Credit card refunds

Alphya

Hello all, I'm new here.

I made a purchase on my credit card recently, and then changed my
mind on the transaction the following day. I got in touch with the company I made the purchase from, and cancelled. It took them several weeks to issue a refund to me, which has not yet gone through on my credit card.
During that time, I have had my statement, with the balance on my credit card to be paid in full on March 12th. I'm hoping the refund will have gone back onto my card by then, but if it hasn't, and I pay the balance in full, when the refund DOES eventually go through, will the refund be paid into the bank account I used to pay my credit card bill?

Very confused about this.

jonathon

the refund should go back on to the credit card

Alphya

Thank you for replying. Would that be even though my balance will be paid in full?

My limit is £500, and the balance to be paid is £240. If I pay that off, and then my refund comes through, will my credit limit then be £740?

babyfruitella

Alphya wrote: »

Thank you for replying. Would that be even though my balance will be paid in full?

My limit is £500, and the balance to be paid is £240. If I pay that off, and then my refund comes through, will my credit limit then be £740?

No, your credit limit will still be £500, but you'll have a balance of -£240.

Alphya

Thank you. Do you know how I would be able to get that money off my credit card and into my bank account? I think I read somewhere that I can ask my CC company to send me a cheque, is that correct?

p00hsticks

if you phone up your card company once you have the positive balance they should be able to transfer it into your bank account for you - you may have to go through some security hoops though...

lisyloo

You have two choices.
Call them and ask them to send you the money. Some comapnies use BACS and will xfer in a few days (AMEX). Other companies may want to send a cheque and this could take a few weeks.
An alternative is simply to purchase food and petrol of the card and spend it. IN some cases you may spend it before you would get your money back anyway.

mluton

Have you got any CC cheques ? Just write yourself a cheque.

ironlady2022

mluton wrote: »

Have you got any CC cheques ? Just write yourself a cheque.

This is completely wrong! Credit card cheques are slowly being phased out anyway and if OP did use a cheque to pay himself, this is classed as a CASH ADVANCE and will cost the OP money. Best thing, when refund is on, ring up and have it transferred.

lisyloo

and if OP did use a cheque to pay himself, this is classed as a CASH ADVANCE and will cost the OP money

Does it cost you money if you are in credit?
There should be no interest charge.
They are not advancing you money if it's yours.

For a relatively small amount, I'd just spend it.

ironlady2022

I believe it's still a cash advance as you are using the cheque.