Ryan P Page, Staff Writer
@ryan_page
A credit balance refund is a reimbursement you get after winding up with a negative balance on your credit card, which might occur if you pay more than the total balance or if you get a refund for a returned purchase. Credit card companies are required by law to issue a refund within 7 business days at the cardholder’s request.
Key Things to Know About Credit Balance Refunds
- Depending on your credit card’s issuer, credit balance refunds can be sent as a check or a refund to the bank account from which the payment was originally taken.
- You can usually contact your credit card issuer online, over the phone or by mail to ask for a credit balance refund.
- If you submit a written request, credit card companies are required to issue a credit balance refund within 7 business days of receiving it.
- If you are owed more than $1 but do not ask for a credit balance refund for 6 months, credit card companies are obligated to attempt returning the balance you are owed.
Finally, you don’t need to ask for a credit balance refund at all. If you use the card regularly, it may be worth it to keep the negative balance. You can simply make more purchases with the card to bring the balance back to zero.
Popular Credit Cards from Our Partners
-
Low Intro APR & Bonus Rewards:
-
Everyday Cash Back:
-
Good Credit:
-
0% Intro APR:
People also ask
How long does a credit card refund take?
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 issuer of the problem within 60 days, and they must resolve it within 90 days of being notified.
Key things to know about how long...
read full answer by WalletHub, Financial CompanyWhat does a negative balance on a credit card mean?
A negative balance on a credit card means your balance is below zero, and your credit card company owes you money rather than the other way around. Your credit card balance could be negative if you make a payment that's a lot larger than the balance due or if you receive a credit to your account. Credit card companies generally prevent you from paying more than you owe, especially online, but if you pay by check,...
read full answer by WalletHub, Financial CompanyWhat's the difference between available credit and credit limit?
The difference between a credit card’s available credit and its credit limit is the relationship between the cardholder’s current spending power and his or her total spending power. A credit limit is the maximum amount that can be charged to a credit card overall. Available credit is the credit limit minus any unpaid balance, including pending charges that have yet to post to the account.
Your available credit will increase by the amount of...
read full answer by WalletHub, Financial CompanyDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.