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Post Info TOPIC: Credit card question
wetbandit42


Marc Jacobs

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Credit card question
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This is a totally stupid question which I should know the answer to, but I don't.

Let's say I just recently spent $300 on clothing, but decided I liked none of it. I also put it on my credit card. I'm planning to return it by next week.

Here's the dumb question: I have to pay the $300 bill, right (because they don't give an immediate credit like they do if I had used a debit card), but then once I pay it, I'll have a $300 credit to spend and not have to pay the credit card company if I spend up to $300? Because I've already paid? So, what happens if I don't spend the credit? Do they eventually send you a check for the $300?

Sorry, I know it's a dumb question, but I don't know how to word it, and I definitely don't know (but should!) the answer.

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Grace


BCBG

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Couldn't you just pay the minimum balance?

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wetbandit42


Marc Jacobs

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But then I'd owe even more, right? It's not a problem in that I can't pay the bill in full (I can), I just don't know what happens once you pay the bill and have this big credit on your card. I ask because it's not a card I usually use. I was just wondering if you never spend the credit what they do. I assume they send you a check, right? How long does that usually take?

Sorry, I know I sound dumb, but my dad always pays my cc bills (except this one) so I'm not very knowledgable.

ETA: Or do I even have to pay the bill if I know I returned it? My roommate said if I return all of it then I shouldn't pay the bill. Is that true?

-- Edited by wetbandit42 at 22:24, 2008-08-27

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Know first, who you are; and then adorn yourself accordingly. - Epictetus
Miss Mabel


Kenneth Cole

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It depends on the billing cycle for your credit card. If your bill "cycles" before the credit appears on your card, and you paid the full amount due, then you could end up with a credit on your card. The best thing to do is pay nothing, assuming the credit will go on before your bill will come due. You will not pay interest on the charge until it's been on your account for (usually) 18 days or more (in my understanding).

To make a long story short: call your credit card company and find out when your bill cycles, then decide what to do.

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wetbandit42


Marc Jacobs

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Thanks ladies! I'll call my cc company.

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Know first, who you are; and then adorn yourself accordingly. - Epictetus
HeatherLynn


Gucci

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CC will typically mail you a check for your credit if you would like.

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Cortney1982


Chanel

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Don't pay anything.  The same thing happened to me once were the billing cycle closed before I returned the item and it was fine. 

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