My experience was similar to yours. I have had this card less than a year and pay the balance in full every month. I have been using it for nearly all of my purchases, monthly payments, etc., so the end-of-month balance can be fairly high. I made my last payment online, from my bank account, on June 22, and it posted on the 24th. The money left my bank on the 24th. Therefore I was surprised to find today that my available balance on the PP card did not take this payment into account. When I called, I was informed that the amount of my payment had exceeded a number "the system" had determined as my maximum. Furthermore, this maximum can change from month to month, apparently depending on my typical pattern of expenditures and payments--so I don't know whether this maximum will apply next month. This is done for "security purposes," though whose security is being protected was not explained. The person I spoke with assured me that PP has my money but that because I had gone over the maximum payment my available credit would not reflect my payment until July 9. They stated that this is done because of a federal rule (which I seriously doubt), also that I was informed that it could take up to 21 days to adjust my available credit (I can find no such information in boilerplate received from PP). I found the entire explanation weird and incredible and tried to get the person I was speaking with to agree that it was "bizarre"--the closest he came was, "I can see how you might think that." As for the justification for this practice, I think you've hit the nail on the head. PP is actively trying to discourage customers from paying their bill in full, so that they can collect their usurious interest. I appreciate the solution someone else posted here, but I've put enough time and effort into this today to give it a try.
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