receive a notification about it. If a transaction is denied, there might be an issue with available funds or eligibility of the user’s card. 

In case it is approved, the issuing bank makes a payment to the merchant, but it is reserved. The money taken from the user card has not reached the merchant accounts yet. They save it temporarily until step 2 is a settlement. The authorization step can be performed by a user on any day and at any time. This process is performed within a few seconds or minutes. It is because it is done by software and does not need a human to perform the step.

The next step is a settlement. It is the step due to which the transaction is not completed until a human performs the process. It does not work with any software, instead, it requires someone else to do it. In this step, the merchant requests the capturing of the authorized payment. The payment after this step is not temporary. 

The merchant approves the money

This step is all about the approval of the merchant. If the merchant approves the money, the settlement will take place. The issuing bank and merchant will interchange the details. The issuing bank will provide the details of the cardholder s funds to the processor. The processor, in turn, will deal with the merchant funds. 

This step usually takes three days. The transactions on Saturday, Sunday, and Monday are processed, and deposits are given to the merchant on Tuesday. Hence, both parties are involved in this step. That is why banks do these things on working days. Although, some banks do have an automated system, they use software to perform the second step. But this is not common.

To resolve this issuing bank has two options. Either create an automated system or hire more staff that can work on weekends.

A credit card is a convenient way to manage your finances and expenditure. Instead of carrying stacks of money, one can pay by just using one card. You can easily purchase anything with a card. It gives you the ability to buy your desired product at any time and payback in the future. If you pay within the time limit, then you do not have to pay any interest.

Keep track of your financial records

Along with this, usually, a credit card sends you a bill by the end of the month. This bill shows a report of how and where you spend your credit. It might help you in keeping track of your financial records. Eventually having a whole record of your finance helps you in paying taxes accordingly. If you can’t buy anything with cash, for example, online products then you can simply pay with a credit card. 

The majority of the banks provide free credit scores, rewards, sign-up bonuses, and gifts, which is another way of earning. If you pay the credit on time, the issuing bank rewards you with more points. Through these points, you can even pay for an entire vacation. 

A credit card comes with a lot of protection as well. In some cases, the issuer provides you with a primary account number. You can use this number while purchasing online. In this way, your information is not exposed, and you are saved from fraud. Even if your cards get stolen, the issuing bank will not hold you responsible. 

If you are making online payments through your debit card, and somehow your information is leaked. Then the other person has direct access to your bank account. But if you use a credit card and your details are misused. Then the opposite person does not have any access to your bank details. 

Using a credit card comes with travel benefits

Using a credit card comes with travel benefits. In some cases, you might have access to the free airport lounge. You get reimbursed when your trip is canceled. Your flight is delayed or baggage delay. These benefits do not add up in your interest or additional fee. These are free. 

You have to pay an amount of interest. If you are unable to pay back within the time limit, then you are charged with interest per day. It can cause you to debit more than you initially planned. 

Secondly, some people get carried away by fancied products. The price of these products is more than they can afford. If they end by buying, then it can create more problems and put you under debit. 

Credit card frauds are common. Scammers use techniques to trick and steal your money. Though the issuing bank does not hold you responsible, the stress it causes is genuine. The sort of experience where illegal transactions take place is very anxiety-causing and time-consuming.

Interest on credit cards is not the only problem. The bank might even charge you with extra money. These charges include annual fees, balance transfer fees, foreign transaction fees, late payment fees, over-limit fees, cash advance fees, and returned payment fees. If credit cards are used with caution, then they are a beneficial thing. If not, then it causes you huge debt and stress.

Possible Solutions If You Have To Pay Your Credit Card Bills On Weekends:

Some businesses and bank provide their customers with the benefit as they do not set the last due date of their credit card bills on weekends. It is not possible to your credit card bill on the weekends as the banks are closed, and even if they are open, they will be available for maintenance. And If you visit and the bank is open, there will not be any employees to entertain you. Some people have the misconception that if the bank or any business gives them a date that is due on Saturday or Sunday, they still have time to go and pay the dues on Monday. That is not the case, and people have to pay the late fee when they do not pay the amount on the due date, even if the bank is closed. 

According to the law, the due payment of your credit card falls on the same calendar day for each month. It means that a person, whose credit card payment is due on the 5th of January, will have the same date, which is the 5th of February, and ultimately in March, the date will be the 5th. If from the start the due date was the 4th of January, it will be the 4th of February for the remaining months too. It makes it easier for the person to track his bills and alerts him to pay the bills before the due date if the due date is on the weekend. 

Moreover, credit card law in the United States of America says that credit card bills can not be paid on the weekends.

You sent the payment to the bank using mail

Another solution is to pay your bills on time. If you are given a due date, you should check your calendar and see if there are any bank holidays on that day, and most importantly, you should check if it is a Saturday or not. If the due date is Saturday, you should pay your bills before as you will be charged a late fee for two days as you will not be able to pay on Saturday as we as on Sunday. 

There are other solutions to make sure that your payments reach the bank on time. Suppose you face an emergency and you go out of town, and the due date for the payment is very near, so what should you do? The most convenient way in this situation is that you sent the payment to the bank using mail. You should write a letter of compliance and also inform the representative of the bank beforehand and tell him about your situation. The mail takes two or three days to deliver to the bank, so you should make sure that you send it 3 or 4 days before. It is because sometimes the mail service also has some discrepancies, so you shouldn’t take any chances.

An online service of 24 hours and 7 days a week

Another alternative is that you can call the helpline and ask for additional information as to how to pay your bills. Some banks have an online service of 24 hours and 7 days a week. They will inform you that you can make payments using a phone call too. A representative will connect you with a person who will guide you through the process. You should keep your credit card number as well as your account number near you so that you could provide the information that the representative will ask for. Moreover, it is also important to keep the bill with yourself.

They will ask you for the receipt number, and they will use it to print a bill with them. After the bill is paid, the representative will send you a receipt of the paid bill. You should take great care in carrying out such payments as scammers are on the rise, and they can retrieve money from your bank account. For authentication purposes, you can ask for the work ID of your representative.

Moreover, with advancements in technology, payments to banks have become very easy. Most banks provide online services to their customers. These online services are very helpful to the user as they help in assisting them. Some of these services are online payments of bills, and they can also check the remaining balance in their accounts. Bank websites provide a section that is just for bill payments. The first thing you need to do is go onto a computer and connect it to the internet. For logging into the account, you will have to enter your ID and password.

The bill payment tab and select it

Sometimes the ID is your back account number and the password is set by you. Go to the bill payment tab and select it. It will open a form that will require you to fill in some information including the bill receipt number, the account ID, and the security PIN. Once you enter all these, the website will give you a confirmation that your payment has been paid. You can also use this method on your mobile phone.

You should protect yourself from hackers as they may use different techniques such as phishing and pharming to get hold of your security pin and transact money to their accounts illegally. 

Some other techniques are using third-party payment routes to pay the banks. These third-party payment apps are easy to use and are also much safer. Some of these third-party apps include PAYTM. PAYTM has its mobile app that the users can download on their cell phones and transact money. You have to register yourself and make an account on these apps. The next step is to link these accounts to your bank by inserting the account number and other credentials. These third-party payment apps act like mini banks, so it is as if you are transferring money from one bank to another. You should install any anti-virus software on your devices so that hackers may not access your sensitive data.

PayPal is directly linked to your bank accounts

PayPal is yet another way to pay your bills. You must have heard of PayPal. It is popular in the United States of America. PayPal is an online bank account, and it does not have any physical branches. PayPal is directly linked to your bank accounts, so it is easy to pay your credit card bills using PayPal. Moreover, PayPal does not deduct taxes, so you will have to send only the bill amount. Moreover, PayPal is much safer than other third-party applications. PayPal is in almost every country of the world, so if you are out of the country, you can still pay your credit card bills using PayPal. However, PayPal will deduct some charges if you pay using PayPal and you are not in the USA. So as a result, a percentage of your amount will be deducted from your PayPal account. 

Keep one more thing in mind. Banks are not open 24/7, and they have fixed timings on weekdays. Most of the banks in the United States of America close around 5 o clock or 5 30. If your due date is Thursday and you go to the bank to pay it after 5 o clock, then you have missed the due date. When banks provide a due date, it does not mean that you can pay the bill at 11 59 on that day. Instead, they mean that it should be on that day and before the bank closes. As a result, you will have to pay a late fine fee to the bank.

 

Conclusion:

From all the information we conclude that we cannot pay our credit card payment on weekends. It is decided by law, and the law is the same for almost all the countries of the world. However, there are other alternatives to pay your payments. If it wasn’t for these alternatives, there would be two things happening. Number one the banks would benefit a lot from receiving those late payment fees, and number two there would be a lot of rush on banks as there will be no other way to pay your bills. Moreover, it will also be very time-consuming as you will have to wait for your turn to pay your bills.

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