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What happens if I have a near $0 balance on a credit card and I get a credit back?

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Beane
Regular Contributor

What happens if I have a near $0 balance on a credit card and I get a credit back?

I'm in the process of BT my BoA account to my new Barclays.  I just realized I may want to cancel a reservation for a hotel I made awhile back with the BoA card.  What happens if my balance on my BoA is near $0 and I get that credited back to the card?


FICO EQ: 733 TU: 727 CS FAKO EX: 737                                                                                               In the garden since 5/9/13
Message 1 of 10
9 REPLIES 9
avv7c0
Regular Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?

Most banks will give you a negative balance (I.e additional credit) when this happens. All who do have a limit as to how much this can be, usually a small percentage of your overall credit limit.
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Message 2 of 10
ginger1477
Regular Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?

You can just use up the extra credit by making purchases, or, I'm thinking Bank of America can send you a check.  I had another bank send me a check when I had a refund after I had already paid my bill.  It took almost a month though.

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Message 3 of 10
Revelate
Moderator Emeritus

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?

BOFA will credit you a negative balance: I've done this accidentally pushing a duplicate payment on my BOFA card.

 

I'd just spend it personally, if you use the card semi-regularly it won't last that long; asking a bank to send a check is something no bank likes, they'd much rather you spend your way out of the negative balance naturally I suspect.




        
Message 4 of 10
Beane
Regular Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?

My wife and I have a BoA checking and savings account.  Do you think they would let me transfer the credit to my checking account?


FICO EQ: 733 TU: 727 CS FAKO EX: 737                                                                                               In the garden since 5/9/13
Message 5 of 10
simi_go
Frequent Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?


@Beane wrote:

My wife and I have a BoA checking and savings account.  Do you think they would let me transfer the credit to my checking account?


I'm pretty sure they would count that as a cash advance.

My wallet: Newest to oldest.





Message 6 of 10
Beane
Regular Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?

How could they charge interest if I had no balance?


FICO EQ: 733 TU: 727 CS FAKO EX: 737                                                                                               In the garden since 5/9/13
Message 7 of 10
indiolatino61
Valued Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?


@ginger1477 wrote:

You can just use up the extra credit by making purchases, or, I'm thinking Bank of America can send you a check.  I had another bank send me a check when I had a refund after I had already paid my bill.  It took almost a month though.


Walmart actually sent me a check for 37 cents! I bet the check cost more than that. Silly, really.

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Message 8 of 10
Beane
Regular Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?

I'm sure I can find an expense to use it for, but I'd rather have the money so I could just pay into the card I just BT'd to to get that balance down.  I wish I'd known I was going to cancel this reservation as I would have requested a BT that was that much less.


FICO EQ: 733 TU: 727 CS FAKO EX: 737                                                                                               In the garden since 5/9/13
Message 9 of 10
JasonKR
Regular Contributor

Re: What happens if I have a near $0 balance on a credit card and I get a credit back?

you can

 

1) Spend it up

2) Request Check

3) Request them to wire transfer it

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