sizeable negative balaance on credit card--how to access?

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baw703916
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sizeable negative balaance on credit card--how to access?

Post by baw703916 » Wed Dec 10, 2014 10:24 pm

I ended up with a negative balance on my credit card--I had paid a charge which was later credited back. Now I have a negative balance on the card which is probably equal to 2-3 months of what I typically charge on it.

So, I'd prefer not to just have the money sitting on the card, but is there any good way to access it? it appears that I can make a deposit to an account, but there's a 4% transaction fee, which sucks. Any ideas for a Boglehead way of dealing with this?
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DiMAn0684
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Re: sizeable negative balaance on credit card--how to access

Post by DiMAn0684 » Wed Dec 10, 2014 10:27 pm

Earlier this year Bluebird accidentally sent a check to Citi instead of AMEX, which resulted in a big overpayment on my Citi account. Called Citi, asked to send me the check for the account balance, received the check in the mail within a week.

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cheese_breath
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Re: sizeable negative balaance on credit card--how to access

Post by cheese_breath » Wed Dec 10, 2014 10:32 pm

Keep using the credit card until you use up the balance. Judging from your original post you should use it up in 2-3 months.

Now I'm waiting to hear the excuses why this isn't reasonable.
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baw703916
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Re: sizeable negative balaance on credit card--how to access

Post by baw703916 » Wed Dec 10, 2014 10:37 pm

cheese_breath wrote:Keep using the credit card until you use up the balance. Judging from your original post you should use it up in 2-3 months.

Now I'm waiting to hear the excuses why this isn't reasonable.
Do you habitually pay your credit card 3 months in advance?
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Ketawa
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Re: sizeable negative balaance on credit card--how to access

Post by Ketawa » Wed Dec 10, 2014 10:42 pm

What bank is it? Maybe you should call them to ask their policy. I had a small negative balance on a Barclays card, let it sit for a month, and they automatically sent me a check after my next statement closed.

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cheese_breath
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Re: sizeable negative balaance on credit card--how to access

Post by cheese_breath » Wed Dec 10, 2014 10:55 pm

baw703916 wrote:
cheese_breath wrote:Keep using the credit card until you use up the balance. Judging from your original post you should use it up in 2-3 months.

Now I'm waiting to hear the excuses why this isn't reasonable.
Do you habitually pay your credit card 3 months in advance?
Thanks for the first excuse. OK, how much are we talking about, and what would you do with it if you had the cash in hand? Unless you know some great 3 month investment for it, paying 3 months in advance isn't that big a deal and probably a lot less hassle.

ps: Habitually and one-time aren't synonyms.
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dm200
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Re: sizeable negative balaance on credit card--how to access

Post by dm200 » Wed Dec 10, 2014 11:00 pm

I believe you can get that amount refunded to you, especially since it is a significant amount. I suggest making such a request to the card company.

livesoft
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Re: sizeable negative balaance on credit card--how to access

Post by livesoft » Wed Dec 10, 2014 11:12 pm

Call them up and have them mail you a check. A few years ago in order to get the 0% interest no-fee offer from USAA I had to transfer a balance to (from?) another card, so I transferred the entire USAA card credit limit to another card even though that non-USAA card had no outstanding balance. Then I had that other card send me a check. In fact, the CSR on the phone said, "Oh, I see you have a huge credit. Do you want us to send you a check for that?" before I could request the check.
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baw703916
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Re: sizeable negative balaance on credit card--how to access

Post by baw703916 » Wed Dec 10, 2014 11:14 pm

Thanks for the suggestions, I'll contact the bank.
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batpot
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Re: sizeable negative balaance on credit card--how to access

Post by batpot » Thu Dec 11, 2014 1:49 pm

I was able to avoid this problem in advance by calling Capital One, and asking them to reduce the amount owed by the amount of the credit.
Worked fine; no negative balance, no penalty, and no interest paid.
Took all of about 5 minutes.

Just FYI if it happens in the future.

icefr
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Re: sizeable negative balaance on credit card--how to access

Post by icefr » Thu Dec 11, 2014 8:25 pm

I had this issue once. I called the bank and they did an ACH credit to the account that I use to make payments on the account. Worked out great!

miles monroe
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Re: sizeable negative balaance on credit card--how to access

Post by miles monroe » Thu Dec 11, 2014 8:36 pm

i don't write checks (or ach debits when possible) for recurring bills with pennies in the amount. i round up to the next dollar. i'v e had 2 credit card companies handle this weirdly.

one bank after carrying the small negative balance (less than a dollar) for 3 or so months wrote me a check out of blue for the amount. twice.

the other bank, also twice, has made an adjustment to take away my small balance. each time i call them up and "ask for the money they stole from me." the csr knew exactly what i was talking about. this is the rei branded visa from us bank.

to answer your question, if i was in your situation i'd just let the credit balance ride and work itself out over the 3 months. if that is unacceptable, just give them a call. they'll send you a check or ach back to the account.

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backpacker
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Re: sizeable negative balaance on credit card--how to access

Post by backpacker » Thu Dec 11, 2014 8:50 pm

baw703916 wrote:Thanks for the suggestions, I'll contact the bank.
That's what you want to do. Whenever this has happened, the bank has been willing to send me a check or transfer the credit to another card.

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Re: sizeable negative balaance on credit card--how to access

Post by vkfu » Fri Dec 12, 2014 2:34 pm

miles monroe wrote:the other bank, also twice, has made an adjustment to take away my small balance. each time i call them up and "ask for the money they stole from me." the csr knew exactly what i was talking about. this is the rei branded visa from us bank.
I had this happen with my US Bank REI Visa as well. Those jerks!

mhalley
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Re: sizeable negative balaance on credit card--how to access

Post by mhalley » Fri Dec 12, 2014 8:44 pm

I have had this happen a couple of times. If you don't charge up the negative balance they will eventually cut you a check. I am sure if you call them they would do it sooner.
Mike

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avenger
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Re: sizeable negative balaance on credit card--how to access

Post by avenger » Tue Dec 16, 2014 6:58 am

miles monroe wrote:i don't write checks (or ach debits when possible) for recurring bills with pennies in the amount. i round up to the next dollar. i'v e had 2 credit card companies handle this weirdly.

one bank after carrying the small negative balance (less than a dollar) for 3 or so months wrote me a check out of blue for the amount. twice.

the other bank, also twice, has made an adjustment to take away my small balance. each time i call them up and "ask for the money they stole from me." the csr knew exactly what i was talking about. this is the rei branded visa from us bank.

to answer your question, if i was in your situation i'd just let the credit balance ride and work itself out over the 3 months. if that is unacceptable, just give them a call. they'll send you a check or ach back to the account.
This sounds like a problem of your own making.
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Re: sizeable negative balaance on credit card--how to access

Post by magazinewriter » Tue Dec 16, 2014 7:50 am

mhalley wrote:I have had this happen a couple of times. If you don't charge up the negative balance they will eventually cut you a check. I am sure if you call them they would do it sooner.
Mike
This is what recently happened to me. I had a credit for about two months because I was using another card to qualify for a bonus. The first card, Capital One, automatically sent me a check for the credit. I was surprised.

jghassell
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Re: sizeable negative balaance on credit card--how to access

Post by jghassell » Tue Dec 16, 2014 9:09 am

avenger wrote:
miles monroe wrote:i don't write checks (or ach debits when possible) for recurring bills with pennies in the amount. i round up to the next dollar. i'v e had 2 credit card companies handle this weirdly.

one bank after carrying the small negative balance (less than a dollar) for 3 or so months wrote me a check out of blue for the amount. twice.

the other bank, also twice, has made an adjustment to take away my small balance. each time i call them up and "ask for the money they stole from me." the csr knew exactly what i was talking about. this is the rei branded visa from us bank.

to answer your question, if i was in your situation i'd just let the credit balance ride and work itself out over the 3 months. if that is unacceptable, just give them a call. they'll send you a check or ach back to the account.
This sounds like a problem of your own making.
+1
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placeholder
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Re: sizeable negative balaance on credit card--how to access

Post by placeholder » Tue Dec 16, 2014 10:42 am

The thing is with these specific problems is that it would be about the same amount of effort to contact the CC company directly then you'd have the precise answer for your situation rather than generalities or anecdotes about other similar situations that might not apply to yours.

The Wizard
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Re: sizeable negative balaance on credit card--how to access

Post by The Wizard » Tue Dec 16, 2014 10:55 am

Why not just buy plane tickets for two to somewhere in Europe in 2015, on that CC of course.
That should be a couple thousand $$ at least. Fly business class if that's not enough to soak up the negative balance...
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therivler1
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Re: sizeable negative balaance on credit card--how to access

Post by therivler1 » Tue Dec 16, 2014 1:35 pm

call your credit card company. they can issue you a check.

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baw703916
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Re: sizeable negative balaance on credit card--how to access

Post by baw703916 » Tue Dec 16, 2014 2:45 pm

The Wizard wrote:Why not just buy plane tickets for two to somewhere in Europe in 2015, on that CC of course.
That should be a couple thousand $$ at least. Fly business class if that's not enough to soak up the negative balance...
Uh, because I don't like spending money?

The original snafu was for a business trip in which the hotel was mistakenly put on my card rather than my employer's.

Seriously, it makes me happier to have money than to spend it. I don't know why nobody seems to understand that.
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placeholder
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Re: sizeable negative balaance on credit card--how to access

Post by placeholder » Tue Dec 16, 2014 4:26 pm

baw703916 wrote:Seriously, it makes me happier to have money than to spend it. I don't know why nobody seems to understand that.
Oh I understand very well.

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Re: sizeable negative balaance on credit card--how to access

Post by hudson4351 » Tue Dec 16, 2014 6:16 pm

cheese_breath wrote:
baw703916 wrote:
cheese_breath wrote:Keep using the credit card until you use up the balance. Judging from your original post you should use it up in 2-3 months.

Now I'm waiting to hear the excuses why this isn't reasonable.
Do you habitually pay your credit card 3 months in advance?
Thanks for the first excuse. OK, how much are we talking about, and what would you do with it if you had the cash in hand? Unless you know some great 3 month investment for it, paying 3 months in advance isn't that big a deal and probably a lot less hassle.

ps: Habitually and one-time aren't synonyms.
I guess I don't understand the excuse here. Why not just use the card for all normal expenses, i.e. things you would have bought anyway? If you have 3 months worth of expenses in credit on the card, then after 3 months the credit will be reduced down to 0, and your problem will be solved. What does that have to do with paying a credit card 3 months in advance?

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Re: sizeable negative balaance on credit card--how to access

Post by Rodc » Tue Dec 16, 2014 8:19 pm

If I needed the money now I would ask for a check.

But that is unlikely to raise to the level of bother I would bother with. I would just use the card for a couple of months and the "problem" would just go away. Just not a big deal unless you are living pay check to pay check.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

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