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Understanding Credit Card Holds

At O1ne Mortgage, we prioritize educating our clients about financial matters. One such topic is credit card holds, which can impact your ability to make purchases. Here’s a comprehensive guide to understanding credit card holds and how they affect you.

What Is a Credit Card Hold?

A credit card hold is a temporary reservation of a portion of your available credit by the card issuer. This hold ensures that funds are available for a future transaction. The most common type of hold is an authorization hold, which occurs when a business verifies your card before completing a purchase or reservation.

How Long Does a Credit Card Hold Last?

Typically, a credit card hold is removed once the transaction is approved. Most holds expire within a few minutes to seven days. However, some holds, such as those from hotels or car rentals, can last up to 31 days. For online purchases, the hold may be released when the item is shipped.

Can You Get a Hold Removed?

If an authorization hold is tying up your credit, you can request the merchant to remove it, especially in cases of duplicate authorizations. Alternatively, you can make a payment or request a credit limit increase to free up credit. Only the credit card issuer can officially remove the hold.

Will You Get Your Money Back From a Hold?

An authorization hold does not mean you have been charged. It simply blocks a portion of your available credit. Once the hold is released, your credit will be available for use again. If you have questions about holds on your account, contact your card issuer.

The Bottom Line

Understanding credit card holds can help you manage your finances better. If you frequently encounter holds, consider carrying a backup credit card. For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to assist you with all your financial needs.

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