A credit balance refund on the Bank of America® Unlimited Cash Rewards credit card is a reimbursement for paying more than the total balance owed on the credit 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 a Bank of America Unlimited Cash Rewards credit card credit balance refund: by phone (1-800-732-9194) or by sending a written request to Bank of America | PO Box 982234 | El Paso, TX 79998-2234. They can get their refund in the form of a check. Legally, a credit 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 Bank of America Unlimited Cash Rewards credit 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, Bank of America is required to offer you a refund.
A Bank of America credit balance refund is a reimbursement for paying more than the total balance owed on a Bank of America credit 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 a Bank of America credit balance refund by phone (1-800-732-9194) or by sending a written request to
Bank of America PO Box 982234 El Paso, TX 79998-2234
Bank of America cardholders can get a credit balance refund in the form of a check.
Please note that you are not required to request a credit balance refund if you overpay your Bank of America credit 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, Bank of America is required to offer you a refund.
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.
A negative balance on a credit card means your credit card company owes you money, rather than the other way around. In other words, you’ve paid more than your total balance due. Credit card companies generally prevent you from paying more than you owe, especially online. But if you pay by check, you might get around the policy. You’ll see the negative balance on your monthly statement as well as on the main page of your online account when you log in.… read full answer
Normally, you’ll have a positive balance – meaning you owe money – during months you use your card. If you fully pay off such balances by the due date each month, you won’t be charged any interest. And as long as you pay at least the minimum amount required, your account will stay in good standing.
But if you’ve paid more than you owe, or if your statement credits exceed your charges, you’ll see a negative balance instead. The money a credit card issuer owes you could cover future purchases, or they could send you a check or make a deposit into your bank account. Different banks have different policies, but if you want a cash refund, you generally need to request one by phone or in writing. Otherwise, the issuer will only cut a check after several months of card inactivity.
So a negative balance certainly isn’t anything to worry about. But there are a few different ways to move forward, and knowing what your options are is always helpful.
Here’s what a negative balance on a credit card means:
You’ll have a negative balance if your credit card issuer owes you money. It will be noted with a minus sign in front of the number listed for your current balance.
You could see a negative balance if you accidentally overpaid your bill. You could also see one if you got a refund for a returned purchase.
Some credit cards offer rewards in the form of statement credits. If you redeem for credits totaling more than you owe, you’ll have a negative balance.
If you leave a negative balance on your account to cover future purchases, your next month’s balance will be reduced by that amount. For example, if you had a balance of -$50 and made $150 in purchases over the next billing cycle, your balance would only be $100.
If you want a cash refund, you’ll have to call your bank’s customer service number. The customer service representative will tell you whether or not you need to submit your request in writing.
A negative balance on a credit card will also lower your credit utilization ratio. Using between 1% and 10% of your available credit is ideal. But negative utilization for one account certainly isn’t a bad thing.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub.
Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.