What is a credit balance refund on the Home Depot Credit Card?

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.

It’s better to pay off your credit card than to keep a balance. It's best to pay a credit card balance in full because credit card companies charge interest when you don’t pay your bill in full every month. Depending on your credit score, which dictates your credit card options, you can expect to pay an extra … read full answer9% to 25%+ on a balance that you keep for a year. For example, if you spent $100 on a card with a 15% purchase APR, you would owe $115 at the end of a year. A good APR is anything below 18%, as that’s roughly the average for new card offers. And even that’s not very low. Plus, most credit cards have a grace period, which means if you pay off your full balance every month before the due date, you won’t have to pay interest. But you lose the grace period if you don’t pay in full one month, and you’ll have to pay your entire balance for two consecutive billing cycles to get it back.

Some people think you need to carry a balance in order to see positive information on your credit report, but that’s simply not true. You don’t even need to use your credit card to build credit. Simply keeping an account open and in good standing is enough to affect your score for the better. Using your card regularly helps because having a credit utilization ratio between 1% and 10% is slightly better for your credit score than 0%. But credit utilization is based on your statement balance, and your monthly statement comes before the due date. So you can still pay your bill in full every month while doing right by your credit score. In fact, you should pay in full whenever possible.

Of course, it’s a different story if you’re using a 0% credit card. During the 0% APR introductory period, your balance – whether from a purchase or balance transfer – won’t accrue interest as long as you pay the minimum amount required by the due date each month. But if you don’t pay in full by the end of the 0% period, interest will come into play.

Here’s why it’s better to pay off your card than to carry a balance:

• If you pay your bill in full each month, you won’t be charged any interest. However, if you don’t pay in full one month, you’ll lose your grace period, and your purchases will begin accruing daily interest right away. You can get your grace period back by paying in full for two consecutive billing cycles.
• You don’t need to carry a balance for a credit card to help your credit score. What matters most for credit building is meeting due dates and keeping credit utilization below 30%.
• Paying your bills on time doesn’t require you to pay your balance in full each month. You just have to make the minimum payment listed on your statement. But if you take on too much debt, you may find it hard to make your monthly payments.
• Carrying a balance makes it harder to keep your credit utilization low, since your everyday spending will be added on top of the amount you’re carrying from month to month. It’s best to use less than 30% of the credit made available to you.

So, to recap, it’s better to pay off your credit card than to carry a balance because it builds your credit history just as well without subjecting you to interest charges. And remember, not carrying a balance does not mean you have to stop using your credit card. There is a middle ground. A balance will be listed on your credit card statement whenever you make purchases, but if you pay that amount by the due date, you won’t really be carrying a balance.

If you’ve got some credit card debt you’d like to get rid of, a 0% balance transfer credit card could help you save a lot of time and money. And if you’re trying to improve your credit, WalletHub’s free daily credit scores and credit analysis can will get you on track.