MultiversX Tracker is Live!

How Binance Card deals with hold/reserved amounts vs. other cards

Binance

Cryptocoins Exchanges / Binance 227 Views

I use my Binance Card now for months as my daily card.

I'm just really fed up now how Binance handles hold / reserved amounts with their debitcard.

I'm no expert, but i always understood that debit and creditcards works like this:
- Merchant makes a hold / reservation for the order amount for 30 days when placing an order.

A few days later then:
- The amount is actually charged (e.g. if the merchant has shipped the order). With Binance card it moves to "Completed" status

OR if something went wrong during the initial order placement, e.g. a glitch in 3DS, then after a few days:

- The held amount / reservation is lifted. My other normal creditcards then strike it and bump up my credit with that amount.
With my other debitcards this means the reserved amount is returned after a few days.

With Binance Card the "lifting" part does never work. The couple of times it happened with my Binance Card, the transaction stays in "Paid" status for 30 days. After those 30 days i have to manually log a ticket and ask for a refund. Those are then granted by their support staff and refund is coming back after a week or so. The support staff tells me it can only happen after 30 days. But why do other debitcards not have this problem?

I love the cashback perks, but this is extremely annoying and making me refrain from using the card for larger amounts.

Anyone have the same experience?

submitted by /u/bitvor
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments