A “waiting periods” is a time frame that occurs between the time a consumer’s credit card is approved and when the transaction is due.
“Waiting periods are typically set between two to four business days, sometimes longer,” the American Bankers Association says.
A “period of time between the approval of a credit card and the payment of the card is known as a ‘wait period.'”
In other words, it takes the time it takes to make a purchase, such as processing a payment, to actually make the purchase.
The American Banker Association says that in a six-month period, consumers can spend up to $5,000 on credit cards, and up to the equivalent of more than $4,000 in ATM fees.
The credit card companies are required to file quarterly reports with the Consumer Financial Protection Bureau.
The Bureau’s consumer protection division reports that “the average wait period for a credit-card transaction is 4.6 business days.”
Here’s what a “waited period” looks like for your own card: Credit Card Processing Fees $30 $30 Total Processing Fee $40 $40 Credit Card Terms $0 $0 ATM Fees $0.50 $0 Balance Transfer Fees $3.75 $3