Credit Card transfer payout as above my limit from refund

20SmthngSver

I've been refunded for a holiday on my credit card and I don't want it sitting on it as credit above my credit limit. Can I ask Santander to send me the money to my current account? 

onlyfoolsandparking

Yes you can ask and yes they will send it

eskbanker

20SmthngSver said:

I've been refunded for a holiday on my credit card and I don't want it sitting on it as credit above my credit limit. Can I ask Santander to send me the money to my current account? 

It depends on what you mean by 'above your credit limit' - refunds will obviously reduce a balance, taking it further below your credit limit, unless you were already way beyond your credit limit?  As above, if they owe you money, rather than the other way round, then they'll pay the excess to your current account, but if you were already carrying a balance then this may not apply, what are the figures involved?

20SmthngSver

My credit limit is £3,000. My current available credit is also £3,000. I am due the refund, so when I say take me above my limit I mean that number will go increase my limit, not decrease it.

But okay, thank you. 

cymruchris

Any refund won't affect your limit or your available credit. If your balance is £0 - and your limit is £3k - and you then have a refund of £5k - your limit is still £3k - and your balance is now -£5k (£5k in positive) - and all you have to do is call the card provider and ask them to arrange a transfer of funds back to you - they will discuss the options open to you depending on the provider. 

Tildaplum

also worth pointing out if your balance is 1k and you get a 5k refund then your balance is now 4k positive and 4k is all you will get out ie not 5k

20SmthngSver

Tildaplum said:

also worth pointing out if your balance is 1k and you get a 5k refund then your balance is now 4k positive and 4k is all you will get out ie not 5k

I know that, I wasn't asking that. But thank you.

20SmthngSver

cymruchris said:

Any refund won't affect your limit or your available credit. If your balance is £0 - and your limit is £3k - and you then have a refund of £5k - your limit is still £3k - and your balance is now -£5k (£5k in positive) - and all you have to do is call the card provider and ask them to arrange a transfer of funds back to you - they will discuss the options open to you depending on the provider. 

I know that. I was just asking if I can get the cash I've already paid to clear it prior, transferred back to me as I don't owe anything on the card. Before know when I've been refunded from Amazon or something for £20 or whatever it's shown up as having £3,020 credit, not my approved limit of £3,000. 

Thanks for your reply.

MallyGirl

it would usually show as £3020 available to spend but the credit limit would not be changed by a refund.

cymruchris

MallyGirl said:

it would usually show as £3020 available to spend but the credit limit would not be changed by a refund.

That's it exactly . Then once refunded - the available to spend will return to £3k, and throughout your limit won't have changed.

You can only transfer back the amount of refund that will take you back to £0. So if you've paid £3k for your holiday - then paid off the balance making your regular payment - reached a running total of £0 balance - then got your £3k refund - your balance would be £3k positive - and you could get that £3k refunded. If in the meantime you've spend £50 on petrol and a £100 in the supermarket - they'll only refund you back down to a zero balance - so it will depend on things like statement dates - but the best thing is to give them a call - and they'll happily refund you to your current account within a day or two. 

20SmthngSver

cymruchris said:

MallyGirl said:

it would usually show as £3020 available to spend but the credit limit would not be changed by a refund.

That's it exactly . Then once refunded - the available to spend will return to £3k, and throughout your limit won't have changed.

You can only transfer back the amount of refund that will take you back to £0. So if you've paid £3k for your holiday - then paid off the balance making your regular payment - reached a running total of £0 balance - then got your £3k refund - your balance would be £3k positive - and you could get that £3k refunded. If in the meantime you've spend £50 on petrol and a £100 in the supermarket - they'll only refund you back down to a zero balance - so it will depend on things like statement dates - but the best thing is to give them a call - and they'll happily refund you to your current account within a day or two. 

Thanks. Just wanted to know if they will transfer me the refund value.