A credit balance refund on the American Express Platinum card is a reimbursement for paying more than the total balance owed on the card. For example, a cardholder who has a balance of $500, but pays $600, can get a credit balance refund of the $100 that they overpaid.
Cardholders can request an American Express Platinum card credit balance refund: by phone 1-800-528-4800, online or by sending a written request to American Express / P.O. Box 981535 / El Paso, TX 79998-1535. They can get their refund in the form of a check. Legally, a card issuer is obligated to issue a credit balance refund within seven business days of your request for one.
Please note that you are not required to request a credit balance refund if you overpay your American Express Platinum card. If you have a negative balance on your account, meaning you've paid more than you owe, future purchases will be credited until the balance is back to zero. If you maintain a negative credit balance for six months, American Express is required to offer you a refund.
You can check out WalletHub’s review of the best American Express credit cards to find a good option for carrying a balance. Just don’t expect to find a low regular APR. American Express credit cards are known more for rewards than low rates.
To get an American Express refund for an overpayment, log into the card’s online account or call customer service at 1 (800) 528-4800. For online refund requests, click the “Account Services” tab from the account home page and select “Inquiry & Dispute Center,” followed by “Open a Payment Dispute” and “I have a credit balance on my account.” Click “Continue” and enter the requested refund amount.… read full answer
Next, choose to either receive a refund check by mail or transfer the credit balance to another Amex account. Refund checks typically arrive within 7 days after processing, while transfers to a different account usually take 2 to 3 days to process. If there’s no refund request, the credit will remain on the account, and will offset any new purchases up to the credited amount.
While Amex refund requests are often due to an overpayment, there are times when you would seek a refund on a purchase charged to your credit card, too. It could be an incorrect charge amount, for example, charges for defective items or items that were never delivered. In such instances, you should first contact the merchant associated with the purchase.
If the merchant refuses to refund your purchase, you can contact American Express to dispute the charge. Amex will investigate the disputed charge, and you should see a temporary credit as well as a hold on your account for the disputed amount. It may take 30 to 60 days to resolve the dispute, after which time Amex will either apply the credit permanently and remove the hold, or allow the disputed charge to stand.
A credit card refund could take anywhere from a few minutes to several weeks, if you’re returning a purchase. But if you’re seeking a refund because you’re disputing a charge on your monthly statement, the process could take up to 150 days. The law dictates that you must notify your credit card’s issuer of the problem within 60 days, and they must resolve it within 90 days of being notified.… read full answer
With store refunds, the time frame depends on the individual merchant’s policy. For instance, refunds for items returned by mail may take longer rather than in-store. That’s especially true if you’re returning something to a merchant in another country. You should also keep in mind that not all stores even offer refunds, while others limit them to defective merchandise.
So the two biggest factors that determine refund turnaround times are the type of refund you’re seeking and store policy. But to make an accurate estimate, it helps to know all the issues in play.
Here’s what decides how long a credit card refund takes:
If you’re disputing a charge, it could take up to 150 days to receive a refund, assuming the credit card company rules in your favor.
Simpler disputes can be resolved faster. For example, if you can produce receipts, it’s easy to establish that you’re telling the truth. That’s one reason to always save them.
You could dispute a charge if a purchase never arrives or comes damaged, for example, or if you’re charged for a larger tip than you left.
If you’re returning a purchase, you could get an immediate refund in-store, while a mailed return takes several weeks. The timetable depends on the merchant’s policies, either way.
The best way to find out exactly how long a credit card refund will take is to contact the merchant or your credit card issuer, depending on whether it’s a return or a dispute. And it’s worth noting that some stores only allow returns for store credit. Luckily, many cards offer return protection. So even if you can’t get a return in store, you might be eligible for reimbursement from the credit card company if your item is new and undamaged. And if you do get a credit card refund, it will show up as a credit on your statement.
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