Capital one refund question

londonboi1985

Hi there

hope your all well and good,

quick questions.

Yesterday i cancelled my holiday with virgin holidays in august as i need house repairs done. Virgin were very kind and refunded me my full £852 no problem today i heard from them that the refund was processed there end. I checked my bank accounts thinking that is where the moeny will go through to as thats the card i used most to pay installments etc. I used my credit card once back in march to make a small change to the booking.

I asked virgin what card it was going to the lady gave me the last 4 digits and i noticed that was my credit card.

my question is this

how long do capital one take to process a refund once it has gone through from a company ie virgn processed it today so how long will capital one take to put the funds available to me on my account.

Also i will need to transfer some money over to my bank account etc as i assumed virgin would have transferred the money to my bank account. as that is the card used most when making payments.
if i do a balance transfer from my capital one cc to my bank account what would capital one charge me

sorry for all the questions in advance and thank you for the replies you post

InsideInsurance

It normally takes up to a week for a refund to show, it can be quicker though.

Assuming the refund puts your account into credit then phoning Cap1 and they'll return the positive balance to your bank account and this would be done free of charge.

If you had a balance of £300 and the £800 refund comes in then that would put you £500 in credit and that £500 can be returned to you FOC. If you want the full £800 or your balance was over £800 before the transfer then they may just charge you 3% or they may tell you it has to be a cash advance in which case a fee up front and terrible interest rates.

londonboi1985

see i should have paid my interested in maths as school lol

ok it is only a credit card i have for emergencys

my credit limit is £1900 on the card

my current balance is £141 available
so with this 850 going in that would take my available balance up to £991 available

so would the charge me to transfer the 850 back to my bank account like i wanted Virgin to do i nthe first place

InsideInsurance

londonboi1985 wrote: »

see i should have paid my interested in maths as school lol

ok it is only a credit card i have for emergencys

my credit limit is £1900 on the card

my current balance is £141 available
so with this 850 going in that would take my available balance up to £991 available

so would the charge me to transfer the 850 back to my bank account like i wanted Virgin to do i nthe first place

Ultimately speak to Cap1 and they will advise. Normally a card company wont return refunds to you when you are still in debt to them and effectively it becomes an additional payment thus to extract money from the card follows the normal rules (ie BT with a fee or cash advance)

A card with 94% balance used up sounds like a worrying "for emergency only card"

Futuristic

Refund should take 2-3 days usually but as above can take longer. Several factors affect the time from your virgin merchant to capital one.

The refund I think would be used to cover the balance so a refund to your bank account is highly unlikely.

If you have online access, then it's worth a shot just submitting a secure message to clarify or simply call.

londonboi1985

my car had brake problems that needed fixed as soon as possible as i use the car to get to and from work so had to whack it on the card as its all tha tcould cover it at the time.

i dont understand this part of your reply


Normally a card company wont return refunds to you when you are still in debt to them and effectively it becomes an additional payment thus to extract money from the card follows the normal rules

how am i in debt to the company if i have a available funds to them?? and always make the minimum payment plus extra each month to them

bengal-stripe

londonboi1985 wrote: »

how am i in debt to the company if i have a available funds to them?? and always make the minimum payment plus extra each month to them

If you have a balance on your credit card, that is the amount of money you owe the bank. It is not your money, the bank has lent you this amount. If you pay your minimum (or more) and stay within your limit, the CC will not demand immediate repayment.

But one day, you will have to pay it all back to bring the balance to £ 0.00 and close the account.

londonboi1985

yes i understand that hence why i am paying it off monthly

my question is though really how long it would take to have the virgin refunded to the CC lol