refund to a cancelled credit card

valera_2

i was wondering if anyone could advise on this

i will receive a refund to a credit card (which was used to make a payment) that i cancelled a while ago. how do i get hold of the money please?
thank you

lisyloo

Ring them up and ask them to send you a cheque (or transfer it to your bank account).

bigstevex

Can you not request the refund to be done via cheque, just ring up who ever is refunding and say the card doesn't exist anymore!

lisyloo

Can you not request the refund to be done via cheque

Not usually no.
When retailers accept credit cards they pay a fee (not up to date on this but around 2.5%).
The reason they want it to go back to the SAME card is that they will get their fee refunded.

The only way a small retailer would agree to send you a cheque direct is if you cover the fee for them (which will delay matters).
Larger retailers like shops probaby have a policy that the junior memebers of staff are not at liberty to change.

What's the big deal with calling the card company for a refund?

ap2000

I had this when my insurance company refunded money to my old captial one credit card. I phoned up Capital One and they sent me a cheque for the full amount within 14 days.

valera_2

thanks for the advice, i will phone morgan stanley

MarkyMarkD

lisyloo wrote: »

Not usually no.
When retailers accept credit cards they pay a fee (not up to date on this but around 2.5%).
The reason they want it to go back to the SAME card is that they will get their fee refunded.

The only way a small retailer would agree to send you a cheque direct is if you cover the fee for them (which will delay matters).
Larger retailers like shops probaby have a policy that the junior memebers of staff are not at liberty to change.

What's the big deal with calling the card company for a refund?

The other reason that merchants will generally insist on doing this is that it's a requirement of their merchant agreements. And the reason it's a requirement of their merchant agreements is as an anti-fraud measure: obviously the risk of someone defrauding a retailer by getting a refund to the original card is low; asking for a "refund" to an entirely different card could very easily be fraudulent.

OllyM

lisyloo wrote: »

Not usually no.
When retailers accept credit cards they pay a fee (not up to date on this but around 2.5%).
The reason they want it to go back to the SAME card is that they will get their fee refunded.

The only way a small retailer would agree to send you a cheque direct is if you cover the fee for them (which will delay matters).
Larger retailers like shops probaby have a policy that the junior memebers of staff are not at liberty to change.

I know for a fact that where I work we don't get the fee back when a refund is processed. Not sure if other merchant service providers are different (we use Barclays).

lisyloo

OK, but I know for a fact that the majority of retailers will absolutely insist on it.

I had an argument recently about a skirt I bought for my MIL.
She is 80 and can't get out the house unless someone will assist her.
Still they wanted it done on the right credit card.

I have heard that occassionally people have done it differently but it's exceptional and generally a mistake by staff.

Strapped

Returned something to Gap yesterday, and the assistant asked how I would like it, back on the card, on a Gap card or cash :beer: Strangely enough I took the cash...