Refund to credit card

Hi,

Not sure if this is the correct place to post.

Just wondering what happens in the following scenario. I purchased flights on my credit card recently and they have been cancelled so I'm due a refund. When the refund is processed back to my credit card will the difference be credited back to my current account or added to the limit on my credit card? I'm with ulster bank if that makes any difference.

TIA

GerardKeating

tolow wrote: »

will the difference be credited back to my current account or added to the limit on my credit card? I'm with ulster bank if that makes any difference.

TIA

Is this a debit or credit card?

either way, your outstanding balance (assuming your not in credit) will be reduced by the amount of the refund

endofrainbow

Usually it would be refunded to the method of payment that you used to purchase.

Credit card. When I receive the refund my balance will be cleared but there will be a surplus of nearly €1000 so would prefer that in my current account rather than on my credit card so wondering how that works.

Citizenpain

tolow wrote: »

Credit card. When I receive the refund my balance will be cleared but there will be a surplus of nearly €1000 so would prefer that in my current account rather than on my credit card so wondering how that works.

Ring your bank. They should be able to transfer it for you

coylemj

Citizenpain wrote: »

Ring your bank. They should be able to transfer it for you

I'm pretty certain they can't do that.

If the credit card a/c is in credit then the OP could withdraw the money from an ATM and lodge it to his current a/c using a lodgement ATM. There won't be any interest charges but check the CC schedule of fees to see if there is a charge for ATM withdrawals.

Without leaving your house, you could open a Revolut account, you can then effectively move the money to your Revolut a/c by applying a charage to the CC, then transfer the money to the current a/c. All of that can be done with zero charges.

coylemj

tolow wrote: »

When the refund is processed back to my credit card will the difference be credited back to my current account or added to the limit on my credit card?

It will be a credit to the account. Upping the limit doesn't benefit you financially by 1c.

raxy

coylemj wrote: »

Without leaving your house, you could open a Revolut account, you can then effectively move the money to your Revolut a/c by applying a charage to the CC, then transfer the money to the current a/c. All of that can be done with zero charges.

That depends on your credit card provider. I had a KBC credit card that I could use to top up my revolut account without charges. I recently switched to Avant card & they charge as per a cash withdrawal. Min charge was €2.50 but no maximum cap on the charge.

coylemj

raxy wrote: »

That depends on your credit card provider. I had a KBC credit card that I could use to top up my revolut account without charges. I recently switched to Avant card & they charge as per a cash withdrawal. Min charge was €2.50 but no maximum cap on the charge.

Cheers, useful to know. I have a Mastercard and like your old KBC card, I can get money to my Revolut card with no charges.

For clarity, when you say 'they charge as per a cash withdrawal', does that include interest levied straight away - with no holiday?

Decoda

Had cancelled flights refunded to my AIB credit card last week. I had to call Card Services but they transferred the credited flight money across to my current account and it took about 3 days. The balance on my credit card balance was 0 before the flights were refunded.

I'm sure it would be the same with all banks?

coylemj

Decoda wrote: »

Had cancelled flights refunded to my AIB credit card last week. I had to call Card Services but they transferred the credited flight money across to my current account and it took about 3 days. The balance on my credit card balance was 0 before the flights were refunded.

I'm sure it would be the same with all banks?

Interesting. I've had a credit card for over 30 years and using Revolut is the first time I've seen the ability to transfer money out of the CC a/c which did not involve a retail transaction.

The OP is with UB, maybe they can do the same.

raxy

coylemj wrote: »

Cheers, useful to know. I have a Mastercard and like your old KBC card, I can get money to my Revolut card with no charges.

For clarity, when you say 'they charge as per a cash withdrawal', does that include interest levied straight away - with no holiday?

I'm not sure. The day I did it I also transferred cash from my current account onto the credit card so I only paid a cash advance fee, I didn't pay interest. I would guess if I hadn't they would charge interest.

Citizenpain

coylemj wrote: »

I'm pretty certain they can't do that.

If the credit card a/c is in credit then the OP could withdraw the money from an ATM and lodge it to his current a/c using a lodgement ATM. There won't be any interest charges but check the CC schedule of fees to see if there is a charge for ATM withdrawals.

Without leaving your house, you could open a Revolut account, you can then effectively move the money to your Revolut a/c by applying a charage to the CC, then transfer the money to the current a/c. All of that can be done with zero charges.

I had to do in a few weeks ago. AIB

Thanks for all the replies folks. Hopefully can be transferred to my current account, will ask the question to UB.