Don't you just love it when you plan ahead with your bills and over pay them? Over the Christmas break my wife did her yearly shopping at Macy's. She bought new pants, tops, accessories and a new Michael Kors purse (black with gold for winter) and the total was around $550 so like a good husband that takes care of her bill I sent the card a $200 payment. Right before Christmas we went back to Macy's together and picked up a gift for $55 and still trying to be financially responsible I decided to send in the entire amount I thought we owed that same day. Well I totally forgot about that $200 payment I had made earlier in the month and while my math was perfect in trying to get that balance to zero, I now have a $200 credit with them:
Of course, here's the fine print about that credit on the statement:
NO PAYMENT IS REQUIRED ON YOUR REVOLVING ACCOUNT. THIS CREDIT BALANCE
CAN BE APPLIED TO FUTURE PURCHASES. HOWEVER, IF YOU WOULD LIKE TO OBTAIN A REFUND CHECK, PLEASE FEEL FREE TO CALL OUR CUSTOMER SERVICE DEPARTMENT AT THE PHONE NUMBER LISTED ON YOUR STATEMENT OR RETURN YOUR PAYMENT SLIP IN THE ENCLOSED ENVELOPE.
$200 is a lot of money to me but who wants to call customer service and fight to get a check back? Also, this Macy's card is not mine, my wife would have to call and I don't think she's made a financial call in the past 10 years. Ever since we got married I've handled all her credit cards and all her financial stuff, I would be surprised if she even knew our pin numbers so it would be a hassle to try to get this money back. As you can see on the fine print, we can spend $200 with them but we really don't need anything post Christmas so it would like wasting $200. Eventually she will go back but we got a ton of Macy's gift cards over the holidays, she got $200 and I got $80 so if we were to need something or if she wanted to shop again, we would use those gift cards. I know what you're thinking, use the gift cards now and spend the credit later but what bothers me is that I have $200 sitting around that I can't really touch, I could really use that money on my Citi card.
Have you ever overpaid your credit card? Fun stuff...