Why Was My Gift Card Purchase Declined and What Happens to the Reserved Funds?
When a gift card purchase is declined, it can be concerning and confusing. This article explains the common reasons behind declined transactions and provides clarity on what happens to the reserved funds.
Common Reasons for Declined Transactions
A gift card purchase might be declined due to the following reasons:
Bank Security Measures: Your bank may block the transaction as part of their security protocols.
Insufficient Funds: Ensure that your account has sufficient balance to complete the purchase.
Card Verification Issues: Errors during the card verification process can result in the transaction being declined.
Temporary Technical Issues: These may occur with either the payment platform or your bank's system.
What Happens to Reserved Funds?
If your transaction is declined, the payment is not captured by CoinGate Gift Cards. Instead, the funds are reserved by your bank. Here's what happens next:
The reserved funds are automatically released back into your account.
You might not see a separate entry for "refund" in your transaction history. Instead, the reserved amount simply becomes available again.
The timeframe for the funds to become available may vary. Typically, it can take up to 7 business days.
Tips for Resolving Declined Transactions
To successfully complete your gift card purchase, follow these steps:
Double-check Card Details: Ensure that all entered card details (number, CVV, expiration date) are correct.
Verify Online Transaction Permissions: Make sure your card is authorized for online payments.
Contact Your Bank: If the issue persists, check with your bank to see if they are blocking the transaction.
Use a Different Payment Method: If all else fails, consider another payment method.
Following these steps should help you resolve the issue and complete your purchase.
Feel free to reach out to our support team for further assistance if needed.