Credit Card question
About 6 months ago I made a $2900 purchase. It was above my debit card limit so I put it on my CC and then paid it off 8 days later. Well the purchased item did not work out and a couple of months ago the money was refunded to my CC account that I used for the purchase. Since I hardly ever use the card the money has remained in the CC account as a balance. My question is: how do I transfer the money from the CC account back to my bank account?
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Call the credit card company, they will walk you through the process.
Joe
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What those guys said. Or if your credit cards gives rewards, leave it there and use it for your bills or consumer purchases. Probably the rewards are bigger than any interest you could earn in the bank. Bob
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My opinion for what it's worth is leave the balance credit on your CC then use the credit card like you would normally use your debit card plus it's safer than using your debit card and has built in safeguards.
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Do not use a debit card.. that is your money being spent and if someone hacks it ..well the bank won't back the transactions... however a CC is different. That is the banks money they are loaning you till you pay it back. Someone hacks that you have a recourse. So your question of transferring the CC money is simple.. tell the bank or CC company to cancel the transaction.
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Wells Fargo will likely do just that, but in the meantime the money has been removed from your account. Far safer to use a CC (and pay off the balance each month) than to use a debit card. Plus, CCs often have better loyalty programs (e.g., Citi's 2% cash back) that help sweeten the deal.
clays: CC company will issue a check refund if you get ahold of them. No sense letting them keep your $2900 while things play out.
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Most will not allow you to leave a positive balance on the books for long and will simply cut you a check
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Agree with all the above. Have had trips cancelled twice in recent years, leaving huge positive balances on a CC. Treated it as a "checking" account until the balance was gone in one case, and on the larger one, the CC company sent us a check. You'll get no interest on a positive balance, however, no matter how steep they'd charge you if you owed them.
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I can't figure out why anybody would use a debit card went you can find credit cards that 'pay' you to use them. I have 1 card that 'pays' me 5% back on gas, another that 'pays' 5% on travel. both 'pay' 1% to 3% on everthing else. of coarse you have to pay the balence due every month.
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I would not use a debt card. I get a lot of free stuff from amazon due to one card. My bank card owes me over $1000.00 cash back right now. Just be sure to pay them off every month.
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