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It can be embarrassing and upsetting to have your credit card declined at the point of sale, particularly if it happens in a store.
Nobody wants to have to put products back and buy them later or have to search for another form of payment in front of the store cashier and other people in line.
Understanding the reasons behind why this occurs in the first place, however, can help you prevent having your credit card declined. Continue reading to find out the typical justifications for credit card denials as well as steps you can take to make sure your credit card transactions always go through.
Sometimes a sizable pending transaction uses up a significant amount of your available credit. When a hotel or car rental firm places a hold on your credit card until your final amount is charged, for example, is one scenario where this may occur.
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Holds, Expirations, and Preventing Rejections
Also, restaurants and car rental agencies could put holds on your card, and if you don’t make your credit card payments, your credit card issuer might put an administrative hold on your card.
Every credit card also has an expiration date, which is visible on the front or back of the card. This date specifies how long you can use the card before you need to contact the card issuer for a replacement.
You’ll experience a number of distinct repercussions as soon as you make a late payment on your credit card. First of all, Equifax, one of the three major credit bureaus, warns that missing a payment after 30 days after the due date may negatively affect your credit score.
In addition, if you fall behind on payments, your credit card company may potentially stop new purchases, which could result in a card refusal.
The following actions can be taken to guarantee that credit card denials are a thing of the past:
- Regularly check the card expiration dates.
- Check the expiration dates on your cards frequently.
- Pay the credit card bill promptly.
- Increase your credit limit by one.
- Establish account alerts.
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Source: CNET
