What happens if money is returned to a paid off credit card?

If a credit card refund results in a negative account balance, the issuer will either wire the money back to your checking account or send you a check. Alternatively, you could charge additional purchases to the card to bring the balance back up to zero or more.

What happens if you get refunded twice?

But this isn’t the case. When a credit card company refunds a customer, they claim the money back from the merchant’s account. In this scenario, they take back the money from the travel agent. If the agent refunds you after you’ve received a refund from your card, they’ve effectively refunded you twice.

Can I transfer money from credit card to debit?

You can transfer money from a credit card to a debit card if you have a credit card that permits this. Be aware that you need to check first whether you will be charged any fees for interest for making the credit card cash transfer.

What happens if you fail to make payments on a credit card?

If you fail to make payments on your credit card, the credit card company may declare your debt uncollectable. This is referred to as a credit card debt write-off (also called a credit card charge-off).

What happens when a credit card company writes off a debt?

Further, since you are still liable for the debt, it can sell it to a debt collector or continue its collection efforts against you. What Happens When a Creditor Writes Off a Debt? When a credit card company writes off a debt, it will typically sell it—usually for pennies on the dollar—to a collection agency or other debt collector.

What happens if you don’t pay off a credit card charge off?

If you choose not to pay the charge-off, it will continue to be listed as an outstanding debt on your credit report. As long as the charge-off remains unpaid, you may have trouble getting approved for credit cards, loans, and other credit-based services (like an apartment.

Can a credit card company declare a loss?

Even though the credit card issuer has declared a loss on your account, you’re still responsible for repaying the debt. The only exceptions are when you have the debt discharged in bankruptcy or the creditor cancels the debt for some reason.