People often buy cars, furniture, and major appliances on an installment basis, and repay personal loans in installments, as well.
The Capture Date is the official calendar date on which a transaction was captured (i.e. Usually this will be the date when the credit card was swiped; if it is past a bank’s normal operating hours, the official Capture Date may be the next day.
This Capture Date is important to determine who should be paid and in what order. Just like a cheque, there is a time limit in which the merchant must transfer funds from the customer account to his merchant account.
However, the creditor may report that you are challenging your bill.
In addition, it’s against federal law for creditors to discriminate against credit applicants who exercise their rights in good faith under the FCBA.
The creditor must resolve the dispute within two billing cycles (but not more than 90 days) after getting your letter.
You may withhold payment on the disputed amount (and related charges) during the investigation.When everything works out, the customer will receive his goods or services and the merchant will receive his money.When the merchant is authorized to receive payment for his goods or services, he is given the Capture.Dates are important for record-keeping purposes to identify when funds were transferred from one account to another.The Capture Date is also an essential part of credit card processing.For example, a creditor can’t deny you credit just because you've disputed a bill.