Credit Card Overpayment

swarden13510

This may be a silly question but i’ve looked everywhere and can’t find an answer. I used my credit card a few months ago on an eBay transaction and recently paid off the card (the account remains open). The eBay transaction was cancelled and the refund issued to the card. Now i can see the card has a positive balance. My question is- can I get this refunded to my bank account? Or will I just need to use the card to use up the “extra credit”?

[Deleted User]

Either normally.

Give them a call.

daveyjp

Depends on T&Cs, but probably either in the short term.

If you still use the card spend the credit, if not request a refund.

Ebe_Scrooge

As above. Strictly speaking it's against the T&Cs to hold a positive balance on a credit card, and some companies may insist on refunding it immediately, either to a nominated bank account or via a cheque.

In practice, assuming it's not a huge amount and it's not hanging around for months, in my experience most companies aren't overly worried. If you use the card regularly anyway then just let the credit get eaten up by your normal spending, that's the simplest way. But if you would prefer a refund, then just give them a call and they'll be more than happy to issue a refund.

30andcounting

I have a sort of similar question. I have a marks and spencers card which I clear each month in full.

My balance this month was £1,800 for arguments sake, statement date 25th March. Last week I made a payment of £1,500 and have received a refund of £300 on something I've returned. Effectively the balance has cleared through the payment and refund. Will I get charged interest? Payment was due in full by next week, and a combination of both my payment and a refund has cleared it in full. Thanks

chattychappy

Ebe_Scrooge wrote: »

As above. Strictly speaking it's against the T&Cs to hold a positive balance on a credit card,

T&Cs vary, but typically prohibit the cardholder sending money to create a positive balance, rather than a positive balance arising by refund/cashback etc. But if a positive balance has arisen, then they shouldn't allow the situation to persist and as you say, could insist on refunding. In my experience (both refunding and twice when I paid the wrong card), no action was taken by the CC.

The reason for the restriction is that "deposit taking" is subject to a different regulatory regime.

Nasqueron

You are generally not allowed to pre-load a CC, putting in a positive balance - doing so may cause the CC provider to close your account for breach of Ts & Cs. An involuntary credit (such as doing a BT and the card company still taking the full payment or a refund) is not as much of an issue, they will normally refund the money to your account or you can just spend to get down to zero.

eco_warrior

30andcounting wrote: »

I have a sort of similar question. I have a marks and spencers card which I clear each month in full.

My balance this month was £1,800 for arguments sake, statement date 25th March. Last week I made a payment of £1,500 and have received a refund of £300 on something I've returned. Effectively the balance has cleared through the payment and refund. Will I get charged interest? Payment was due in full by next week, and a combination of both my payment and a refund has cleared it in full. Thanks

In my experience this should be fine but youd be best to check with your card provider.

swarden13510

Thank you everyone for your answers!

PRAISETHESUN

30andcounting wrote: »

I have a sort of similar question. I have a marks and spencers card which I clear each month in full.

My balance this month was £1,800 for arguments sake, statement date 25th March. Last week I made a payment of £1,500 and have received a refund of £300 on something I've returned. Effectively the balance has cleared through the payment and refund. Will I get charged interest? Payment was due in full by next week, and a combination of both my payment and a refund has cleared it in full. Thanks

To answer your question - as long as both your balance payment and the refund payment are credited to your account before the statement payment due date then it will count as having cleared your balance and no interest should be charged charged. On the odd chance the refund is held up and is paid after your due date then you'd still have some balance remaining to accrue interest, but your other payment should more than cover the minimum payment so you shouldn't have any missed payment markers, etc.

30andcounting

PRAISETHESUN wrote: »

To answer your question - as long as both your balance payment and the refund payment are credited to your account before the statement payment due date then it will count as having cleared your balance and no interest should be charged charged. On the odd chance the refund is held up and is paid after your due date then you'd still have some balance remaining to accrue interest, but your other payment should more than cover the minimum payment so you shouldn't have any missed payment markers, etc.

I can see the credit on my online account already. Payment due in full by 19th April. Thanks