What happens when I pay off a credit card before a returned purchase has been credited back?
Luke T asked:
I bought a jacket last month with a credit card, immediately paid off the balance, as I always do, but have now decided to return the jacket for a refund. How will this be handled by the credit card, as my balance currently sits at $0? Will the credit just sit there on the credit card account until I charge up to that amount? Would I be able to have that amount transferred back to my bank account? Thanks.
Peter
I bought a jacket last month with a credit card, immediately paid off the balance, as I always do, but have now decided to return the jacket for a refund. How will this be handled by the credit card, as my balance currently sits at $0? Will the credit just sit there on the credit card account until I charge up to that amount? Would I be able to have that amount transferred back to my bank account? Thanks.
Peter
Tags: Account Thanks, Credit Card Account, Sit
August 26th, 2010 at 9:48 am
your credit cards issuing bank will credit it to your credit card. you can either purchase with the card until the amount is consumed or wait (usually 30 days) and your issuing bank will send you a check. unfortunately all the interest they would have charged you for a charge is not given to you in an over payment situation. credit card companies are snakes.
August 28th, 2010 at 8:15 pm
Nothing happens. Your account will be credited and have a positive balance until you “use it up.”