topic Re: Reverse CC apr in Credit Cards

Reverse CC apr

Veee — Wed, 17 Sep 2008 02:00:03 GMT

Have you ever heard of such a thing? I was talking about all you wonderful people here this past weekend when someone chimed in and said "over pay your cc and they have to pay you the Apr". I of course said your crazy but he insisted.

Example: If I have a 3000.00 cc at 15% apr and I pay them 5000.00 they have to pay me 15% on at least the 2000.00.

I don't believe it but thought I would ask because he was very insistent about it.

Re: Reverse CC apr

Anonymous — Wed, 17 Sep 2008 02:02:26 GMT

The guy is full of it!!! If this were true, everyone would be investing in high interest credit cards and begging for 29.99% APRs!

Re: Reverse CC apr

Creditaddict — Wed, 17 Sep 2008 02:02:35 GMT

I would say, NO.

because they are only required to pay you interest if they are holding money in a savings account to secure a credit card or something.

a credit card company is just required to issue the credit balance back to you within 60 days or something, not pay in addition to a credit balance.

Re: Reverse CC apr

Anonymous — Wed, 17 Sep 2008 02:05:21 GMT

@Anonymous wrote:
The guy is full of it!!! If this were true, everyone would be investing in high interest credit cards and begging for 29.99% APRs!

Exactly - who needs the pitiful interest rate you can get on a money market account when you could just go for the subprimiest card you could lay your hands on, make a huge payment onto it and rake in the cash?

Plus... my cards have been (marginally) in credit on a very regular basis and I've never had a penny in interest - I WANT MY INTEREST!!!

Maybe I could charge them an AF, too?!

Re: Reverse CC apr

haulingthescoreup — Wed, 17 Sep 2008 02:09:56 GMT

Wow, I want what he's drinking.

Tell him to bring you a statement showing that this happened, cover all the identifying info, scan it in, and post it here. I want to see this with my own eyes!

Re: Reverse CC apr

Miner — Wed, 17 Sep 2008 02:12:29 GMT

I have overpaid on my credit cards before and I received no interest on the extra. I want to know what card that guy has so I can get one!

Re: Reverse CC apr

Anonymous — Wed, 17 Sep 2008 02:36:09 GMT

"subprimiest" is worth a chuckle

Re: Reverse CC apr

Anonymous — Wed, 17 Sep 2008 02:42:04 GMT

I've actually lost overpayments as a "minor account adjustment" they steal 75 cents here and 39 cents there, I guess it all adds up. They would cut you a check and send it back before paying a nickle interest on it. IMO

Re: Reverse CC apr

Veee — Wed, 17 Sep 2008 13:47:14 GMT

I agree with you all ... I just had to ask though

Re: Reverse CC apr

Anonymous — Wed, 17 Sep 2008 17:14:07 GMT

Hey everyone. If your hand is bigger than your face you have cancer.

Pow!