Credit Card Glossary
Credit Card Refund
Sometimes if you have been paying off your credit card balance in full each month you will have a positive credit balance on your card. This is especially true if you have been refunded by the credit card company’s insurance program for purchasing damaged goods.
If you do end up with a positive balance on your credit card Federal Law provides you with the right to choose to either have the credit stay as a credit on your credit card to be applied to future purchases or past balances or to have the money refunded to you by the credit card company.
By law, all you have to do to obtain a refund from your credit card company is ask for it by phone or mail and they must provide you with a check for the amount requested within seven business days.