Reverse CC apr

[Veee]

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.

[Anonymous]

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!

[Creditaddict]

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.

[Anonymous]

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@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!

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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?!

[haulingthescoreup]

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!

[Miner]

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!

[Anonymous]

"subprimiest" is worth a chuckle

[Anonymous]

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

[Veee]

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

[Anonymous]

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

Pow!