close out credit card by £13 refund due

Emily_Joy

seatbeltnoob wrote: »

there's been about £800 paid already this month. Stopped short of the £13 as I am expecting a refund. Should not get any late fees or penalties.

I do want to mitigate the interest though

It was a misunderstanding on my part then. I thought you are expecting a statement showing £13 due closer to the end of March and assumed the last statement balance was paid in full.

Am I correct thinking that your last statement was showing balance of £X and you paid £(X - 13)?

In this case it is better to pay £13, if there is any debit balance in the end you can get it refunded by calling Customer Service - but don't attempt to withdraw it - that will count as a cash advance. The refund won't take more than 3 business days to process.

molerat

seatbeltnoob wrote: »

there's been about £800 paid already this month. Stopped short of the £13 as I am expecting a refund. Should not get any late fees or penalties.

I do want to mitigate the interest though

By not paying that £13 you will pay interest on everything you have purchased since the previous statement, depending on your card that £13 refund may not count as a payment. You are making life hard for yourself. Pay the £13 now then spend £13 once you get the refund.

J_B

seatbeltnoob wrote: »

there's no real rush to get the account closed. Just my personal preference really.

In that case, why not take a chill pill wait till the refund has appeared, spend more than the refund, pay off in full.

Job's done.

Ben8282

If you want to close this account, you should really stop using it and start using the card that you will be using in future when this account is closed..
Stop using the card, wait for a nil statement, ensure that nothing further is pending (purchase or refund) then close it.
Anything else can lead to unnecessary complications.

chattychappy

Ben8282 wrote: »

If you want to close this account, you should really stop using it and start using the card that you will be using in future when this account is closed..
Stop using the card, wait for a nil statement, ensure that nothing further is pending (purchase or refund) then close it.
Anything else can lead to unnecessary complications.

Normally, yes. But in this case a final "nil statement" will never come if the OP pays the £13 - eventually the refund will leave the account £13 in credit. If the OP does not pay the £13, there could be interest and potentially late payment fees (if another statement cycle starts).

I do think the simplest way is to pay the £13. When the refund goes through, make a single purchase of at least £13, get the statement showing the difference, then pay off that. Then we're zero.

Emily_Joy

chattychappy wrote: »

I do think the simplest way is to pay the £13. When the refund goes through, make a single purchase of at least £13, get the statement showing the difference, then pay off that. Then we're zero.

What's wrong with getting a refund rather than looking for something to spend £13 on?

PixelPound

Emily_Joy wrote: »

What's wrong with getting a refund rather than looking for something to spend £13 on?

It depends how they issue refunds. If a DD has been set up they may do a bank transfer. Will they do the same or send a cheque?

Emily_Joy

nic_c wrote: »

It depends how they issue refunds. If a DD has been set up they may do a bank transfer. Will they do the same or send a cheque?

In my experience a DD was set up and the refund was issued via a bank transfer.

chattychappy

Emily_Joy wrote: »

What's wrong with getting a refund rather than looking for something to spend £13 on?

Nothing. But the latter is easier. You don't need to "look for" something costing £13. Just put your normal spend through until you have spent at least £13. Then pay off (any) small balance on the next statement.

Personally I'd find that easier than dealing with call centres and potentially waiting for a cheque in the post which I have to go to a bank to pay in. Granted refund by bank transfer would be easier if they do that way.

seatbeltnoob

Thanks for the advice. I have decided to just pay the amount and bring it up to £0. I am expecting some trailing interest to occur on new statement so it doesn't make sense to try to get the balance to perfectly hit 0 after the refund.

I'll just spend the money and bring it back to 0 after receiving the refund and then close the account after April statement.