Over payment in credit card

**willvill** · January 28th, 2009 08:32 PM

One time, I made a double payment in my credit card. I was supposed to pay around 10T pesos but I made an error of paying double i.e. 20T pesos.

When I asked my bank to return the over payment via online banking, the bank informed me that the over payment would just be credited for my ne
xt monthly payment.

I find it hard to understand why the bank will hold on to my over payment. To me this is unfair.

Can anybody explain why this non-returning of over-payment in credit card is practiced by some banks?

**impulzz** · January 28th, 2009 08:56 PM

all banks and big companies do that. pag na over payment ka credit to next bill na lang, para di siguro magulo sa accounting.

nangyari sa akin once sa smart, na doble bayad ako. so tinawag ko, sagot agad yung agent na credit to next bill cycle.

**tidus1203** · January 28th, 2009 10:05 PM

Charge it to experience na lang. Just pay to the last cent no more and hopefully no less than that to avoid interest. Atsaka I don't think this thread belongs here better transfer it to the Career and Finance section.

**1D4LV** · January 28th, 2009 10:07 PM

if you do not have a revolving amount, gamitin mo na lang yung 10k.
kung may revolving, ibabawas nga nila yun sa existing balance mo.

now sa mga cell and telcos , since under contract ka, i-credit na lang nila yun sa next billing mo. (mobile phone, landlines, internet)

**_Cathy_** · January 28th, 2009 10:07 PM

Yeah that's how it works eh.

**v6dreamer** · January 29th, 2009 04:14 AM

Originally Posted by willvill

One time, I made a double payment in my credit card. I was supposed to pay around 10T pesos but I made an error of paying double i.e. 20T pesos.

When I asked my bank to return the over payment via online banking, the bank informed me that the over payment would just be credited for my ne
xt monthly payment.

I find it hard to understand why the bank will hold on to my over payment. To me this is unfair.

Can anybody explain why this non-returning of over-payment in credit card is practiced by some banks?

The reason you got different answers is because not all customer service reps are created equal. Some of them will make stuff up if they don't know the answer just to get you off the phone. It may seem obvious but as soon as an operator picks up the phone ask to be transferred to a supervisor (they are not allowed to transfer you unless you ask). The supervisor will have more authority over your account and be able to give you more information. All creditors have that responsibility.

However, they can give you accurate information and tell you the status of the review.

You will get your money back, but also ask your creditor for interest on that amount while they are holding on to it, that should speed things along. I would ! Good luck.

**willvill** · January 29th, 2009 04:53 AM

...thanks v6dreamer. This overpayment is no big deal anyway. I just e-mailed the bank to credit me the interest which they charged me for that particular month but so far no reply yet. My gut feel is that my request would just be ignored.

**willvill** · January 29th, 2009 05:01 AM

Originally Posted by Cathy_for_you

Yeah that's how it works eh.

...really? but I thought all is fair in love, war and banking? he..he

When I over paid my hardware store and I went back and proved my point, they immediately returned my money. They don't say 'sir, we'll just reserve your money for your next purchase'.

Is online banking or credit card purchase different from my hardware store?

**skyglider** · January 29th, 2009 05:21 AM

just use your overpayment for other purchases like groceries, etc. pandagdag points din yun para ma-waive annual membership fee...

**CVT** · January 29th, 2009 08:10 AM

As a matter of safety and convenience (or laziness?), I always overpay my credit card by a few pesos, rounding the amount to the nearest tens or sometimes hundreds, so that I do not run the risk of missing a digit which could translate to my failure to pay the whole amount for the month.

This thing is keeping me wondering. What if I failed to pay the whole amount if for example, I inadvertently missed the tens digit, e.g. amount to be paid is P6543.21 and I actual paid P6533.21? Will I be charged interest on all my puchases for the next period? Is there a credit card that does this, like Citibank, or HSBC or BPI? If that's not the case, what's the penalty going to look like?

Any actual experience that's similar to what I described above? Please share your experience. TIA.

7404:laundry: