Wanted to go back to school shopping at Target to get Target Credit Card discounts. Paid my Target Visa card off in full ($0 Balance) via EFT from checking account - payment was cleared instantly and removed from my checking account and appeared on my Target account as a payment.
Went shopping at store 3 days later. Spent $450 and card was denied at register - I have never been denied at a register for insufficient funds. I ended up having to pay with another card and so no discount. I called Target Visa card services and was told large payments need time to clear (even though they had payment and it had cleared my checking account), and should be credited "in a few days".
I checked my account online 3 days later (total 6 days later), and payment was still not credited. Target visa card services again said it should clear in a "few days."
NOW 16 days later, the payment still has not been applied to my available credit. I have since received my next statement and paid it in full (all $16) of it. I did some research online and found Target routinely holds crediting payments for up to 15 days for large payments.
Target visa card services is still saying it will clear in a "few days", "maybe it was 15 business days", and "check in 24 hours". The rep said to avoid this situation pay in cash at customer service in a Target store.
Like I would carry hundreds in cash and trust a minimum wage agent to credit it after this.
This hassle is not worth the 5% savings.