How to withdraw a positive credit card balance ($2600)?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
CULater
Posts: 253
Joined: Sun Nov 13, 2016 10:59 am

How to withdraw a positive credit card balance ($2600)?

Postby CULater » Thu Apr 20, 2017 5:28 pm

I just got a large refund ($2600) to my credit card, which was previously paid off. Now I have that amount as a large surplus on that credit card. I don't use it that often and would like to figure out how I can withdraw/transfer that credit card balance without incurring a fee (such as for a cash advance). So, far I've not been able to find anything via google or talking to the bank. I know that Bogleheads are clever and wouldn't be surprised if somebody knows a trick for doing this.

Soon2BXProgrammer
Posts: 232
Joined: Mon Nov 24, 2014 11:30 pm

Re: How to withdraw a positive credit card balance ($2600)?

Postby Soon2BXProgrammer » Thu Apr 20, 2017 5:32 pm

if the credit card company wont cut you a check... you could always close your credit card... i bet that would do it..


if you don't want to do that.. you could buy discounted $500 visa gift cards..

http://www.doctorofcredit.com/safewayvo ... limit-1-2/

you might ask why? you then go to wall mart and buy yourself a money order payable to yourself....

User avatar
White Coat Investor
Posts: 12703
Joined: Fri Mar 02, 2007 9:11 pm
Location: Greatest Snow On Earth

Re: How to withdraw a positive credit card balance ($2600)?

Postby White Coat Investor » Thu Apr 20, 2017 5:33 pm

Why not just use that card for your monthly spending the next month or two?
1) Invest you must 2) Time is your friend 3) Impulse is your enemy | 4) Basic arithmetic works 5) Stick to simplicity 6) Stay the course

heater
Posts: 40
Joined: Thu Jan 01, 2009 5:13 pm

Re: How to withdraw a positive credit card balance ($2600)?

Postby heater » Thu Apr 20, 2017 5:38 pm

Call them and they should cut a check and mail it to you. should be simple.

Silk McCue
Posts: 275
Joined: Thu Feb 25, 2016 7:11 pm

Re: How to withdraw a positive credit card balance ($2600)?

Postby Silk McCue » Thu Apr 20, 2017 5:39 pm

The CC company should cut you a check upon your request. If you could drain the balance with normal purchases (not extra purchases just to make it happen) in a couple of months you might not bother.

lakpr
Posts: 200
Joined: Fri Mar 18, 2011 9:59 am

Re: How to withdraw a positive credit card balance ($2600)?

Postby lakpr » Thu Apr 20, 2017 5:44 pm

It's been my experience that if you leave surplus balance on your credit card for more than 2 billing cycles, at the close of second billing cycle the card company sends a check to your home.

It caught me a couple of times in surprise as I was expecting that the surplus balance on my card would be decreased continuously by my monthly spending -- instead I had to cash the credit card company's check, then pay the credit card bill again from those funds.

Some credit card companies will issue direct deposit to your bank account if you request. Citi did so for me. If your credit card company is a credit union, you can ask the surplus to be deposited to your checking/savings account you hold with them. Then there's the Plastiq route to pay large bills such as your rent or mortgage or property taxes or insurance bill etc. for a 2.5% fee.

CULater
Posts: 253
Joined: Sun Nov 13, 2016 10:59 am

Re: How to withdraw a positive credit card balance ($2600)?

Postby CULater » Thu Apr 20, 2017 5:46 pm

White Coat Investor wrote:Why not just use that card for your monthly spending the next month or two?

Main reason is that I get 1% cash back on this card, but 2% on another card and prefer to use that card. You know 1% of $2600 is $26! The Boglehead Way.

michaeljc70
Posts: 1548
Joined: Thu Oct 15, 2015 3:53 pm

Re: How to withdraw a positive credit card balance ($2600)?

Postby michaeljc70 » Thu Apr 20, 2017 6:05 pm

I had a few hundred $$$ balance on a Chase card due to a refund. I noticed it after a couple months and started to use that card to use the balance. In the meantime, I got a refund check in the mail. All credit card companies will send them. The timing varies, but they don't want to carry it as a liability on their books. My guess is, after 3 statements with no change most will send a check.

As others said, calling could expedite it. Couldn't you just use the card for purchases?

lack_ey
Posts: 5416
Joined: Wed Nov 19, 2014 11:55 pm

Re: How to withdraw a positive credit card balance ($2600)?

Postby lack_ey » Thu Apr 20, 2017 6:17 pm

I've had smaller amounts before as a credit ($100ish and then $5 or so), once in a similar situation and another time because I pushed a bill pay from my bank to the wrong credit card ( :oops: ). Just call and ask for a check for the balance.

rgs92
Posts: 1217
Joined: Mon Mar 02, 2009 8:00 pm

Re: How to withdraw a positive credit card balance ($2600)?

Postby rgs92 » Thu Apr 20, 2017 7:31 pm

$26?.

User avatar
JoMoney
Posts: 4197
Joined: Tue Jul 23, 2013 5:31 am

Re: How to withdraw a positive credit card balance ($2600)?

Postby JoMoney » Thu Apr 20, 2017 7:46 pm

"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham


Return to “Personal Finance (Not Investing)”

Who is online

Users browsing this forum: aqan, auntie, Carefreeap, Crustus, Former Usher, hand, mlebuf, OnTrack2020, Yahoo [Bot] and 96 guests