Bdubs737 t1_jbofg13 wrote
Reply to comment by Range-Shoddy in Lasell University Student Steals $547,000 in Credit Card Scam by mass1080
Just So I understand, some places you can return something you bought w/ cash or another card and they will refund it back to a different card? What if your cc has a 15K limit? How do you return a 20K purchase to 15k limit card? I was under the impression the article messed up, as apparently no one proof reads anymore, and meant to say debit card.
SwitchARoux t1_jbokd5b wrote
It's possible. I used a cc to pay for a cruise that was eventually refunded because of COVID. By that time I had paid off the card completely, so I just had a -$1300 balance (basically a credit to spend).
cyanclam t1_jboosbf wrote
While paying 18.9% interest back to you, right?
TAoie83 t1_jboyb61 wrote
Creditors hate this one trick
theknyte t1_jbr2mj8 wrote
>While paying 18.9% interest back to you, right?
Damn, that should be a law! Like how when you put power back into the grid via solar or such, and the power company has to pay you at the same rate they charge you for it.
If your Credit Card is in negative balance, then the credit card company should legally have to pay the same interest they charge on it.
Edit: After further reflection, they'd just probably cut you a check the second your account hits negative. Wishful thinking though.
AffectionateAd6009 t1_jbtb83t wrote
They do cut a check. I got a 20 cent check for having. -.20 balance š
Bdubs737 t1_jbr8q1i wrote
Thats a great idea. You know the govt would never let that hapoen cause of how much money their lobby gives them.
[deleted] t1_jbosld5 wrote
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GTdspDude t1_jbpi9ze wrote
Well keep in mind in the scenario you described, if the 15k limit card had zero balance, the 20k refund would take it to -20k balance and now you have a 35k limit card. The negative balance is a thing any CC will allow, as itās basically you giving them an interest free loan
Boofaholic_Supreme t1_jbsqsbn wrote
Whatās absolutely insane is in ~2018 I pre-paid $1000 to a Bank of America credit card with a $2500 limit and no outstanding balance. Tried buying a $3K trip, wouldnāt go through because it was larger than my credit limitā¦ phone call was no help and there was no way to spend over $2500 until the payment processed. I had to borrow money to put on another card to make it work, even though I already had the money on the card
GTdspDude t1_jbt9uhq wrote
Wow thatās nuts, too bad the vendor couldnāt break the transaction in 2 for you
Boofaholic_Supreme t1_jbtggye wrote
Thankfully the travel site did! Only had to borrow ~$500. BoA was completely inflexible
GTdspDude t1_jbtgnvf wrote
Oh wow so you couldnāt run the card 2x (edit: or rather Iām surprised that failed)? I was thinking I could see how theyād block one large transaction over the limit, but 2 transactions below the limit and a balance below limit might go through.
Boofaholic_Supreme t1_jbtk93x wrote
It was one of those experiences that left me feeling like I was in the Twilight Zone. Iām guessing at that time (early 2017 now that i think of it) while the $3K transaction was being attempted, BoA calculated my available credit as $credit limit minus the $ iād charged and not paid, but the charged amount couldnt be negative. The $1K prepayment was completely cleared and on the app said -$1000 balance and once the $2500 transaction owed balance was the correct $1500 with $1000 left to spend. It just took a couple days post-transaction. Too long to wait hence borrowing and using another card for the remainder. It just seemed to be a really stupid feature during the authorization &/or processing end of things.
The conversations with BOAās employees were what really left me scratching my head and doubting reality but I no longer remember many details of them. It was a lot of āthatās another department,ā among whatever else.
GTdspDude t1_jbtof87 wrote
Yeah that sounds miserable, but Iām sure those employees also likely had nothing useful they could do for you as I imagine you stumbled into a series of SW if/then loops that took you down this bad path.
This is one reason why (if you have self control) itās useful to increase credit limits (another being keeping utilization %ās low) - often times people ask āwhy bother, I donāt need itā.
Edit: not as a commentary on you by the way, just general observation - your situation Iād just log as unfortunate
[deleted] t1_jbr0q0n wrote
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BrandonNeider t1_jbt000p wrote
Negative balances are possible. Iāve had it prior with my Amex
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