How does getting credit back on your credit card work?
Jun 30, 2009 in
Credit
Philosopher
Let’s say I buy something for $100. I return it and they say I will have that credit back on my credit card. So now my credit card balance is $100? What if I paid for that $100 already and then returned it and got credit back? Can a credit card have a balance and have money withdrawn from it?
Let’s say I buy something for $100. I return it and they say I will have that credit back on my credit card. So now my credit card balance is $100? What if I paid for that $100 already and then returned it and got credit back? Can a credit card have a balance and have money withdrawn from it?
Like this post? Subscribe to my RSS feed and get loads more!
4 comments
Ruthie S on July 1, 2009 at 12:37 am
when you are returning something and it’s being refunded back to your credit-card, it would usually takes 2-5days till you see that credit back on your credit-card statement.
you can call your credit card company and ask them to refund you the balance amount on your credit-card by sending you a check of that amount, that is usually isn’t a problem. Just tell them you overpaid.
CrackBerry Addict on July 1, 2009 at 5:36 pm
When one refers to a balance on a credit credit card that typically means that is what is owed to the credit card. When one has a credit, that is a payment towards the balance (or could be extra money paid to the card if the balance was at 0 and money was credited back to the account).
If you bought something for $100 then your balance on your credit card would be $100. If you already made a $100 payment on your credit card balance, the balance will be $0. And if you get that $100 credit back, then you will have a $100 credit on your account (basically money that the credit card company owes you).
bud68 on July 2, 2009 at 8:35 pm
Yes. The retailer will credit back the $100 onto your account. If you already paid it, you’ll have a postive balance.
K.C. on July 4, 2009 at 2:27 am
I have to agree to what the other answerers said…
You bought something $100.00
You paid the bill of $100..leaving your card at $0
You return the item now you have a -$100 which is a credit…so you have extra money that can be refunded to you by the credit card company OR you can just have them apply it to your next purchases….so say you bought something for $150….because you have that credit of $100 from the item you returned you only have to pay $50…