A credit balance refund on the Journey Student Rewards from Capital One is a reimbursement for paying more than the total balance owed on the credit card. For example, a cardholder who has a balance of $300, but pays $500, can get a credit balance refund of the $200 that they overpaid.
Cardholders can request a Capital One Journey credit balance refund: by phone (the number on the back of your card) or by sending a written request to Capital One / Attn: General Correspondence / P.O. Box 30285 / Salt Lake City, UT 84130-0287. 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 Capital One Journey 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, Capital One is required to offer you a refund.
To get a Capital One credit balance refund for an overpaid amount, a cardholder can either call Capital One customer service at the number on the back of their credit card or send written notice to Capital One to request a refund check for the amount overpaid. Capital One will mail a refund check for the amount overpaid. Some cardholders have also reported managing to schedule an ACH refund credit to the bank account the payment came from.… read full answer
It’s important to note that a credit balance refund will only be issued for payments that go over the current balance. For example, if your current balance on the Capital One card is $1,000, and you make a payment of $1,500 by mistake, you’ll get a refund of $500. On the other hand, if your current balance is $1,000 and you mistakenly pay $1,000 instead of $100, you won’t be able to get a credit balance refund. And overpaying a credit card on purpose will not increase your credit limit permanently, nor will your overpayment earn you interest, so it’s not a good plan.
Legally, card issuers must send a credit balance refund within 7 business days of a cardholder’s written request for one (for any overpayment over $1), but many issuers send these checks automatically after a certain period of time. If a credit balance refund has been on the account for four billing cycles, Capital One will automatically issue a check, which customers will receive within 7-10 business days.
If you’d rather submit a written request for a credit balance refund to Capital One, send your letter to:
Capital One Attn: General Correspondence P.O. Box 30285 Salt Lake City, UT 84130-0287
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.
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