Large refund going on credit card - can I have the money?

pinkteapot

I'm getting a refund for £3,100, for something purchased on Amex. The refund will go on my card.

Given the sum involved, anyone know if you can 'withdraw' a positive balance from a credit card without incurring charges?

I spend around £500 on my Amex monthly, so if not I won't have to pay the bill for about six months! It would be nice to be able to put the money in savings and earn interest, but at least rates are low at the moment if I can't get at the funds...

exel1966

Withdraw as cash and you'll incur fees, spend in day to day use and you won't have S75 protection as it's your money. Therefore call them and ask for a cheque/BACS transfer.

fracturedsun

I think they will send you a cheque or transfer the credit balance if you ring them. Withdrawing it from an ATM will incur high charges so I wouldn't go down that route.

Definitely preferable to get the credit balance removed though as, credit balances aren't protected by insurance, so if your card is stolen you may end up losing the money.

McKneff

Presumably you have already paid for the item you bought via Amex.and now youre getting a refund

Is that correct.

pinkteapot

McKneff - that is correct. It was a purchase which has been cancelled and will be refunded by the supplier.

I wasn't planning on cash withdrawals due to the charges. I'll speak to Amex about getting a cheque/BACS payment once it's posted on my account.

I didn't know that spending from a credit balance wouldn't receive S75 protection! I'll bear that in mind each year when I get my Amex cashback credit and spend it...

InsideInsurance

Amex will refund it without charge

Is it a charge card or credit card you have with Amex? Charge cards dont get section 75 protection anyway

McKneff

Be careful that the charge and the refund are on the same statement or the SWHTF

If you get a statement with only the debit on it, you will have to actually pay it, then get it back the following month or you will be hit with a missed payment charge, dont know whether you realise that

pinkteapot

It's ok McKneff - the purchase was a few months ago so the relevant Amex bill was paid some time ago.

I have an Amex Platinum Credit Card (not a charge card, so far as I know).

ChopperST

Same thing happened with me with AMEX when I cancelled my car insurance. We'd paid the years premium and the balance was refunded to the card. The negative balance will come off your statement balance at that point in time with the rest showing as a credit. Phone call to AMEX and the positive balance was refunded to our bank within 5 working days.

lisyloo

In the past I have sent them a secure message and they have sent me a BACS payment. Obviously you can call them also.