
If you overpay your credit card by mistake, you have a number of options to make things right. You can contact the credit card company and ask them to hold your money. You can continue to make new charges until the amount of the overpayment is exhausted. Or you can request a refund check for the amount you overpaid.
Contact the Bank
As soon as you realize you have overpaid your credit card, contact the bank and ask for assistance. If the payment has not yet posted, you may be able to have the bank hold that pending payment until you can write and send a check for the proper amount. Use caution, however, because if your new check does not arrive in time you could end up paying interest and penalties.
Future Charges
If you do have an overpayment on your card, you can apply any future charges you make toward that amount. You can keep track of your dwindling credit balance as you make new charges, either by checking your balance over the telephone or logging on to your account online and reviewing the charges.
Refund Check
If you prefer, you can contact your credit card company and request a check for the credit balance. In some cases, the credit card company will automatically send you a refund check if you have a credit balance for more than a month or two. If you do not receive a check automatically, you can call the toll-free number on the back of your card and request that they issue one, less any additional charges you have made in the interim.
Use the Card
If you overpay your credit card and end up with a credit balance, you might want to use that card exclusively until you reduce and eventually eliminate that credit balance. When you overpay your credit card, you are essentially paying it in advance. Using only that card lets you use the overpayment amount without additional spending.
References
- Legal Match: Credit Balance
- Debt.org. "Revolving Credit: What It Is & How It Works." Accessed May 17, 2020.
- Federal Trade Commission. "Using a Credit Card." Accessed May 17, 2020.
- Experian. "What Are the Different Types of Credit Cards?" Accessed May 17, 2020.
- Experian. "What is a Good Credit Score?" Accessed May 17, 2020.
- Consumer Financial Protection Bureau. "How to Find the Best Credit Card." Accessed May 17, 2020.
- Experian. "What is a Cash Advance?" Accessed May 17, 2020.
- USA.gov. "Credit Cards." Accessed May 17, 2020.
- Experian. "How to Avoid Foreign Transaction Fees." May 17, 2020.
- Experian. "Balance Transfer Credit Cards." Accessed May 17, 2020.
- Experian. "What Is APR and How Does It Affect Me?" Accessed May 17, 2020.
- Experian. "What Is a Rewards Credit Card?" Accessed May 17, 2020.
- Experian. "Going Over the Limit on Your Credit Card." Accessed May 17, 2020.
- Experian. "Will Closing a Credit Card Hurt Your Credit?" Accessed May 17, 2020.
- Federal Trade Commission. "Protecting Against Credit Card Fraud." Accessed May 17, 2020.
Writer Bio
Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since 2003. Her work can be seen on Credit Factor, Constant Content and a number of other websites. Conrad also works full-time as a computer technician and loves to write about a number of technician topics. She studied computer technology and business administration at Harrisburg Area Community College.