A Bank of America credit balance refund is a reimbursem*nt for paying more than the total balance owed on a Bank of America credit card. For example, a cardholder who has a balance of $500 but pays $600 can get a credit balance refund of the $100 that they overpaid.
Cardholders can request a Bank of America credit balance refund by phone (1-800-732-9194) or by sending a written request to
Bank of America
PO Box 982234
El Paso, TX 79998-2234
Bank of America cardholders can get a credit balance refund in the form of a check.
Note that you are not required to request a credit balance refund if you overpay your Bank of America credit card. If you have a negative balance on your account, meaning you've paid more than you owe, future purchases will be credited until the balance is back to zero. And if you maintain a negative credit balance for six months, Bank of America is required to offer you a refund.
This answer was last updated on 03/07/24 and it was first published on 02/22/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
A Bank of America credit balance refund is a reimbursem*nt for paying more than the total balance owed on a Bank of America credit card. For example, a cardholder who has a balance of $500 but pays $600 can get a credit balance refund of the $100 that they overpaid.
Why am I getting a credit balance refund? ›
Some credit card companies automatically issue a refund check back to the cardmember for the negative balance (overpaid) amount, which will then bring your credit card balance to zero.
What is a credit balance refund on a Bank statement? ›
The refund amount is deducted from your outstanding balance, and your available credit is increased by the same amount. The refund may appear as a credit on your statement or as a separate transaction.
How long does it take to get a credit refund Bank of America? ›
A credit card refund can take between five and 14 business days to appear on your card statement or balance. This is because the transaction goes through a credit card processing service and must be completed before your issuer can credit your account for the purchase.
What is credit bal refund? ›
The issuer pays the vendor and adds it to your credit card balance – a running total of all the purchases you've made in this way. The refund process works like this in reverse: when the vendor agrees to a refund, the money is returned to the credit card provider, who will then reduce the balance you owe.
What is a credit balance refund at Bank of America? ›
A Bank of America credit balance refund is a reimbursem*nt for paying more than the total balance owed on a Bank of America credit card. For example, a cardholder who has a balance of $500 but pays $600 can get a credit balance refund of the $100 that they overpaid.
Does a credit balance refund affect credit score? ›
Credit card refunds do not directly impact your credit score. However, a refund can affect your credit utilization ratio, which is the percentage of your available credit that you're using. A lower credit utilization ratio is generally better for your credit score.
What does it mean when your bank balance is a credit balance? ›
A credit balance refers to the amount of money or credit that is present in a financial account, which indicates that the account holder has funds available to them or has paid more than they owe. A credit balance indicates a positive value for the account holder in the context of financial resources or standing.
Does credit balance mean I owe money? ›
A credit card balance is the amount of credit you've used on your card, which includes charges made, balances transferred and cash advances (like ATM withdrawals). You can think of it as the amount of money owed back to the credit card issuer. If you don't owe a balance, it will appear as zero.
What does refund credit mean? ›
A refundable tax credit is a credit you can get as a refund even if you don't owe any tax. Tax credits are amounts you subtract from your bottom-line tax due when you file your tax return. Most tax credits can reduce your tax only until it reaches $0.
Once the claim is initiated, we generally issue a provisional credit within one to three business days*. It'll be for the related amount in dispute, plus any associated interest or fees. *For debit cards – In limited instances, it may take up to 10 business days to receive provisional credit.
What happens if you get a refund on a credit card with no balance? ›
It's one of those quirky financial situations that can leave you scratching your head. Basically, when you get a refund on a credit card with a zero balance, it results in a negative balance, meaning the card issuer owes you money.
What is a credit balance reversal? ›
Payment reversal (also "credit card reversal or "reversal payment") is when the funds a cardholder used in a transaction are returned to the cardholder's bank. This can be initiated by the cardholder, merchant, issuing bank, acquiring bank, or card association.
What is a credit account refund? ›
You do not pay the retailer directly and are not billed by your credit card issuer for the transaction until a later date. Credit card refunds are not the same as billing disputes. Refunds involve returning items to the retailer to have the money credited back into your account.
Why did I get a credit card refund? ›
A credit card refund is initiated by the merchant or vendor who received the original payment. A refund is issued when you return a purchased item or receive a discount, for instance. The refund amount is credited back to your credit card account, and it typically appears as a credit on your statement.
Why did I get a credit balance refund from Capital One? ›
How the credit balance refund works: It's important to note that a credit balance refund will only be issued for payments that go over the current balance. For example, if your current balance on the Capital One card is $1,000, and you make a payment of $1,500 by mistake, you'll get a refund of $500.
What is a credit balance refund Chase? ›
Chip Lupo, Credit Card Writer
For example, a cardholder who has a balance of $600 but pays $500 can get a credit balance refund of the $100 that they overpaid. Cardholders can request a Chase credit balance refund by phone (1-800-432-3117), online or by sending a written request to: Chase Card Services. P.O. Box 15298.
What is a Visa credit balance refund? ›
Adam McCann, Financial Writer
@adam_mcan • 03/11/24. A credit balance refund on the Total Visa® Card is a reimbursem*nt for paying more than the total balance owed on the credit card. For example, a cardholder who has a balance of $500, but pays $600, can get a credit balance refund of the $100 that they overpaid.