# Card Transactions Settlement Cut-off Time
The settlement cut-off for card transactions is **20:00 UTC**. Card transactions completed before 20:00 UTC are included on that day's settlement. Card transactions completed after 20:00 UTC are included on the next day's settlement.
Note that in the live environment, Circle typically processes settlement for all card transactions **3 to 4 business days** after the transaction was completed. At that point, a lump sum containing the proceeds from all applicable card transactions is tokenized into [USDC](🔗) and credited to your Circle [wallet](🔗).
# Card Refund Times
It typically takes **5 to 10 business days** for a refunded card payment to appear as a credit on the card holder's account. Please note that Circle initiate these transactions immediately, but when exactly they are credited depends on the card networks and issuing banks.