If you overpay on a cc bill or get a credit on a $0 balance, can you spend it?

IAmTheCheapestGamer

IAmTheCheapestGamer

Banned
I'm asking because I forgot that I had used my only credit card and not my debit card to pay for the actual cash portion of my Black Friday purchases at BB. This past week I went into the store to get a $21 adjustment on my HDtv I bought because it had gone down to $299.99(from $319.99 that I paid on BF).

Unfortunately they credited my Sony Rewards card that has a $0 balance currently. The credit is showing up in brackets and I still have my full line of credit available.

My question is: Can you spend the credit that goes over your cc limit without owing a balance during the next statement period or am I out the $21 credit?:cry:
 
When I've returned an item during the next billing cycle, the amount was just applied as a payment on my next bill. Every credit card is different, but I highly doubt that you'll lose your $21. Some companies might keep the funds in your account until you charge $21 or more to the card. Some companies might want to send you a check. You can probably find out by checking the information booklet or website for you particular card.
 
Ahhh. I'll definitely have to check into Capital One's procedures for this, since this is the second time I've had a credit appear like this. The last time was when I first got the card and I returned a $5 clearance game.

The credit seemed to disappear in a month without any kind of notice that time though.:cry:
 
That's what I'm going to do tomorrow during business hours, especially since according to this section of the customer agreement I can get the credit paid out if I send a written request for it within 7 days.

Credit Balances.
We may reject and return to you any payment that creates a
credit balance on your Account. Any credit balance we allow
will not be available until we confirm that your payment has
cleared. We may reduce the amount of any credit balance by
any new amounts billed to your Account. You may contact us
as provided on your Statement and request a refund of any
available credit balance. If you contact us in writing, we will
refund your credit balance within 7 Business Days from our
receipt of your written request.
Click to expand...
 
[quote name='IAmTheCheapestGamer']Ahhh. I'll definitely have to check into Capital One's procedures for this, since this is the second time I've had a credit appear like this. The last time was when I first got the card and I returned a $5 clearance game.

The credit seemed to disappear in a month without any kind of notice that time though.:cry:[/QUOTE]

That's weird. I guess you really have to keep an eye on that stuff. I don't think that they're allowed to just take it. Does your card have an annual fee? Maybe it was applied to that?

Good luck with your call.
 
[quote name='chiwii']That's weird. I guess you really have to keep an eye on that stuff. I don't think that they're allowed to just take it. Does your card have an annual fee? Maybe it was applied to that?

Good luck with your call.[/QUOTE]
No. There's no annual fee with the card I have. They may have simply applied it to a future purchase and I didn't realize it.

But I'll definitely call them tomorrow to see what the situation is. If I can get the credit sent to me as a check, then even better.:D
 
Like they said it's a little different for each card, but the end result should be that the money rolls over to the next month. In the past I've bought things after they printed and sent my statement. When I head to the bank it's already listed in their computer so I zero it out even if it's more than what the statement shows. (I mean I already spent the money so get it over with right?) Then on next month's statement that extra payment shows up one way or another.
 
I got a store card once to help out a friend and git a $5 credit to start it. Never used it and got a check for $5.
 
The credit doesn't just disappear; next month they just reduce your bill by that amount. If you don't use your credit card for a while then the credit will stay until you do. If it were a very large amount you can always have them send you a check, but for $20 it's not worth the effort.
 
You're definitely not out the $21. I had something similar happen to me, same card as yours. I had returned an item and got that amount credited back to my account. I only made one purchase with that card for that billing cycle and got a check for the difference within 10 days of the end of the billing cycle. You won't owe anything as long as you spend $21 at most.

[quote name='IAmTheCheapestGamer']I'm asking because I forgot that I had used my only credit card and not my debit card to pay for the actual cash portion of my Black Friday purchases at BB. This past week I went into the store to get a $21 adjustment on my HDtv I bought because it had gone down to $299.99(from $319.99 that I paid on BF).

Unfortunately they credited my Sony Rewards card that has a $0 balance currently. The credit is showing up in brackets and I still have my full line of credit available.

My question is: Can you spend the credit that goes over your cc limit without owing a balance during the next statement period or am I out the $21 credit?:cry:[/QUOTE]
 
Why dont you just use the card for the amount credit you are getting? Seems much easier than getting a check, waiting for it to arrive, and then driving to the bank to deposit it... I'd just use that credit the next time you filled up your tank...

You are not going to lose your $21... Ive overpaid a couple times on my cards accidentally
 
You must log in or register to reply here.
bread's done
Back
Top