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Collections Law/Credit Card Finance Charge Refund


I recently checked my credit card statement and found that it states I received a merchandise finance charge refund that shows also as INTEREST CHARGE PURCHASES REFUND for around 1500$.  I believe this may be that at some point I was charged ahead of time a finance charge on purchases and possibly interest but that I completed payment on within the time for financing and was refunded but I have not made any significant purchases in a few years that would have had that much of a charge.  What could this refund be for could the card have bulked all the qualified purchases over a year or so into one finance charge and when I paid down my debt to a certain point it was refunded?

In all likelihood, when they opened the account they put in a starting Ledger Balance that consisted of both the amount borrowed plus the anticipated interest. This usually works because most people somehow mess up and don't qualify for the free financing for some reason or another. You did, so they had to back the interest out. That is probably what his entry is.

Of course, you could contact them and ask this question, and see what they say it is. Since it is a refund it's not like they are asking you to pay anything.

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Steve Katz


Debt Collection, Credit Reporting, FCRA, FDCPA, TCPA issues


Founder of Debtorboards, co-author of Debtsmanship, former Collector, Credit Counselor


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