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Thread: Does a credit card refund count towards your monthly payment

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    Does a credit card refund count towards your monthly payment

    Last month I bought something for about $400 and it has appeared on my current Credit Card bill. Tomorrow however, the item is being returned to the store and it will appear on my next month's credit card bill. Do I still have to make "payment" for that $400 from last month, or will this $400 refund count as that "payment" in the sense that by next month it will be balanced if I just let the refund go through!

    Thanks!!

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    NOOO!!! don't make that mistake! lol, a merchant refund or credit will NOT count as a pmt unless the merchant went to the bank with ur credit card # and gave them money. which i highly doubt.

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    Was your credit card balance zero until you made the $400 purchase? If so, I would not make the payment unless you plan to charge other items in the near future. Otherwise when your refund is processed, your payment will remain on your statement as a credit amount. The money will just sit there until the next time you use your card.

    If you had an existing credit card balance prior to making the $400 purchase, you must make at least the minimum monthly payment as requested. The credit card companies don't know or care about your potential future refunds.

    Note: Depending on when you made the purchase, and when the refund is processed relative to the payment grace period, interest on the $400 may still be owing.

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    Understood!! Thanks guys!!

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    Listen to this dilemma.

    I purchased $500 worth of credit on a gambling site. I cashed out $5000. They are going to credit my CC with $5k. My limit is $5000 and my current balance owing me $500. LOL. I guess I can cash advance it?

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    Quote Originally Posted by rvi5
    Was your credit card balance zero until you made the $400 purchase? If so, I would not make the payment unless you plan to charge other items in the near future.
    Wrong wrong wrong. Always make the minimum payment owing, refund or not. If you don't it will count as a payment not made. The banks don't give a crap about refunds or not, if you used your credit card to make a purchase and it was posted on a statement, you owe the minimum balance whether you get a refund or not.
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    i would just pay the total owing according to the stmt. The $400 will probably get credit to next month's statement.

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    Ok so basically..unless the $400 credit were to result in a 0 balance on the credit card, just pay everything up to whatever will leave a $400 balance on the card (since I pay my bills in full).

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    Quote Originally Posted by WorldIRC
    Ok so basically..unless the $400 credit were to result in a 0 balance on the credit card, just pay everything up to whatever will leave a $400 balance on the card (since I pay my bills in full).
    Unless the purchase and refund were done on the same statement (statement would show $0 total owing), then yes, pay at a minimum the minimum due. Then if a refund is done on the next statement, you will have a credit on your account.

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    Just make the payment. Chances are you're going to charge something else to that credit card anyways, and the $400 credit will offset whatever you charge next month (actually, this month).

    If you don't use that card again, wait till the credit shows up on your statement and call the card company and have them send you a check.

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    Quote Originally Posted by Abom
    Wrong wrong wrong. Always make the minimum payment owing, refund or not. If you don't it will count as a payment not made. The banks don't give a crap about refunds or not, if you used your credit card to make a purchase and it was posted on a statement, you owe the minimum balance whether you get a refund or not.
    Why not just pay the full ammount indicated on the bill? you have a month to come up with that money, it seems pretty reasonable to many of us. I cold never understand why people only make "minimum" payments
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    I pay in full...no worries..I don't believe in paying that interest rate to the banks when my dad will charge me half

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    Quote Originally Posted by Paolo
    Why not just pay the full ammount indicated on the bill? you have a month to come up with that money, it seems pretty reasonable to many of us. I cold never understand why people only make "minimum" payments
    Well that depends how much debt you're carrying, how much money you make, etc. While it certainly doesn't apply to many of us, a HIGH percentage of people out there are carrying debt they would NEVER be able to pay off with all the money they made in an entire year !

    My point was more that the OP make at least the minimum to maintain good credit rating.

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    Quote Originally Posted by WorldIRC
    Ok so basically..unless the $400 credit were to result in a 0 balance on the credit card, just pay everything up to whatever will leave a $400 balance on the card (since I pay my bills in full).
    just pay what your credit card statement (at the end of the month) asks u to. If the amount is $800 with or without the credit, then pay $800, not $400, not anything else if you intend to pay in full. The $400 credit will apply at your next month's stmt.

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    Quote Originally Posted by Paolo
    Why not just pay the full ammount indicated on the bill? you have a month to come up with that money, it seems pretty reasonable to many of us. I cold never understand why people only make "minimum" payments
    thats what i m saying too...

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