lets say my statment cut with a 1K balance. if i return an item that was $400 for example, would I still need to make a $1000 payment on the card's due date? thanks!
The Fair Credit Billing Act requires the seller to promptly notice the credit card issuer of the return of goods.
See FCBA 166, Prompt Notification of Returns.
However, there is no explicit period, and the statute provides for some delay.
Clearly, the creditor cannot revise their statement until they receive the notification from the merchant.
Until a new billing is issued, the old billing statement would apply.
If you wish to receive a revised statement before paying, I would contact the creditor and explicitly obtain their agreement to do so.
Otherwise, you may end up with a late payment........
Generall when I'm face with this type of situation, I deduct the "credit" amount from my total balance. Then I pay that amount by the due date, as long as it's over the minimum payment that is. Regardless of anything else, the minimum payment due must be met by the due date to avoid lates etc. However, if it's a "Charge Card" and needs statement balance PIF by the due date. Then you'll need to pay the that amount due, if the "credit" will not post by the due date. Then the credit will just be applied to your total balance, if higher than the statement balance. Or as said above you'll have a credit balance towards future charges, and then eventually a check will be sent if gone unused.