Paying credit card by bank transfer

[Streaky]

I have long thought this is one of the biggest scans in the credit card/banking world. My questions is:

 

Where is my money, that has left my bank account instantly, hiding, before appearing 3/4/5 days later on my credit card statement? Is it sitting in the credit card company's bank account, accruing interest whilst I am also accruing interest on the card in the time it takes for the payment to appear.

 

I consider this to be up there with unfair charges and PPI.

[Consumer dude]

I know what you mean and it's been discussed many times, its like money leaves your account straight away but your credit card bill isnt paid straight way. I bet the bank just earns interest out of it and if so what right do they have to do that, personally it feels like fraud to me.

[Streaky]

I guess as the money leaves your account it no longer belongs to you, but the interest charged by your credit card company strikes me as unfair. It would be interesting to find out from an insider perhaps?

[StJane]

This hasn't been the case for a number of years. Payments (including bank transfers to your credit card) are executed according to specific maximum timescales, as defined by the Payment Service Regulations 2009.

 

You might not see the payment appear on your credit card statement immediately, but that doesn't mean you're charged interest for this time.