Pre-authorization means that the special merchant obtains the payment commitment of the card issuer in advance according to the expected payment amount of the cardholder, and completes/confirms the payment settlement of the transaction through pre-authorization according to the transaction amount of the goods or services actually obtained by the cardholder. Pre-authorization to complete/confirm the transaction can be done online, offline or manually without verifying the card password.
China Industrial and Commercial Bank Credit Card Pre-authorization Application and Related Provisions
When you spend money in hotels, restaurants, car rental companies and other merchants, the consumption and checkout of merchants cannot be completed at the same time. Merchants choose to use the pre-authorization transaction, request authorization from the card issuer, and collect money from the cardholder according to the settlement amount (that is, pre-authorization confirmation) at the time of checkout.
After the merchant requests authorization, your credit card account will freeze the credit limit or account funds within the authorized limit. The pre-authorization is valid for 30 days, counting from the trading day (if there is any increase, the additional trading day shall prevail). In case of payment or cancellation of authorized consumption by other means at the time of settlement, the merchants shall be required to cancel the pre-authorized consumption simultaneously. After the pre-authorization expires or the pre-authorization cancellation transaction is completed, the original pre-authorization credit line or account funds will be automatically cancelled.
If you fail to settle the account in person for some reason, the merchant will automatically deduct your transaction payment through the card issuer within the validity period of pre-authorization and within the range of pre-authorization amount 1 15% according to your consumption records or documents.
When pre-authorized consumption is settled, the original pre-authorized consumption settlement will be automatically cancelled.