Ask Your Credit Card to Cut Your Big Refund Check
It’s time to get your money back. If you bought tickets for a trip or events taking place this year, chances are good that you will get at least some of the money back.
If you’ve used a credit card to make these purchases, getting your money back can be a little more difficult than opening a debit account to see your funds magically returned.
If you have a credit card balance, a refund is a pleasant surprise. A refund will erase a purchase that has languished there, waiting for you to pay, get a refund from your employer, or for any other reason. Your balance is shrinking and you are happy.
But what if your card balance is already zero?
I didn’t think about it until an international trip that I had been planning for several months was canceled by the pandemic. I had to choose if I want a travel loan or a refund, and I chose the latter because … well, have you been looking outside lately? It’s not over yet. So on any given day, that sizable refund will go to my account – an account that luckily already sits blissfully at zero.
A $ 50 or $ 100 refund can be quickly set aside for recurring purchases to be credited to my credit card within a month. But money for a trip abroad? Yes, I want to deposit this money in my bank account so that it doesn’t stay on my credit card.
If this situation sounds familiar to you, it’s time to contact your credit card issuer. Because unless you directly ask for a refund, the Eligibility Law says that card issuers have up to six months to make a “good faith effort” to recover your overpayment or negative balance.
If you request a refund, they must respond within seven business days. Technically, this timeline is for written inquiries. But you probably don’t need to send a formal request to your credit card company. Most likely, a simple phone call will do.
To expedite your refund, call the number on the back of your card and ask for a refund. You can also do this online through the secure messaging service of your card issuer. All you have to do is request a refund on your credit balance.
After your request is approved, it remains only to track all the documents that you receive, confirming your return and awaiting the arrival of mail. When the check arrives in a week or two, deposit it into your checking account – or better yet, your savings account – and enjoy your “extra” cash.