I bought an item last month and paid via Paypal which is linked with credit card. Due to some issues with card, I have been issued card with different number. At the same time, I have received refund for the item purchased due to issues.
As Paypal issued refund to the original card which is no longer active, would bank still apply refund to my credit card account?
I think this should be fine, although I may be wrong.
Although you got issued a new card, the account to which both cards are tied to remains the same.
Hence, the refund should still hit the account.
If you paid by Paypal, the refund should be credited to your Paypal account balance. Once the refund is there, you can add the new credit card onto your Paypal account so that you can transfer the funds from Paypal to the new card.
Good point, if a bank account is also linked. For those with no bank account linked (only credit cards), it seems to go straight back to the card used.
Not quite. If a payment is funded by a credit card, any refunds are automatically refunded back to the credit card from which it came.
Yes, that's correct if a credit card rather than a bank account is linked to the Paypal account. What I should have made clearer in my previous post is that if payments are made on Paypal and the funding source is a bank account, then refunds will be credited onto the Paypal account balance.
OP, in this case as it seems that your funding source was a credit card, I would contact your bank in regards to receiving your refund. You may need to advise them to transfer the refunded credit from your cancelled card over onto the new card.
From past experience, where refunds are issued for a PayPal payment initiated from a credit card, that refund will be directly processed as a credit to that card.
It won't be present in the PayPal 'ether' as it would be if an inward payment was received.
In the case of me closing some ANZ credit cards earlier this year, I had two PayPal refunds associated with the cancelled credit card. They were processed on the final statement.
Also, when I called ANZ to cancel the credit cards I asked them about this scenario. They informed me that payments could be made onto the cancelled credit card for up to 60 days post cancellation.
Sure, different banks might have different processes but hopefully this information helps a little.
Thanks I am also with ANZ so hopefully they will apply credit.
Refund has been applied. Thank you everyone!!
Ask your bank.