What happens if you overpay your credit card

If you have a credit balance and want the money back, you can make a written request of your credit card company for a refund. Requesting a refund could be a good option if you need the credit balance back in order to pay other bills. And if you do overpay, you have options. Government and private relief efforts vary by location and may have changed since this article was published.

Consult a financial adviser or the relevant government agencies and private lenders for the most current information. We hope you found this helpful. Our content is not intended to provide legal, investment or financial advice or to indicate that a particular Capital One product or service is available or right for you.

For specific advice about your unique circumstances, consider talking with a qualified professional. Can You Overpay a Credit Card? What it means to overpay your credit card and what you can do about it.

Here are a couple of ways you might end up overpaying your credit card account. Making Manual Payments Manual payments give you the flexibility to pay what you want, when you want. Generally, your overpayment will appear as a credit in the form of a negative balance on your account.

This negative balance will roll over towards any new charges you make or outstanding balances for the next month. But if you continue making purchases with your card like normal, your overpayment should be resolved without any further action.

If you would prefer to have your money returned by your issuer, you can make a written request for a refund. Some issuers also allow refund requests by phone or through your online account. Federal regulation requires creditors to follow up within seven business days of receiving the request. Your refund may come in the form of cash, check, money order or direct deposit to a registered bank account.

One way to avoid overpaying in the future is by enabling autopay on your credit card bill. This feature will set up an automatic payment from an account of your choice to pay your bill. Also, remember to check your account balance and payment schedule regularly. Staying aware of your account activity can help you avoid overpaying if you plan to make an extra payment during a billing cycle and reduce the risk of late or missed payments.

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