Credit card declines are a frequent issue and can stem from a variety of reasons. Sometimes, your card might work with one merchant but not with another.
Here’s a checklist of steps to take:
Verify Credit Card Details Ensure that your card number, CVV code, and expiry date are entered correctly. Even minor errors can lead to transaction failures, so double-check all information.
Ensure Account Name Alignment Make sure that the name on your credit card matches the name on your trading account. Deposits should come from a card with the same name as the trading account to prevent issues.
Check Your Credit Limit Verify if you have reached or exceeded your credit limit. Maxing out your card may block further transactions. Review your limit and consider paying off some of your balance to free up credit.
Review Payment History Confirm that your credit card payments are current. Overdue payments can result in holds by the provider, affecting your ability to make new transactions.
Verify Card Status Ensure your card has not expired or been deactivated. Check its expiry date and confirm its status with your provider.
Note Third-Party Fees Be aware that while Tag Markets covers certain transaction fees, banks or payment providers may impose additional charges. You are responsible for any fees from third parties.
Follow Card Verification Processes Some issuers may require additional verification steps like two-factor authentication. Make sure you comply with any verification requests for successful transactions.
Verify Funds Availability Deposits usually reflect quickly, but it might take up to 2 hours for funds to appear in your trading account. Allow for this delay, especially between credit transactions.
Check Card Type Compatibility Ensure you are using a VISA or MasterCard, as these are the accepted types for deposits. Other card types may fail to process transactions.
Verify Country of Issuance If your card is issued in a different country from where your account is registered, additional documentation might be required during withdrawals. Have necessary documents like card or bank statements ready.
Contact Your Card Provider If the problem persists, reach out to your card provider. Discuss the following points:
Transaction Amount Limits: Ask about daily transaction limits. Large deposits might trigger security blocks.
Merchant Holds: Recent activities such as renting a car or checking into a hotel can place temporary holds on your card.
International Transaction Restrictions: Ensure that international transactions are enabled on your card, as these may be blocked for security reasons if not pre-authorized.
Merchant Classification: Some cards might block transactions with certain merchants if they are deemed risky or related to specific industries, like forex brokers.