Lenovo Credit Card Processing

I want to get an order in as soon as possible but I want lenovo to charge my card after the 7th. How long after I put the order in does lenovo actually charge my card?

 

They might do an instant authorization charge to see if you have the available funds (which is normal), but they might not actually put a hold on your credit until it is an approved order. It is almost the 7th so you could just wait a day...

 

Lenovo pre-authorized my card (IE, confirmed the funds were there) and then place the funds on hold, within minutes of me placing my order.

 

My rep said they don't actually charge until the notebook ships but that they place a hold on the account for the first 24 hours. I placed my order today and it showed up on my online banking in less than 5 minutes.

 

Well was your order approved? My has been in processing for over a day.

 

mine t61 just landed in the states, and my card has yet to be charged. What happend was when i placed the order i was charged, but it stayed as pending, then the charge was reversed. I know i wont get a free laptop but it would hit the spot.

 

by on hold, does that mean I won't have to pay for it yet until it's approved?

 

Well do you HAVE the funds (credit limits) to charge it? It will do that authorization charge to see if you have the available credit. You don't have to pay it instantly of course...because a credit card is like a free loan for 30days or what have you. Regardless you will need the available credit to charge it to get it to go through processing.

 

I have enough funds, I just want to know if I will be able to roll it over to the next billing cycle without having to wait too long.

 

"On hold" technically means you've paid for it.

The funds aren't available for you to do anything with, and with most banks, you'll see an "on deposit" amount and "available now" amount.

The deposit amount will reflect the account total before the "hold" is placed and processed as an actual transaction, and the available amount will be what money you have access to after the Lenovo hold is placed onto the account.

Unless your card doesn't have a set limit, similar to my Citi American Express card.

Of course, most people don't have cards that have an unset limit, so it's not likely in this situation.

 

I'm not really concern about my funds running out, it's well within the limit. So if lenovo put a charge on hold on my card right now, I don't have to pay it till it's approved, right? Or am I still confused?

 

JM it sounds as if you're saying using a CREDIT Card puts a hold on your bank account funds.

psmo: if you have the available amount of credit on the line of credit you have on the credit card then you are fine ordering it. Whether it is in this billing cycle or the next statement depends on your credit card and when your cut-offs are. Talk to your credit card issuer/bank to see how your cycles are.

If lenovo puts a hold on some funds in anticipation of charging you, you wont have access to that amount of credit (from your line of credit). It is more like a temporary charge though. Once they approve your order and perhaps then they ship it? then your card will be "actually" charged. And then you will see it posted to your records on your credit card (website...statement, etc). You won't have to pay it until your credit card statement says you have till XXXX date to pay it, which has nothing to do with lenovo and all with your credit card issuer/bank.

 

You're still confused. I'll try to explain it again.

Your account "On Deposit" balance: $2,000.
Your account's "Available" balance: $2,000.

You make your purchase. Say it's $1,300. Lenovo will send the info to your bank, and place the funds on hold.

Your account would then look like this:

Your account "On Deposit" balance: $2,000.
Your account's "Available" balance: $700.

Now, with me, the funds remained on hold until they were officially proceeded, which is the same with most things that place holds on the account.

Basically, you've paid for it and the money is no longer there for you to use elsewhere.

 

No, I'm talking about any form of card-based payment.

 

Well what you are saying is not true in every case. You sound like you're talking about a DEBIT, "bank", or check card. When using a credit card your monies in a bank account (such as a saving, checking, money market, etc) are NOT held. You are issued a monthly statement that you pay off. Now if you are strictly talking about your funds in your LINE of CREDIT for your credit card, then okay; but I don't think you are...

And as a side note, my order for my x200 is still in processing and my Amex has not been charged.

 

Same for me. I placed my order on the morning of the 5th, and my card has still not been charged. I've called Lenovo, and they say there's been no problem with my order.

Let's tone down the arrogance, shall we people?

 

wesmain...for the internet there is hardly any drama in this thread. I think we've discussed the issue of credit card processing and such in a fairly acceptable manner. Nobody is throwing rocks here .

 

I was sticking up for you.
People were explaining in pretty excruciating detail how credit cards are charged, and, apparently, incorrectly.

But I suppose it's late...

 

k, thx for all the help. I just put in an order for the t61.

 

Thanks. I tired to keep it constructive for everyone.

 

I never stated, in any form, that if you purchase by credit card that it places a hold on your banking account.

I stated debit and how it works (purchase, hold on available funds for purchase amount, processing), and credit itself is fairly straight forward (purchase, line of available credit decrease, processing).

In most any card-based purchase, you'll see the amount of your deposit amount available (debit) or available credit decrease (credit). That's what my point was. The reason I went into detail about debit is because I know a lot of people who refer to their debit card as a credit card, because it has a Visa or MasterCard logo on it, hence my mention of it. Probably should have stated the reason for mentioning debit itself, but alas, that is in the past.

My apologies for the misunderstanding.

 

Sorry for the misunderstanding and if we are talking about different things. I am well aware of Credit cards and Debit cards...and Debits and Credits from an accounting perspective .

 

As am I.

I think we were just talking in different terms about the same subject, and simply got a bit confused on both ends.