Credit Cards

Overpaid on credit card bill!

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  • Mar 8th, 2017 9:37 am
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[OP]
Newbie
Sep 23, 2004
17 posts

Overpaid on credit card bill!

K, so I am a real idiot and I paid too much on my credit card. So last week I paid my balance of about $800. But I totally forgot about that and I did it again, so basically I paid $800 too much. What should I do? It's against the terms of use to pay too much right? (This is a CIBC Visa). Can I just call and tell them to cancel?
56 replies
Deal Addict
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Mar 31, 2005
3805 posts
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From what i know it will just go into a negative balance which there is nothing wrong with.

You can call them and ask for a check for the overpaid amount or just leave it in there since you will just use it anyways.

Relax, its ok.
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Nov 13, 2005
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RiCE-DaDDy wrote:
Mar 16th, 2008 3:54 pm
K, so I am a real idiot and I paid too much on my credit card. So last week I paid my balance of about $800. But I totally forgot about that and I did it again, so basically I paid $800 too much. What should I do? It's against the terms of use to pay too much right? (This is a CIBC Visa). Can I just call and tell them to cancel?
Just leave it if you can afford to!!! You new temporary credit limit will be your limit + $800. So as you continue to use your CC, it will eat away at the extra $800 that you put into it!!!!

sk
[OP]
Newbie
Sep 23, 2004
17 posts
haha ok that sounds good. But the downside is now I have 800 stuck in my CC instead of my investments!!
Deal Addict
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Aug 30, 2007
2435 posts
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Exact same thing happened to me. Citi told me I could request a cheque but that would take 3-4 weeks anyways, so I just left it in there.
Deal Fanatic
Dec 17, 2006
5138 posts
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Midland
leave it - its building your credit limit... :cheesygri
Deal Addict
Sep 22, 2007
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You could take a cash advance on your credit card. Technically it shouldn't cost you anything as you're only taking from the excess that is now in your account. I would check with the credit card company first though. Some cards charge you a fee for taking cash advances.
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Aug 18, 2005
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RiCE-DaDDy wrote:
Mar 16th, 2008 4:01 pm
haha ok that sounds good. But the downside is now I have 800 stuck in my CC instead of my investments!!
Phone the bank and ask for convenience cheques for your CC. They will be only too happy to send then to you because those cheques act like highly profitable cash advances.

Just write yourself a cheque for the extra $800 and deposit it back into your account. The only risk is that if you made other purchases on the card and withdraw more then the negative balance, you will be earning interest on the overage.

And of course, unlike a cash advance, the convenience cheque probably has no fee!
Deal Expert
Feb 29, 2008
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Montreal
Don't they give you 19% interest on it? :D
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mr_raider wrote:
Mar 16th, 2008 7:17 pm
Don't they give you 19% interest on it? :D
Actually a friend of a friend of mine overpaid his AmEX and they did actually PAY him the interest at the same rate he would have paid for purchases on the card.

This lasted for a few months and then the bank caught on and cut off the interest. (It was an American AmEX card.)
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Jun 3, 2005
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Dildo, NL
n00b.

$800 is nothing.

I once had a preauth payment of $2xxx go through...and I was under the impression it had been cancelled, so 3 days prior I manually paid it as well.

LMAO. 3 days later., I had a pleasant surprise. A couple phone calls to CitiSpank did nothing., but my BANK (no thanks to CitiSpank) REPO'd the funds..phew!!!
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Oct 5, 2003
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I'm pretty sure it is not against the terms to overpay. I have overpaid (on purpose) many times with CIBC and nothing has happened.
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Aug 18, 2005
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bubble.tea wrote:
Mar 16th, 2008 8:21 pm
n00b.

$800 is nothing.

I once had a preauth payment of $2xxx go through...and I was under the impression it had been cancelled, so 3 days prior I manually paid it as well.

LMAO. 3 days later., I had a pleasant surprise. A couple phone calls to CitiSpank did nothing., but my BANK (no thanks to CitiSpank) REPO'd the funds..phew!!!
n00b. :lol:

One time I paid ~$1600 onto someone else's credit card!!

At the time I totally didn't realise what happened but fortunately my mother e-mailed me asking if I accidentally payed that much onto her MC.

I phoned up PC Financial and they reversed the transaction. It took about 7 business days to do that. Fortunately I had enough cash to still pay my own MasterCard bill before I got the other money back!
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Aug 18, 2005
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Justin wrote:
Mar 16th, 2008 8:25 pm
I'm pretty sure it is not against the terms to overpay. I have overpaid (on purpose) many times with CIBC and nothing has happened.
I have heard of banks in the UK charging you penalties if you overpay. But fortunately I have never seen that in Canada.

Yay for getting Citi 0% BTs in cash!
Sr. Member
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Oct 15, 2001
927 posts
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If you can afford to overpay, just leave it in there and use it up later.

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