Expecting a Large Refund for a Credit Card Purchase? You Can Ask for a Check Instead
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Want a refund for a credit card buy? It’s probably reasonable given the rate of cancellations lately. You will have your money in no time, whether it’s just a small refund for a concert ticket or much larger amount for a cancelled trip.
However I think that being refunded is not such an exciting idea especially if you are using your credit card responsibly and do not have balance. Most times refunds go back to your credit card which is perfect if you owe some debt. But what does it mean for someone who already has zero balance?
A negative balance on your credit card doesn’t help when you need your basic needs like rent or food. If more than $1,000 is returned to you, request this amount be paid by cheque from your credit card company.
Yes They Can Send A Check
Under Truth in Lending Act, customers can ask their credit card issuer to issue them with refund where big one causes negative balance. Just get in touch with the customer service of your credit card provider requesting that they send you back the negative cash by check as well as request them to give written response within seven days.
Just dialing the toll-free number at the back of your cards or checking for this feature on-line are simple steps to follow. After making request for it, then cheque shall reach you through ordinary mail. Use it when things are okay again, pay off emergency expenses or hold it towards future objectives.
What To Consider
This process becomes extremely important where there is huge refund involved. Frequent use of your plastic money on small items may consume all your available limits very fast. Nevertheless higher amounts might be more convenient in hands rather than those ones taken up by the financier who issued this debt instrument to numerous people.
One exception: sometimes having a negative balance on a reward type of plastic can actually earn rewards that far exceed interest rates earned on savings accounts or CDs; until such time as all charges have been used and the amount is back to zero.
Senior Writer • Business and Information Trends Writer
Lucas writes long-form, investigative articles that explore the deeper implications of business and information advancements.
