Click here for more details. When you overpay your credit card bill, it remains in your credit card account which can be used for future purchases. However, if you want to claim a refund, you will have request it in form of writing or contact the customer care over phone for refunding.
If you have accidently overpaid a huge amount, it could raise suspicions of fraud, hence be cautious of how much you pay back on your credit card bill. CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website.
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Home Community Forum What happens when you overpay your credit card bill? What happens when you overpay your credit card bill? If that happens, there may not be much you can do about it; you can reach out to your credit card company about it and explain the situation, but they usually consider timely payments your own responsibility.
Kind of. If you do tend to run a high balance and are unhappy with your interest rate, consider one of the best balance transfer credit cards. Not necessarily, but your credit card company might be. If your card was locked, be sure to contact your credit card company ASAP. Can you pay more than your credit balance? Sign in. Log into your account. Overpaying a credit card typically occurs due to one of the following reasons:.
When you receive a refund for a purchase you paid with your credit card, the refunded amount goes back on the card. That can lead to an overpayment if you've already paid off the purchase. The purchase doesn't work out, so you get a refund on the 20th. It's possible to send in duplicate manual payments on your credit card. If you're wondering how anyone could make this mistake, the reason is the lag time between when you send a payment and when it processes. Credit card payments can take a few days to process.
During that processing time, your online account may not reflect the payment. If you send in a payment on the 1st and check your account again on the 2nd, the balance could look the same.
For those of us who are forgetful at times, it's easy to mistakenly send in a duplicate payment this way. One way to avoid this is to set up automatic payments, which are also a good way to ensure you don't miss a credit card payment. Another is to check your most recent payment confirmation emails before making any new manual payments. Automatic payments typically won't go through if you've already paid your credit card bill.
But once again, that lag time during payment processing could lead to an overpayment. If you make a manual payment a few days before an automatic payment is scheduled, the manual payment may not process in time to stop the automatic payment.
A mistake on a payment amount can happen whether you pay your bill online or by check. When you pay a credit card bill online, you have the option to enter a custom payment amount. If you go that route and enter more than your card's balance, either by mistake or because you don't completely understand your credit card statement , then you'll overpay your bill.
Your two best options after overpaying a credit card are to use the credit balance or request a refund. If it's not a large overpayment, then you may just want to use it by continuing to make purchases with the card.
This is the easiest option, and it works well with credit cards that you use often. If you overpaid by quite a bit or you don't use the card much, you should request a refund. You can do so by calling the number on the back of your credit card.
The card issuer will either issue a refund to the payment account or send you a check. This shouldn't take longer than seven to 10 business days, and it's often done much more quickly. If you have a negative balance on your card account, the law says you can ask for a refund of the excess money SHARE: Tweet. Advertiser Disclosure. Summary What if you find that you have accidentally overpaid your credit card bill? Editorial Disclaimer The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars.
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