Stephen C asked:
I had a credit card statement of 1000. Within 4 days I get a refund of 200 during the grace period of 15 days. The payment date then follows 11 days later and the credit card company still try to take 1000 – so making my credit card a positive balance – which is not what I want! Can I insist on only paying 800? They then tell me that I will be charged to taking cash out of a positive balanced credit card. Can they do that?
I had a credit card statement of 1000. Within 4 days I get a refund of 200 during the grace period of 15 days. The payment date then follows 11 days later and the credit card company still try to take 1000 – so making my credit card a positive balance – which is not what I want! Can I insist on only paying 800? They then tell me that I will be charged to taking cash out of a positive balanced credit card. Can they do that?
What is stupid is that if I dispute 200 – they will only take 800. Some credit card companies do not do this – but if you stop the direct debit (especially on a charge card) and just pay the actual account balance – then there is no charge.
If I decide to pay my bill in 3 parts for example during the grace period so the total is paid then that is not a problem: as long as the whole amount is paid. Well that is effectively what is happening here – but one part is paid by the refund. How can this be justified?
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Both you and the credit card company are trying to use the rules to their advantage. That is why I do NOT set up auto-pay agreements when I can pay on line myself. However, if I forget to make the payment, then I am up the creek. Auto-pay arrangements avoid forgetfulness.
Some credit card companies do reduce the minimum payment by the credits when they are on the account books. Some do not do so until the bill is printed which would place the 200 against the next payment.
You need to review the minimum payment schedule for the account. It should also have information how credits are applied.
When you do in fact have a credit balance after paying off the account, most will send you a refund check without a fee. Verify that with this account.