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Best Buy Citi CC 2 cycles to REFUND!

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Hi guys,

 

I missed paying off my balance for a promotion so I got a 1,050 interest charge, called them and I believe by law there's a grace period? so they agreed to refund that charge, they're telling me up to 2 billing cycles, are they nuts? The same happened with my lowes card and they refunded within 1 day, are they running a scam or 2 cycles is normal?

 

Thank you in advance.

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Posted (edited)

If you didn't fulfill the terms of the zero % interest promo I'm surprised they would entertain refunding the deferred interest since that is there business model. Grace Period is not what you are thinking it is.

 

If they give you anything back I'd thank my lucky stars.

Edited by hegemony

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FWIW, when a card issuer cites "2 business cycles" for a credit, I strongly believe that what they're citing is the maximum time span permitted for a reverse credit under the Fair Credit Billing Act (FCBA).  In practice, you'll typically see a credit within the week (assuming they already have everything they need on file).

 

As hege suggests, they're giving you a considerable break.

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3 hours ago, usermi said:

I believe by law there's a grace period?

For making the payments monthly there typically is.  For avoiding that interest that was waived for a year or more: not a chance.  If they are agreeing to remove it thank you lucky stars and move on.  

 

I have bought quite a few big purchases on an "interest free for 18 months" deal.  I always do the math based on 17 months worth of payments so that I make sure it is paid off one month early to avoid that trap.

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33 minutes ago, CreditSucksNot said:

For making the payments monthly there typically is.  For avoiding that interest that was waived for a year or more: not a chance.  If they are agreeing to remove it thank you lucky stars and move on.  

 

 

Qualifying this to note that "there typically is" only when the the current statement balance has been PIF by its due date AND the prior month statement was similarly PIF as well.  (Which only serves to amplify your follow-up comment ...)

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1 hour ago, hdporter said:

only when the the current statement balance has been PIF by its due date AND the prior month statement was similarly PIF as well.

Depends on the creditor.  I bought my front load washer dryer set on the 18 months 0% interest deal and as long as I paid the minimum due each month I was fine.  Of course to ensure the balance on the W/D purchase was paid before the offer expired I paid MY minimum monthly or more.  Never needed a grace period because of that.  Though I can't be sure because I never tested the waters.  Not worth $800 or more in interest coming due.

 

They "bank" on (no pun intended) consumers not realizing that the minimum payment they list on the statement is no where near enough to pay off the financed purchase without the interest unless a balloon payment is made at the end.  Hence the reason I do the math.  W/D + delivery/taxes = $1349  statement said minimum due each month:  $25.  Total purchase divided by 17 = my minimum of $80 to be paid.  Sometimes I paid $200 so that if budget had other expenses I could always revert to the $80 if needed.  I also set reminded on my Google calendar to check the balance at 3/6/9/12/15 months to ensure I don't end up in balloon misery either.

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The same problem happened to me for my lowes card (was very busy and totally missed both the card promotional balances) and they took a couple of days to credit my account, they mentioned that there's a grace period of X days where if you pay the balance owed on that interest they will take it out, forgot to ask if that was lowes rule but was under the impression that it's law.

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5 hours ago, usermi said:

The same problem happened to me for my lowes card (was very busy and totally missed both the card promotional balances) and they took a couple of days to credit my account, they mentioned that there's a grace period of X days where if you pay the balance owed on that interest they will take it out, forgot to ask if that was lowes rule but was under the impression that it's law.

That ain't law. Ask any poor soul who has ever had a credit one account..

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19 hours ago, pandmel said:

That ain't law. Ask any poor soul who has ever had a credit one account..

I'll go a step further:  Unless someone can show me otherwise, no credit issuer is mandated to offer a grace period of ANY TYPE.  Credit cards offer a grace period because it made sense in the transition from cash-only transactions.  Most here wouldn't utilize credit for payments if the grace period were eliminated.

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On 7/1/2020 at 1:27 AM, hdporter said:

I'll go a step further:  Unless someone can show me otherwise, no credit issuer is mandated to offer a grace period of ANY TYPE.  Credit cards offer a grace period because it made sense in the transition from cash-only transactions.  Most here wouldn't utilize credit for payments if the grace period were eliminated.

I got my refund a couple of days after I sent in a message thru the website that the rep had approved the refund and was told 2 billing cycles.

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3 hours ago, usermi said:

I got my refund a couple of days after I sent in a message thru the website that the rep had approved the refund and was told 2 billing cycles.

 

Since you cite my Jul 1 post, I just want to make sure you understand that I wasn't challenging the likelihood that you would see a refund.  (In fact, earlier I had posted that I expected you would see the refund post "within a week".)

 

That said, addressing your original post, the refund was strictly at Citi's option.  As I and others wrote, count yourself fortunate for the outcome.

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