I just cancelled my American Express card with a credit balance. How long do they have to send me my balance?

Question

Someone said that after 30 days a credit card company has to send your overpayment to you or start paying YOU interest at the same rate they were last charging you. True?

Answer 1

Man I wish people would take the time to check their facts before answering questions. We really need a way to rate those who answer.

That way people don't waste their time on bad information given by lazy idiots.



7 business days per the Federal Trade Commissions website linked below:

Refunds of Credit Balances.
When you return merchandise or pay more than you owe, you have the option of keeping the credit balance on your account or requesting a refund (if the amount exceeds $1.00). To obtain a refund, write the card issuer. The card issuer must send you the refund within seven business days of receiving your request. (Also, if a credit balance remains on your account for more than six months, the card issuer must make a good faith effort to refund the credit balance.)

Where To Go For Help
The following federal agencies are responsible for enforcing federal laws that govern credit card transactions. Questions concerning a particular card issuer should be directed to the enforcement agency responsible for that issuer.

State Member Banks of the Reserve System
Consumer and Community Affairs
Board of Governors of the Federal Reserve System
20th & C Sts., N.W.
Washington, D.C. 20551


National Banks
Comptroller of the Currency
Compliance Management
Mail Stop 7-5
Washington, D.C. 20219


Federal Credit Unions
National Credit Union Administration
1776 G St., N.W.
Washington, D.C. 20456


Non-Member Federally Insured Banks
Office of Consumer Programs
Federal Deposit Insurance Corporation
550 Seventeenth St., N.W.
Washington, D.C. 20429


Federally Insured Savings and Loans, and Federally Chartered State Banks
Consumer Affairs Program
Office of Thrift Supervision
1700 G St., N.W.
Washington, D.C. 20552


Other Credit Card Issuers
(includes retail/gasoline companies)
Division of Credit Practices
Bureau of Consumer Protection
Federal Trade Commission
Washington, D.C. 20580

Answer 2

They will send it out with your next statement cycle . Once an account is terminated we wait 30-45 days and then send a check out to complete the termination . We do not pay interest however .

Answer 3

call the customer service dept. i'm not sure of their policies but in hsbc, they usually send you a check after 3 months if you never requestd to have it back. if you initiated the credit balance refund, then it may take 14 business days. i still suggest you call them. :)

Answer 4

on your next monthly bill you will see a credit

Answer 5

Nobody knows. You're the first person that ever did that.

Answer 6

As long as its finish

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