CC overpayment

[llecs]

I routinely overpay my CC balances for a number of reasons, one being to insure that $0 reports and another to offset last minute automatic charges that may thwart a $0 balance.

I overpaid Target in March by $22 and have not used it since. Actually was going to buy something this week after the statement cuts to keep the card active. However, it appears that Target listed "other charges" by an amount of $22, my overpayment and now they report a $0 balance.

Are they going to mail that back? Can there ever be any harm by overpaying a CC?

[Anonymous]

I overpay my Citicards on a regular basis.  On the third billing cycle, if there's been a credit balance on all three previous statements, Citibank cuts a check out to us for the credit balance.

No, there's no harm in prepaying.

[Anonymous]

Was working two jobs and paying off debt. 

My experience with Target.

Set up PIF online Bill pay. Forgot, so PIF in store on due date as well.

Did not realise it until few weeks later when I got a check mailed to me.

In all probability you had a credit and they just decided to cut you a check for it.

[Anonymous]

They are legally obligated to send you back the money within 90 days I think. They are probably sending you a check.

[Anonymous]

I had a credit with HSBC and they just carried it on my statement.  It wasn't an overpayment though, it was chargeback for battery core.

[marty56]

GEMB also just carries credit over.  IMHO I would leave the credit there especially if you use the account each month.

[Anonymous]

I used to prepay by a little bit (10-50$) whenever I was going to be out of town.  Visa/Wells Fargo never hit me with any fees etc for doing that - I'm sure they loved getting a 90 day interest free loan from me!  Most likely they are cutting you a check - there is no way they could just charge you the $22.

[llecs]

Thanks guys.

[Anonymous]

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@llecs wrote:

I routinely overpay my CC balances for a number of reasons, one being to insure that $0 reports and another to offset last minute automatic charges that may thwart a $0 balance.

I overpaid Target in March by $22 and have not used it since. Actually was going to buy something this week after the statement cuts to keep the card active. However, it appears that Target listed "other charges" by an amount of $22, my overpayment and now they report a $0 balance.

Are they going to mail that back? Can there ever be any harm by overpaying a CC?

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I overpay ALL my cards just in case a late charge shows up at the end of the billing cycle.

CapOne immediately, upon statement cut, they do a credit refund and mail a check.  They used to carry it over as a negative balance, but in the past couple months they mail a check when the statement cuts.

BoA doesn't care if I have a negative balance.  I have overpaid it by up to $3000 (online transfer from checking to CC) and it goes through find.  I do this if I need to use the card near the end of billing cycles so that any charges that I use will not cause a reporting balance.

Chase, Alliant, PenFed won't accept a payment for more than statement balance.  CapOne allows up to 10% more than balance.

All in all, if you overpay a card that you use regularly, then it generally will get used by an incoming charge.  But in some cases, like CapOne, expect to see a check.  I've received one from CapOne for the past 3 months.  I wish they would stop it, I use the card every month

[nothingman02]

Is it about any specific CC/Bank?

Txjohn covered quite a few there. Generally, I believe if you overpay, the Bank could hold your payment.And if you make more than one payment, they could hold all the payments for a good while.

Now, once the payment(s) go(es) through, you could call and they could either;

1) Refund a check for the excess amount

2) Let the excess amount be applied towards the credit limit.

I do that as I have a subprime rebuilder (FP) and they charge a monthly fee and I try to pay a few months at a time. They charge me that fee on the exact #$#$ing day the statement cuts and there is no way I can make a payment on that day. But they simply apply the excess amount towards the available credit after subtracting all the charges/fees etc. Same is the case with HSBC. Im sure you know about Juniper, which going by your many posts, seems like your favorite card along with Target. I dont have any other CCs so no other exp.