Recently to fight a high interest rate on a credit card, I applied for multiple credit cards and did some balance transfers. However, I went a little too overboard while doing this! My credit balance on one of my cards appears minus a specific balance.
How does the credit card company go about this? Is there a penalty for excess funds over total balance? And does the credit card company compensate your negative balance by say writing you a check?
Please help -- thanks =)
2006-12-20 06:01:54 · 8 answers · asked by Frank 2 in Business & Finance ➔ Credit
I have NEVER been issued a check for an overpayment on a revolving account unless I also closed it. When I have inadvertently over paid on an account, whether it was for a utility like gas or electric, or a revolving charge like Master-card or Visa, the overpayment just shows up as a negative balance, and is deducted from the next charge. Some accounts will pay you a small amount of interest on such unused balances, usually utilities do this, just as they do with service deposits. If you want the money back, you will probably have to write or call them and ask for it back. More important, remember that if you caused the overpayment in a balance transfer, you now owe even more money to the credit company you transferred the balance to than you needed to, and will be paying interest on that balance, so if the amount is significant, you might want to call the company up and have them revoke the transfer for the un-owed amount. Make sense?
2006-12-20 06:21:20 · answer #1 · answered by inconsolate61 6 · 0⤊ 0⤋
They won't send you a check until you close the account, it will just roll on with the negative balance each month.
If you use the card with the negative balance, it will go positive once you've used up the amount in your favor. Then, you'll owe them a payment, plus any interest if you owe for more than one billing cycle.
2006-12-20 06:10:58 · answer #2 · answered by Jerry J 3 · 0⤊ 0⤋
If you closed the Credit Card, they will issue you a refund. If the Credit card is still open, they will keep the money there, and apply it to your next charge.
2006-12-20 06:10:20 · answer #3 · answered by Spoiled 3 · 1⤊ 0⤋
Typically a negative balance qualifies as an overpayment and they should write you a check for the difference.
2006-12-20 06:04:23 · answer #4 · answered by dougzinboston 4 · 0⤊ 1⤋
It just means that you gave too much money, and they'll probably send you a check or money order. Make sure you stay on top tof that!
2006-12-20 06:08:13 · answer #5 · answered by Sara S 4 · 0⤊ 1⤋
they'll send u a refund
2006-12-20 06:06:01 · answer #6 · answered by Anonymous · 0⤊ 2⤋
Sorry, not sure about this
2016-08-08 22:02:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Well, it depends..
2016-08-23 13:17:32 · answer #8 · answered by ? 4 · 0⤊ 0⤋