Acredit balance refundoccurs when there is an excess amount of funds in your Bank of America account. This can happen for a variety of reasons, such as overpaying your credit card bill, receiving a refund for a returned purchase, or having a payment credited to your account that exceeds yo...
What is a negative credit card balance? If your balance is a negative number, the credit card company owes you money. This can happen if you get a refund for a purchase or if the credit card company applies a statement credit, such ascash backfrom a rewards program, to your account. ...
If you return an item purchased on your credit card, the merchant will issue a refund to your account. This amount is also reflected in your credit card balance. The length of time for a refund to be generated depends on the retailer and the type of purchase but it generally takes anywhe...
What is a balance transfer credit card? Key Points: Your credit card balance is what you owe your credit card company at any given time, excluding pending charges. Your statement balance is the amount you owe at the close of your billing cycle and may differ from your current balance. You...
What if I have a negative balance? Anegative balanceon your credit card statement indicates that your card issuer owes you money. For example, this can happen after returning an item that results in a refund, overpaying your balance or receiving cash back as a statement credit from acash ba...
You ask for a refund, and you get a statement credit. Since you'd already paid for the oven on your bill, you end up with a negative balance. You got a statement credit. If you have a credit card that offers a reward or a sign-up bonus as a statement credit, this can create ...
While credit monitoring is a great tool to spot potential signs of fraud, it's not a holistic approach to preventing identity theft or unauthorized transactions. When you sign up for credit monitoring, you'll receive alerts and resources to help you identify and protect against possible theft, ...
Getting a refund from a merchant is another way you might end up with a negative balance. If you pay off your balance before getting a refund or if the refund is more than your current balance, that refund will result in a negative balance. ...
You won’t need to make a credit card payment unless the amount of your purchases is greater than your credit balance. Get a refund. Some issuers will deposit the negative balance amount into a bank account or send cash, a check or a money order. Ask the issuer about your options. ...
If you have a credit card, odds are you've received a statement credit. Here's an explanation of what a statement credit is and why you may receive one.