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Quick question about credit cards

T

tjaisv

Banned
Do returned purchases (refunds) always have to be credited back to your card? Can't you say, no, I'd prefer cash back?

This question is just for credit cards, not debit cards.
 
Not sure what CC issuer policy is but good luck finding a store that will do that for you.

I would guess that VISA/MC policy also dictates the same thing.

Why would they give you a cash advance with a grace period @ the purchase rate?

Viper GTS
 
Most places will insist on crediting it back to the card, because otherwise people would do that just to get cash out of their credit card.

You can't insist on cash because you didn't pay cash.
 
That's up to the store, and I"ve never seen a store that'll give you cash instead of a credit card refund. I have seen cash for debit card purchases though.
 
I suppose my real question is, is there anywhere besides an ATM/Bank that you can go to to "buy cash" with your cc?

The only other alternative i see would be buying something for somebody on your cc and having them pay u cash for it.
 
Originally posted by: tjaisv
Originally posted by: DnetMHZ
Why would the store want to pay a fee for a purchase you didn't really make?
Click to expand...

Why couldn't the store just charge you that fee?
Click to expand...

Why can't you go to a bank...or get a debit card?

Think about it in a realistic sense. What do people use CC's for mostly....larger purchases. People don't put(for the most part) a snickers on a CC. Now suppose I had sold someone a $5000 Panasonic Plasma TV. Now they are trying to tell me I HAVE to give them cash back if they return it. You think a store has those type of funds withing easy access? Hell no.
 
Originally posted by: tjaisv
I suppose my real question is, is there anywhere besides an ATM/Bank that you can go to to "buy cash" with your cc?

The only other alternative i see would be buying something for somebody on your cc and having them pay u cash for it.
Click to expand...

Well, you can see why no one gives cash refunds for a credit card purchase. You're trying to do exactly what the rules are set up to prevent!
 
Head over to chubbywallet. This is an old trick. Buying a pack of gum at walbaums (and assorted other supermarkets), and cashing out your CC for $50 to earn cash back rewards.

Edit: I should note, do not attempt to do this on a larger scale, especially if you are an employee. I found out the hard way about abusing the system.
 
Originally posted by: tjaisv
I suppose my real question is, is there anywhere besides an ATM/Bank that you can go to to "buy cash" with your cc?

The only other alternative i see would be buying something for somebody on your cc and having them pay u cash for it.
Click to expand...
There is no easy free method to do so. You are basically trying to circumvent the way that CC companies make much of their profit (they DON'T profit from your interest payments). So of course there are rules about it.

The one thing I've done quite successfully is to eat lunch with coworkers or dinner with friends. Pay with your CC and collect cash from everyone else. Often you are stuck with the tip that way (if you have a stingy friend or coworker), but you'll get your cash and get credit card rewards for that cash.
 
Originally posted by: PurdueRy
Originally posted by: tjaisv
Originally posted by: DnetMHZ
Why would the store want to pay a fee for a purchase you didn't really make?
Click to expand...

Why couldn't the store just charge you that fee?
Click to expand...

Why can't you go to a bank...or get a debit card?

Think about it in a realistic sense. What do people use CC's for mostly....larger purchases. People don't put(for the most part) a snickers on a CC. Now suppose I had sold someone a $5000 Panasonic Plasma TV. Now they are trying to tell me I HAVE to give them cash back if they return it. You think a store has those type of funds withing easy access? Hell no.
Click to expand...

LOL. Well what if u paid by cash, check or money order, then they'd have to give u cash, or write u a store check. So that shouldn't be a valid reason to disallow cashback on cc refunds.

"Well, you can see why no one gives cash refunds for a credit card purchase. You're trying to do exactly what the rules are set up to prevent!...."

"....You are basically trying to circumvent the way that CC companies make much of their profit (they DON'T profit from your interest payments)"
Click to expand...

Of course they profit from interest payments, as well as late fees, high APRs, higher cash advance APRs, etc etc. Bottom line, they're there to GET YOUR MONEY in the most lucrative way possible.

OK, so my question is why doesn't any cc company (that i know of) allow your cash advance limit to be equal to your whole cc limit? As they make more off your cash advances than your retail purchases, seems to me like this would be a GREAT way for the cc companies to allow people to run up their cards faster and subsequently collect more on the higher cash advance interest rates people would have to pay. Am i not seeing something here? The only negative i guess would be having more people go bankrupt because they've been enticed to be more irresponsible and end up in debilitating debt.

 
Credit Card charge you for cahs advances. You can set up your credit card to work at an atm but they charge you a % for it.
 
Originally posted by: tjaisv
OK, so my question is why doesn't any cc company (that i know of) allow your cash advance limit to be equal to your whole cc limit?
Click to expand...

Some of mine do, others have the cash advance limit at 70-90% of the total credit line.

 
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