Likelyhood of getting Citi to return payment

[lindsaydruart]

I got a new PenFed card and wanted to take advantage of the 4.99% BT. My Costco Card is at 16.99% so I thought to pay it off. The next day I changed my mind and wanted to change the amount to half the balance instead to spread the love a bit without taking the new card over 50% util. The person I talked to at PenFed said she cancelled it so I started a new one and a BT for 2 other cards. I called today because now the new card is pretty much maxed so see when the amount would reappear. After further research....

Both BT payments went through and I overpaid the Costco Card by over $2000. PenFed is saying there is nothing they can do but I should call Citibank to see if they can return the payment. Anyone ever had this happen? I'd rather them return the payment than cut me a check for the excess because that would still leave the new card well over the 50% util and kinda defeats the whole purpose.

[CreditCuriosity]

once it clears you should have no problem having them cut you a check.. banks usually dont like sitting on that kinda overpayment...

[simplynoir]

Or better yet check to see if they issue refunds by deposit through your checking account already listed with them. AMEX surprised me with this once since one the options they provided on credit on a card was to send it through one of my checking accounts so maybe others do it too

[Anonymous]

I'd just dump ALL of my spend on this card to eat up the $2k credit, and pay the cash I don't need to pay Citi to PenFed.

[longtimelurker]

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@lindsaydruart wrote:

I'd rather them return the payment than cut me a check for the excess because that would still leave the new card well over the 50% util and kinda defeats the whole purpose.

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But once you get the check you can deposit and use that to pay it to Penfed to reduce the utilization.   Yes, it will take a few days longer perhaps but not that different.  Did you have to pay two BT fees?

[SBR249]

By law, CC lenders have to return credit balances when asked or if a certain period has passed (6mo max I think?). 

[simplynoir]

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@SBR249 wrote:

By law, CC lenders have to return credit balances when asked or if a certain period has passed (6mo max I think?). 

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I am actually interested in this answer as well. I can't see a situation where a bank wouldn't issue a refund for a negative balance but I guess stranger things have happened