Big Credit Card Refund, how do I liquidate?

September 3, 2007 1:10 PM

I just received a large ($7K) refund on a credit card from a trip I canceled. How do I turn it into cash?

The refund is on a card I don't use much and I'd rather not charge anything more to the card. My first thought was to PayPal my wife the money using the credit card, but we'd end up losing over $200 this way on fees.

The credit card company sends me checks, but I can't actually write these against the balance without them considering it a cash advance with all the ridiculous fees associated with that.

Is there any way I can get my money back with a minimum of expense?

posted by steve.wdc to Work & Money (11 answers total)

You could sign up for a Google Checkout account and send yourself $7K (there are no processing fees until 2008).
posted by null terminated at 1:13 PM on September 3, 2007

Keep it off Paypal -- they are notorious for freezing large sums for long durations, presumably to earn interest while they "investigate".
posted by hodyoaten at 1:14 PM on September 3, 2007

I'm in the UK so I'm not sure if my advice is any good to you. But have you actually contacted the credit card company? When I recently went into the black on my CC I phoned them and asked them to mail me a check for the balance. I received a check in the post a couple of days later.
posted by gergtreble at 1:15 PM on September 3, 2007

The bank will mail you a check if you call and ask.
posted by birdherder at 1:27 PM on September 3, 2007

Call the credit card company and ask them to send you a check for the balance of your account.
posted by mr_roboto at 1:57 PM on September 3, 2007

if you don't use the card, why not just cancel it? i think they would have to send you a check in that case. (i am assuming you paid off the bill before you got the refund.)
posted by thinkingwoman at 2:20 PM on September 3, 2007

Birdherder and Mr_Roboto are correct - I have received cash checks resulting from credits for reversed charges, overpayments or cancelled services in the past, from Mastercard. In my experience, these were not "convenience" checks with strings and interest rates attached.
posted by bunnycup at 2:32 PM on September 3, 2007

Seems like if you wanted to do something that wouldn't involve spending time on the phone or lengthy explanations, you could buy a bunch of travelers' cheques and deposit them as cash. I can't remember what the associated fees are, though.
posted by crinklebat at 3:29 PM on September 3, 2007

Do nothing, and typically the credit card company will send you a check in 3-4 months. Or just ask them to send you a check sooner. Its your money. They cant charge you to give it to you.
posted by DoingMyBest at 3:31 PM on September 3, 2007

They want to keep the money. Yes, they will eventually repay it in a check if your charges are low. Don't wait. Call and ask for an immediate refund via check. Let the time value of money be your value not theirs.
posted by caddis at 5:54 PM on September 3, 2007

I too have gotten refund checks from my credit card company when I called and asked for it.
posted by jak68 at 10:43 PM on September 3, 2007