Thread: CIBC Online Banking -- Available Funds vs Total Credit Limit

Okay so my CIBC Visa Classic card has a $700 limit (also written on my statement via mail). Online banking however doesn't match up to add up to the $700. There are two columns on the transaction summaries: Available Funds and Balance Owing. As of right now I have $580 on Available Funds and $20 on Balance Owing (made a recent payment and only spent $25 on gas recently). These two columns should add up to my Total Credit Limit right?...

Quote: Originally Posted by EH100501AC If I pay with my CC at the pump they put a $100 hold? Is this like a fraud prevention measure? Please explain further. For the merchant, in order to make sure he can get money from your credit card, he needs to provide the dollar amount to get an authorization number. In gas station, it cannot predict exactly how much you will spend before you finish pumping gas. Hence, it just send $100 to make sure they...

Quote: Originally Posted by EH100501AC If I pay with my CC at the pump they put a $100 hold? Is this like a fraud prevention measure? Please explain further. the pump authorizes your card for 100 (or $75) -- because when you swipe and get approved...they have no idea how much you plan to fill for. when you finish filling the gas station reconcilates their records. same thing when you eat out....the restaurant approves your credit card for more...

Quote: Originally Posted by EH100501AC Oh so it's just kinda like over-compensating "in the event that" sort of thing? Well, I've always been using my CC to pay at the pump to save myself the line up when gas is cheap as well as a kind gesture to others waiting behind me so they don't have to wait any longer either. But if I used the CC at the register, this wouldn't be an issue anymore right? Maybe I should ask...

Quote: Originally Posted by EH100501AC Okay so my CIBC Visa Classic card has a $700 limit (also written on my statement via mail). Online banking however doesn't match up to add up to the $700. There are two columns on the transaction summaries: Available Funds and Balance Owing. As of right now I have $580 on Available Funds and $20 on Balance Owing (made a recent payment and only spent $25 on gas recently). These two columns should add...

Quote: Originally Posted by ssainani the pump authorizes your card for 100 (or $75) -- because when you swipe and get approved...they have no idea how much you plan to fill for. when you finish filling the gas station reconcilates their records. same thing when you eat out....the restaurant approves your credit card for more than the bill....because they have no idea what you plan to tip i've always heard about this with regards to paying...

Quote: Originally Posted by dreamybear i've always heard about this with regards to paying for gas, but i had no idea that this happens with restaurants too do u know how much is the standard "pre-authorized" amount for restaurant bills? Short answer: No. Long answer: Do they swipe your card BEFORE you eat? Exactly, then why would they need to pre-auth your card?

Because a lot of places allow you to include the tip on the card. So if your bill is say $150 they may hold more to allow you to tip the extra $23 (or more, or less ).

If your recent gas purchase was pay-at-the-pump it's possibly they put a $100 hold on your card before you started pumping. If this is the case, the hold will eventually disappear (dunno how long it takes.)

Quote: Originally Posted by EH100501AC In regards to hoob's post (post #2), does anyone know how long the hold is for? I pumped Tuesday night. Holds are usually in place until the transaction has been posted to your CC account. So about 2-3 business days.