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

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

Post by 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.
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

Soon2BXProgrammer
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Re: How to withdraw a positive credit card balance ($2600)?

Post by 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....

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

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

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

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

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

Post by 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.
May you have the hindsight to know where you've been, The foresight to know where you're going, And the insight to know when you've gone too far. ~ Irish Blessing

michaeljc70
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Re: How to withdraw a positive credit card balance ($2600)?

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

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

Post by rgs92 » Thu Apr 20, 2017 7:31 pm

$26?.

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

Post by 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

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