Missed credit card payment
I recently missed a credit card payment because the Direct Debit from my bank bounced. This was because some Visa payments came off before the DD was paid, unfortunately my bank does not have a very good way of informing you of this and the payment was missed.
I would like to state I take full responsibility for missing the payment, after all I am a grown up and I must manage my own finances.
My issue stems from the credit card company; according to my bank the money was never released, but my credit card statement shows a payment and the dashboard for my account showed the "last payment" was the payment I actually missed. I had received a text from the credit card company that said "Your payment is due, if you have already paid please ignore this message". So I logged on to my credit card dashboard and seen that I had paid on the day I expected, and it was on my statement. It was only when I went further on my statement I seen that the payment was reversed and I still owed them the money.
Had it not been for this payment appearing on my statement I would have known right away the payment hadn't been made, but now it has been days since the payment was missed and I have charges, interest, and I have lost all the benefits that came with the card.
I guess my question is: is this standard practise? Do credit cards put payments that never took place on statements like this? I am annoyed as I find it very misleading, if I knew the payment had not been made I would have paid it on the day it was due, but the dashboard wrongfully re-assured me that I had paid.
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I think that what happened to you is logically similar to a bounced check.
Here is the order of operations:
Made direct debit
Credit card company accepted payment instantly (this is logically equivalent to receiving a paper check)
Credit card company trusts you and assumes the payment will clear and updated your account information
Bank account was reduced from other transactions
Credit card company sends their automated notice because the payment has been received but not cleared (this could happen before or after the processing payment step)
Credit card company processed the payment (this is logically equivalent to cashing a paper check or a paper check fully clearing)
Credit card company rejected the payment because the direct debit was underfunded
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