Be carefull using Samsung Financing

[trido#AC]

My short story,I ordered Flip 3 256 g.I decided to cancel it a few days later and ordered Flip 3 128, as I wanted to use the 50 off deal toward watch instead of more mem.

So I cancelled 256 and placed a new order for the 128 no issues.

However last nite my son and I were at BB then Costco looking at Samsung Tablets.

He said just order the FOLD 3 thats what you want.
I said great lets see if we still get one by Aug 27th, yes looks like we can.

Samsung Financing ISSUE.
I didnt know this till I called TD bank as when I tried to order the FOLD 3 I did not have enough credit left to order it.

Ok so what happens and maybe I am the ONLY one that did not know this.

The very very nice lady I talked to after telling her all this she said your not going to like my answer and I have been getting many many calls like yours.

The answer is SAMSUNG has a 15 day HOLD on the funds...
WOW I had no idea so she said it be 15 days from when I cancelled the 256 model.

So be carefull changing orders or be sure your credit limit is high enough to cover any issues.

 

[shook187]

I had the exact same scenario but my hold was only for three days…So you might wanna double check your availability

 

[trido#AC]

Thanks, I told the lady I bet hold wont last 15 days.

I had the exact same scenario but my hold was only for three days…So you might wanna double check your availability

 

[Mooncatt]

This is fairly standard practice in the banking world. Don't ask why, because I don't know, but it's usually related to pre-authorization charges (you usually see hold notices on gas station pumps when paying at the pump.

 

[Mike Dee]

My short story,I ordered Flip 3 256 g.I decided to cancel it a few days later and ordered Flip 3 128, as I wanted to use the 50 off deal toward watch instead of more mem.

So I cancelled 256 and placed a new order for the 128 no issues.

However last nite my son and I were at BB then Costco looking at Samsung Tablets.

He said just order the FOLD 3 thats what you want.
I said great lets see if we still get one by Aug 27th, yes looks like we can.

Samsung Financing ISSUE.
I didnt know this till I called TD bank as when I tried to order the FOLD 3 I did not have enough credit left to order it.

Ok so what happens and maybe I am the ONLY one that did not know this.

The very very nice lady I talked to after telling her all this she said your not going to like my answer and I have been getting many many calls like yours.

The answer is SAMSUNG has a 15 day HOLD on the funds...
WOW I had no idea so she said it be 15 days from when I cancelled the 256 model.

So be carefull changing orders or be sure your credit limit is high enough to cover any issues.

I don't know that you were given correct information about the duration of the hold. The charge hold on my account is already off from last week. Unless they treat cancellations differently, it comes off about 7 days from when you order and is recharged once shipped.

 

[trido#AC]

Well hope it was wrong again this was a person with TD BANK.Think its been 4 days on my hold so far so we shall see.

 

[SpookDroid]

It helps to read the fine print on how most credit lines work. Yes, canceling an order doesn't immediately release the credit amount in most cases (or refunds to another type of payment). Sure, most cases will be refunded/resolved in 48h but each credit line has different terms. You can also always call Samsung directly and they could have helped you change your order on their system.

 

[B. Diddy]

Duplicate threads merged.

 

[Mike Dee]

It helps to read the fine print on how most credit lines work. Yes, canceling an order doesn't immediately release the credit amount in most cases (or refunds to another type of payment). Sure, most cases will be refunded/resolved in 48h but each credit line has different terms. You can also always call Samsung directly and they could have helped you change your order on their system.

I think is different and not tied to cancellation. Samsung places a temporary hold when you order which goes away in about a week and then they recharge your credit card upon shipping.

 

[L0n3N1nja]

My guess is holds like this occur because of the sheer amount of fraud in this world, but honestly I don't know.

 

[Mike Dee]

My guess is holds like this occur because of the sheer amount of fraud in this world, but honestly I don't know.

It's just a standard thing to make sure you have enough credit to make the purchase.

 

[trido#AC]

So I decided to chat with Samsung maybe this IS the real answer? Hope so still like to order fold 3 for next friday but dates are slipping some.

When you place an order with Samsung Financing and you cancelled it, it can take up to 3-7 business days in release the hold. If you need further assistance you can contact the Samsung Financing, let me help you with the contact details.

 

[Mike Dee]

So I decided to chat with Samsung maybe this IS the real answer? Hope so still like to order fold 3 for next friday but dates are slipping some.

When you place an order with Samsung Financing and you cancelled it, it can take up to 3-7 business days in release the hold. If you need further assistance you can contact the Samsung Financing, let me help you with the contact details.

The part I don't understand is if you use Samsung Financing, why do they need to put a hold on your credit card.

 

[mogelijk]

The part I don't understand is if you use Samsung Financing, why do they need to put a hold on your credit card.

They authorize you for a Samsung line of credit, not just for the phone, with a specific credit limit. From what I can tell, the idea is that if they authorize you for $2000 and you buy the phone, they hope you will use the rest of the credit for more "accessories," such as a tablet and watch; or other Samsung products like a refrigirator, washer/dryer, or TV.

 

[trido#AC]

right its a line of credit not a visa or master card. so with me ordering one phone and then cancel that order. they hold that money to be used for the 3-7 days i was told. Before that amount is available again.

 

[stackberry369]

how does this affect your credit score?

 

[Mike Dee]

how does this affect your credit score?

Assuming they already performed a credit check, the same as any other "Hard Inquiry" would.

 

[rutt88]

Assuming they already performed a credit check, the same as any other "Hard Inquiry" would.

Aw nuts, my credit is currently frozen. I'm betting if Samsung does a hard inquiry, that's probably why I was denied the financing. Otherwise there would be no reason why I would be denied.

 

[Mike Dee]

right its a line of credit not a visa or master card. so with me ordering one phone and then cancel that order. they hold that money to be used for the 3-7 days i was told. Before that amount is available again.

I misunderstood....thought you meant they put a hold on your credit card while applying for Samsung financing.

 

[trido#AC]

Well small update TODAY is the 15th day Samsung still holding 1076 dollars.Oh maybe they will release it soon.