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Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

question about overpaying the balance on credit card

hey all! 

 

I am pretty novice at the credit card part of this:

 

Soooo... I had about 6700 dollars balance on a Citi preferred card, but it was up at 29 percent interest... on a whim I applied for a Bank of America balance tranfser card, 0 percent for a year, and 3 percent fee.. since my interest is killing me I figured it was worth a shot... (since I can pay down the balance in 6 months) -- on applying it asked me for the cards youd like to transfer, so I put the Citi card info in there for $6500..

 

I got the 7 to 10 day message, figured I got declined. I started making weekly $300 dollar payments.. knocked my balance down to $5200.

 

This week, I got the BoA card in the mail... $7700 dollar limit. No mention of the balance transfer having going through, but then today my Citi card shows a processed payment of $6500, and now shows a balance of -1100 dollars on the card...  BoA shows the $6500 on their card now...

 

Will I get a refund for that $1100 dollars I overpaid? What happens to that? Did I make a huge mistake?

 

Thanks!

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Frequent Contributor
celluloid17
Posts: 384
Registered: ‎02-11-2014
0

Re: question about overpaying the balance on credit card

[ Edited ]

I'm not sure if they'll refund.  I assume that money will stay an your account as a credit, so how about using that Citi card for all of your regular expenses (e.g., gas, food, bills) until you reach a 0 balance?  Or perhaps call the EO number and see if they will issue you a check for what you've overpaid.

Commenced gardening: June 2, 2014

Sallie Mae WMC ● US Bank Cash + VS ● Citi Double Cash ● Amex TrueEarnings ● Fidelity Amex ● Chase Freedom VS ● BOA Better Balance Rewards ● Discover IT
Valued Contributor
rckstrscott
Posts: 2,660
Registered: ‎04-25-2011
0

Re: question about overpaying the balance on credit card


celluloid17 wrote:

I'm not sure if they'll refund.  I assume that money will stay an your account as a credit, so how about using that Citi card for all of your regular expenses (e.g., gas, food, bills) until you reach a 0 balance?  Or perhaps call the EO number and see if they will issue you a check for what you've overpaid.


Yeah I am getting conflicting interwebs reports on what they will do... I suppose it isn't the worst thing if I have to use the overpayment for regular expenses... it just sucks since I got the card down to 5200 and now I have a 6500 dollar balance on another..

 

I know I can put 300 dollars in groceries on the Citi and apply 300 to the BoA, but that is such a pain... haha

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Frequent Contributor
celluloid17
Posts: 384
Registered: ‎02-11-2014
0

Re: question about overpaying the balance on credit card


rckstrscott wrote:

celluloid17 wrote:

I'm not sure if they'll refund.  I assume that money will stay an your account as a credit, so how about using that Citi card for all of your regular expenses (e.g., gas, food, bills) until you reach a 0 balance?  Or perhaps call the EO number and see if they will issue you a check for what you've overpaid.


Yeah I am getting conflicting interwebs reports on what they will do... I suppose it isn't the worst thing if I have to use the overpayment for regular expenses... it just sucks since I got the card down to 5200 and now I have a 6500 dollar balance on another..

 

I know I can put 300 dollars in groceries on the Citi and apply 300 to the BoA, but that is such a pain... haha

 

-scott


It really does suck!  I think the first step would be to call one of the backdoor numbers and see what the protocol is for this type of situation.  If worse comes to worst, use the Citi card as you would a debit card until you become level.  

Commenced gardening: June 2, 2014

Sallie Mae WMC ● US Bank Cash + VS ● Citi Double Cash ● Amex TrueEarnings ● Fidelity Amex ● Chase Freedom VS ● BOA Better Balance Rewards ● Discover IT
Valued Contributor
lhcole77
Posts: 1,472
Registered: ‎09-18-2012
0

Re: question about overpaying the balance on credit card


celluloid17 wrote:

rckstrscott wrote:

celluloid17 wrote:

I'm not sure if they'll refund.  I assume that money will stay an your account as a credit, so how about using that Citi card for all of your regular expenses (e.g., gas, food, bills) until you reach a 0 balance?  Or perhaps call the EO number and see if they will issue you a check for what you've overpaid.


Yeah I am getting conflicting interwebs reports on what they will do... I suppose it isn't the worst thing if I have to use the overpayment for regular expenses... it just sucks since I got the card down to 5200 and now I have a 6500 dollar balance on another..

 

I know I can put 300 dollars in groceries on the Citi and apply 300 to the BoA, but that is such a pain... haha

 

-scott


It really does suck!  I think the first step would be to call one of the backdoor numbers and see what the protocol is for this type of situation.  If worse comes to worst, use the Citi card as you would a debit card until you become level.  


+1

 

I would use it for reg, fixed expense spend

 

P.S. Sorry that happened...gulp!

Regular Contributor
mirachi
Posts: 146
Registered: ‎01-05-2013
0

Re: question about overpaying the balance on credit card

I believe there's an option to request for the credit balance back in the form of a check (can't remember exactly...but if nothing else, I think they'll eventually issue you a check if you don't touch the card after 6 months...forgot which bank actually did that but I have a bad habit of overpaying lol)

Last app 5/7/2014

No apps until 3/31/2016!
Valued Contributor
clocktick
Posts: 1,603
Registered: ‎12-07-2008
0

Re: question about overpaying the balance on credit card

Citibank issued me a check (it was only $14 though) one time when I let a negative balance sit.  I don't remember how long it took.  You can see if they'll expedite it or just use the card until it reaches back up to 0 balance.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
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