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  1. #1

    close out credit card by £13 refund due

    I have a tesco credit card with a -13 balance. I am owed a refund by a retailer which is taking their sweet !!! time to process it, the refund is exactly 13. A statement is generated 9th of the month. It looks like it wont be paid before the statement is produced.

    I want to close this account down, I would need to have a 0 balance on this by 9th. Then the final interest will be charged and then I pay off the interest and can close the account.

    I'm not sure what steps to take in order to end up with the account closed the quickest. Should I pay the 13 and bring the balance up to 0, or leave it on -13.

    I am worried that if I pay in the 13 then I will be left with a credit balance which then I will need to spend accurately to bring it back down to 0. Which will elongate the process.

    What are the best steps?

    interest is definitely due on this as I have had balances crossing over statement dates

    Is it possible to close the credit card account when it is in credit and have them send a bank transfer or cheque to my address?

  2. #2
    I would pay the 13 now. Is there any reason why you want to close this account so quickly?

    Anyway, once the refund has gone through, then just spend on it. Say you spend 18, then simply pay the balance of 5 on the next statement and that will be it. There may be some trailing interest in there to add to the balance.

    OR, as you say, you can get them to send a cheque. But that all seems like more hassle to me.

  3. #3
    Oh and don't forget any subscriptions, regular payments etc. You should contact the merchants with alternative payment details. You can also cancel via Tesco.

  4. #4
    I am confused, you say you are owed a refund as if its a positive overpayment, or if this a refund on something that you have bought and returned? Since you say should you pay it, then I'm assuming the latter. Do you have a DD set up.

    If you are due a refund that will clear the balance then it depends on when this gets refunded and when your payment deadline is. If worried, pay the 13 and when you close it they will refund any overpayment. Is there a reason why the a/c has to be closed by a certain date?

  5. #5
    there's no real rush to get the account closed. Just my personal preference really.


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