Say for example I have $1000 credit limit. And I have spent $600 of it. Can I pay them back $700 so that I can have an extra $100 to spend on the card? Or will they send me back the $100?
2007-08-29 14:03:11 · 11 answers · asked by rh2006 2 in Business & Finance ➔ Credit
Because you have $1000 credit line, doesn't mean if you paid more than you owed, the credit line will increase.
You'll have a credit of $100 on your account. That's all you have but your credit line is still $1000. They don't send back $100 automatically unless you ask for it. Otherwise, the credit balance will stay on the account.
Credit card companies have million customers. They don't go into each one of the account and send the money back. If you leave there too long and forget about it, the money will become the state's property.
2007-08-29 15:19:16 · answer #1 · answered by Phoenix 3 · 0⤊ 0⤋
The vast majority of credit card companies will hold on to the funds. Check the credit card agreement and that will tell you the time frame, or just phone them and see what they say. 99% of the time they will not send the credit back for a least 1 billing cycle to avoid the extra cost when most people do use that credit balance.
Below is the website for the Federal Trade Commission that gives you more information under the consumer protection tab.
Hope it helps
2007-08-29 21:26:20 · answer #2 · answered by Etta P 4 · 0⤊ 0⤋
Normally, the excess will be returned in a form of a check. A credit card strictly operates on the designated credit limit. You will not be able to use the excess balance if that's your reason for paying over what is due. Better stay with what's required to pay. If you pay dutifully and on time, chances are, your limit will increase and you can spend more, plus your credit score will be positively affected as well.
2007-08-29 21:31:35 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Yes , you can always overpay .
They would like that .
Free $$$$ that they don't pay you any interest on !
Your account will just show the credit , they do not send the $$$$ back , why would they if someone is goofy enough to send more than the balance ?
Why give them % free $$$$ ?
Just pay the full amount and leave the excess in your checking that should have some % earning on it .
>
2007-08-29 22:03:19 · answer #4 · answered by kate 7 · 0⤊ 0⤋
Not really a good idea.
I have had a card with a negative balance. And, when I used it the next month, it was essentially like having a higher limit (the negative balance/credit offset part of the purchases for the upcoming month.)
But, be aware that that does not count as a payment for the upcoming month. Nor will it reduce your minimum payment (unless you spend less then the negative balance.)
Overall, you gain nothing but access to your $100. Really not a good idea.
2007-08-29 21:16:33 · answer #5 · answered by cbmttek 5 · 0⤊ 0⤋
Some banks will send you back the extra $100, and some online systems won't let you pay additional over the balance.
2007-08-29 21:06:56 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
why not put the extra money in a saving account and earn interest on it instead of giving to the credit card to hold on to for nothing
2007-08-29 21:47:31 · answer #7 · answered by Jessica t 2 · 1⤊ 0⤋
Why in the world would you want to do that???? CASH IS KING! Invest the $100 in a no-load mutual fund.
2007-08-29 22:48:30 · answer #8 · answered by Falling Domino's 2 · 0⤊ 0⤋
Just payoff your balance. Put the rest in savings.
2007-08-29 21:51:44 · answer #9 · answered by Laura Z 4 · 0⤊ 0⤋
they will send it back to you. you should call them and ask for a credit line increase and see what they say. all they can say is no. it don't hurt to try. good luck.
2007-08-29 21:11:47 · answer #10 · answered by Jessica 3 · 0⤊ 1⤋