Quick credit card question

VincentHanna · 10 Jan 2018 at 11:35

Firstly - I pay the full balance of my credit cards every month, I mainly use them for more secure purchases or favoured exchange rates (Halifax clarify) etc.

I made a purchase for £1400 on December 18th and my statement date was 26th Dec.

On December 27th the company credited back £1400 and then re-charged me £1400.

Does this mean they effectively paid off my previous month and I now have an extra month to pay?

Cheers.

Scam · 10 Jan 2018 at 11:51

I'd check with your credit card provider. Or just pay it this month, to be safe.

Plec · 10 Jan 2018 at 11:52

In theory yes, but if the credit and debit was done on the same day i would double check with your CC company to be absolutely sure.

The credit and debit may be tagged/referenced by the CC as the same original charge - meaning it may still be recognised as the original balance.

If you get charged i suspect you would get your charges back if you raised the issue as it's clearly ambiguous and confusing for the consumer. But easier to double check - if you're not kept on hold for 3 hrs... :/

VincentHanna · 10 Jan 2018 at 12:16

**** it, i'll just pay it.

It was mainly principle. I'm not exactly going to make a huge amount of interest on £1400.

Plec · 10 Jan 2018 at 12:51

VincentHanna said:
**** it, i'll just pay it.

This has become my ethos too.

Life is too short for having your eardrums subjected to classic tunes, crucified and then distorted down a phone line, while on hold, in the hope that you get connected to the right numpty first time around. And that's assuming they don't cut you off with their call transfer skills... :/

413x · 10 Jan 2018 at 15:09

If It's only a months difference, just pay it now I say and be safe.

Amp34 · 10 Jan 2018 at 17:38

Why not wait until your statement comes out and tells you how much you owe that month. Alternatively set your card up as direct debit and let the card company decide if you need to pay it this month or next.

Freakbro · 10 Jan 2018 at 17:55

Check online. It will say if it's still expecting a payment in this month

weringo · 10 Jan 2018 at 22:52

Depends on CC provider. Amex for example treat a refund as a payment.

englishpremier · 11 Jan 2018 at 17:44

With some cards there is a well known trick to get 0% spending forever. It never used to work with Halifax though.

You'd order something say £500 worth of goods. Get your statement, then order something else for the same price that is returnable without fees. Return that item and you get £500 in your account. The initial £500 spending is paid off by the refunded £500, and the new £500 worth of spending is charged to next month's statement, meaning you've effectively spent at 0%. This would work in perpetuity. (source - http://moneysavinganswers.com/credit-cards/zero-percent-spending-forever/)

It's a bit of robbing Muhammed to pay Abraham, and is faff for both you and the retailers, but it used to work on Barclaycard, Nationwide and a few others.

Scam · 11 Jan 2018 at 18:07

... Or just get a 0% card for 18 months or so, then another, then another :confused:

VincentHanna · 11 Jan 2018 at 18:18

I paid it already anyway now.

It wasn't that paying it was an issue, I just would rather have had it in my account for another month than theirs

englishpremier · 12 Jan 2018 at 08:04

Scam said:
... Or just get a 0% card for 18 months or so, then another, then another

18months. Until recently there were cards available with 0% for 24 and up to 36 months. I was just commenting on an old trick.