Credit Cards: Refund Puts into Credit but Still Minimum Payment?

Samsungnote10 on 22/03/2017 - 20:08

OK. A little scratching my head situation.

Recentlt we purchased something for 7k. On the credit card. It's a visa. The item was the wrong one for our needs. We took it back next day they processed a refund. All fine.

We went to another store and bought something similar that was the right one. We used our amex because they accepted it.

However the refund came through the day after statement issued.

So our visa is now zero balance but according the bank refunds are not classified as payments. So we have to still make 7k payment. But then our account will be 7k in credit and we can't do a cash advance off it.

Meanwhile we have to pay the Amex off as well.

So now we have to come up with $14k cash.

Surely there is a way around this.

Financial

Comments

  • grimace3 on 22/03/2017 - 20:23
    +1

    I wouldn't worry about making the payment, if your balance is perfect now then all is fine.

    What bank is this with?

  • justjack on 22/03/2017 - 20:26
    +3

    I had something similar happen with amex they said not to make the minimum payment, but easiest way is to call with the bank and ask.

  • DarkOz on 22/03/2017 - 20:31
    +2

    You don't need to make a full repayment of 7k back into your Visa. The usual minimum repayment is 2% and it's due about 3 weeks after the statement. By the time the 2% repayment is due the $7k refund should top your Visa back up. Nothing to worry about.

  • bluesky on 22/03/2017 - 20:35

    Have you rang them up and check? If the balance is zero, surely there won't be any need to make a payment.
    Even if technically-speaking you have to make some payment, if you speak with custsupport, they may be able to grant you an exception. And if they have it noted in your file, if the system later applies any interest automatically, you can call and have them waive it.

  • blonky on 22/03/2017 - 21:08
    +2

    I had the same issue with my amex - I was hit with interest charges.
    I call them right away and they waived them

  • hashtagbargain on 22/03/2017 - 21:09

    What sort of bank is this?!

  • Natt on 22/03/2017 - 21:23

    the 7k refund should count as a payment, since it's after the statement date. So you should not need to pay more.

    • Settero on 22/03/2017 - 21:30

      it dose not count as a payment. the issue here is that op is claiming he only had that one charge on the account, if so , he has no payment to make if he makes no further purchases.

      • timetoquit on 23/03/2017 - 16:57

        ime. It wont count as a payment however with Amex cards issued directly from Amex refunds do count as a payment. Every other bank ive got cards with have never included refunds as a payment.

        As someone suggested Id either pay the minimum required to avoid any interest and loss of your xx interest free days and residual interest that comes along with it or prepared to make the call!

  • Peck on 22/03/2017 - 23:12

    Go to your account online. It will show available credit. $7K plus once that has been credited.

  • redforever on 23/03/2017 - 10:20
    +1

    To be on the safe side, i would probably pay the minimum payment amount shown on the statement. Shouldn't be mich and you should be able to use up in no time. However, if you have other purchases on the card on the same statement, make sure you pay the whole statement amount minus the $7000.

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