Is It Easy to Get Approved by Samsung Financing

July 29, 2022 Post a Comment

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.

08-19-2021 05:27 AM
I had the exact same scenario but my hold was only for three days…So you might wanna double check your availability

08-19-2021 06:23 AM
Thanks, I told the lady I bet hold wont last 15 days.

Originally Posted by shook187

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

08-19-2021 09:47 AM
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.

08-19-2021 09:56 AM
Originally Posted by 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.

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.

08-19-2021 10:37 AM
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.

08-19-2021 11:14 AM
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.

08-19-2021 12:49 PM
Duplicate threads merged.

08-19-2021 12:50 PM
Originally Posted by 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.

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.

08-19-2021 12:54 PM
My guess is holds like this occur because of the sheer amount of fraud in this world, but honestly I don't know.

08-19-2021 03:52 PM
Originally Posted by L0n3N1nja

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.

08-19-2021 05:07 PM
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.

08-20-2021 08:53 AM
Originally Posted by 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.

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

08-20-2021 07:02 PM
Originally Posted by Mike Dee

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.

08-20-2021 07:10 PM
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.

08-20-2021 07:31 PM
how does this affect your credit score?

08-20-2021 07:32 PM
Originally Posted by stackberry369

how does this affect your credit score?

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

08-20-2021 10:17 PM
Originally Posted by Mike Dee

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.

08-22-2021 09:27 AM
Originally Posted by 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.

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

08-22-2021 07:55 PM
Well small update TODAY is the 15th day Samsung still holding 1076 dollars.Oh maybe they will release it soon.

08-29-2021 11:00 AM
Originally Posted by trido#AC

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

Being a Sunday, it may take a bit longer. Those holds often base their day count on working days, not including weekends and holidays.

08-29-2021 03:07 PM
I now can end this story ,today received funds back ,took from aug 15 th.I just couldnt wait and went with ATT and got the Fold 3.

the end

[/S]

Originally Posted by trido#AC

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

09-02-2021 05:20 AM
Yeah banks do that stuff unfortunately.

I used affirm for my purchases on Samsungs site and I haven't had a scenario like this, but wondering if that would've worked better

01-14-2022 09:32 AM
Samsung financing has been doing strange things in the past few months. I used to be able to order whatever I wanted, but suddenly a few months ago, it stopped letting me and just keeps giving me the same message after I order something. "Update your order. Sorry but your order has been cancelled due to the limit of how many transactions," or something along those lines.

I called Samsung, they looked into it and their answer was pretty much nothing they can do. So in other words, I have a useless line of credit now that I can't use. They advised me to use another payment method... But uh... that's kind of the point of a financing account isn't it?

I'd like to possibly get a Note 20 Ultra from Samsung since I can get one through financing around 560 dollars, but since this stupid glitch always happens, doesn't look like that will be happening.

01-17-2022 12:36 PM
I know this thread is a few months old. But I've been using Samsung financing for a while, and after the past week, I'll be closing my account asap.

I wanted to preorder the new s22 ultra, so I made a $1000 payment on my Samsung finance account to bring my availabile credit up. It's been over a week now since that payment. It's "posted" but still pending and my availabile credit has not changed. So I can't preorder yet. I called TD bank, the phone number provided under my account settings, and talked to 2 different people. Both of them were clearly working from home, both with screaming children in the background and the first one had her doorbell ring. Which is all fine and dandy except for the fact they're handling personal information such as home address, soc. sec. #, full name, etc. Anyone could be watching over them, kids, friends, etc. So I'm done with that mess. Oh and she told me 5 days, it's been well over a week and at least 6 business days.

02-17-2022 07:33 PM