topic Re: CC overpayment in Credit Cards

CC overpayment

llecs — Mon, 06 Jul 2009 13:42:26 GMT

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?

Re: CC overpayment

Anonymous — Mon, 06 Jul 2009 13:49:53 GMT

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.

Re: CC overpayment

Anonymous — Mon, 06 Jul 2009 13:51:15 GMT

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.

Re: CC overpayment

Anonymous — Mon, 06 Jul 2009 17:33:30 GMT

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

Re: CC overpayment

Anonymous — Mon, 06 Jul 2009 22:46:10 GMT

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.

Re: CC overpayment

marty56 — Tue, 07 Jul 2009 00:34:26 GMT

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

Re: CC overpayment

Anonymous — Tue, 07 Jul 2009 01:43:30 GMT

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.

Re: CC overpayment

llecs — Tue, 07 Jul 2009 03:03:17 GMT

Thanks guys.

Re: CC overpayment

Anonymous — Tue, 07 Jul 2009 14:03:23 GMT

@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?

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

Re: CC overpayment

nothingman02 — Tue, 07 Jul 2009 15:34:22 GMT

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.

Re: CC overpayment

Itsmeagain — Tue, 07 Jul 2009 17:49:03 GMT

I also overpay for all the reasons mentioned here. But I do it through my bank "bill pay". Using bill pay, I have been able to overpay both Chase and Alliant. Alliant however, just credits the overpayment to my savings acct. I have also overpaid Discover, Amex, Macys (store and Visa), Best Buy (Store and Visa), Hooters, Kroger (RBS) and BoA. All with no charges or compaints from them.

I don't know of ANY CCC that would refuse money when it comes through the door.

Re: CC overpayment

Anonymous — Tue, 07 Jul 2009 18:09:47 GMT

IIecs,

Just make sure that you keep an eye out for the Target refund check. I once had a Target overpayment because I paid a bill in full before I actually realized that there was an unauthorized charge-- a store in another state manually mistyped someone's card number and the charge hit my card. Target immediately revesed the charge which left a credit. A week or two later, the credit was gone-- "other charges" in the amount of the credit having absorbed it. I assumed I'd get a refund check, but after the next billing cycle I had to call Target to ask what happened. They very quickly asked IF I wanted the money back... uh, yeah! LOL! They then credited it back to my account. Go figure.

So, just keep an eye out. You might have to request it back.

Re: CC overpayment

Anonymous — Tue, 07 Jul 2009 19:02:02 GMT

funny over payment story checked my wamu credit card see a charge for $143 call the toll free number and found it was a home phone servce for those with bad credit, so that's not me, so I file dispute and they credited to my account,

now you to at this this was a two cycle card which ment they amount I pay to be PIF was the balance of the previous cycleI , so the next month I check ed I saw I didn't make payment ,but was't charge a late fee, then I realied the credit from the fraudulent was larger than the amount I was required to make, so

Re: CC overpayment

llecs — Tue, 07 Jul 2009 20:41:41 GMT

nothingman02 wrote:

Im sure you know about Juniper, which going by your many posts, seems like your favorite card along with Target.

I still don't like Target. My financial forecast for Target are sunny $0 balances with no chance of a CLI in the future.

However, I have warmed to Juniper after the $1100 CLI last month. They are no longer on the chopping block.

Re: CC overpayment

llecs — Tue, 07 Jul 2009 20:44:13 GMT

LilMirth wrote:
IIecs,

Just make sure that you keep an eye out for the Target refund check. I once had a Target overpayment because I paid a bill in full before I actually realized that there was an unauthorized charge-- a store in another state manually mistyped someone's card number and the charge hit my card. Target immediately revesed the charge which left a credit. A week or two later, the credit was gone-- "other charges" in the amount of the credit having absorbed it. I assumed I'd get a refund check, but after the next billing cycle I had to call Target to ask what happened. They very quickly asked IF I wanted the money back... uh, yeah! LOL! They then credited it back to my account. Go figure.

So, just keep an eye out. You might have to request it back.

Definitely good to know. Thanks.

Re: CC overpayment

Lel — Tue, 07 Jul 2009 21:00:09 GMT

I sometimes overpay my statement balance, to cover some charges that posted shortly after the statement closed. However, I do all my payments online, and I cannot pay more than the total balance (statement balance + unbilled charges) for most (if not all) of my cards.

Message Edited by Lel on 07-07-2009 02:00 PM