What to Do if You Accidentally Overpaid Your Credit Card




Paying more than what’s on your credit card balance isn’t necessarily a bad thing. However, if you didn’t do it intentionally and it was a sum that you’ll need for covering other bills and expenses, then you’re probably feeling pretty annoyed right now.

So, now what? You may be wondering, can I get a refund on an overpaid credit card? Can I overpay my credit card bill on purpose? Can I overpay my credit card to increase my limit?

We’ll answer all this (and more!), so don’t freak out just yet!

credit card

How Did I Overpay My Card? 

First thing’s first…how did you even end up with an overpaid credit card?

Manual Payments

If you don’t have autopay set up, you run the risk of overpaying on a credit card by accident. You usually have three payment options each month; pay the full balance, pay the minimum payment, or enter a custom amount that you’d like to pay.

If you enter a custom amount and perhaps miscalculate what you intend to pay, then you’ll end up with an overpaid credit card by mistake.

Refunds & Credits

Another way you might accidentally overpay your credit card is by forgetting about credits made to your account. For instance, if you recently returned a purchase made on your credit card that you had already paid off, the amount you’re owed will create a negative account balance after it posts.

If a refund or credit posts close to your due date and you already calculated your payment and paid for that month, you may end up with a negative balance. Something similar may happen if your credit card offers a benefit where you can cash in points for credit.

Business woman with question mark looking for answers

What Happens When You Overpay Your Credit Card?

So, what if I overpay on my credit card, either on accident or on purpose? If you accidentally overpaid your credit card, luckily nothing bad happens in terms of your credit score or account.

The result of overpaying your credit card is a negative account balance. What that means is that you’ve essentially prepaid on your next bill, and you won’t owe anything until your balance passes $0.

Learn More About Credit Card Interest Rates & APRs

Can I Get a Refund?

Naturally, you’re wondering how to reverse your credit card payment. First, assess if the amount you overpaid is significant enough that you’ll need it in your bank account for living expenses prior to when your next bill is due. If you’re okay with having that money tied up for a month, then it’s okay to do nothing and just use your card as usual; once you’ve spent what you overpaid, your balance will begin to accrue as normal. 

But, if you need the money ASAP and you want to know how to refund a negative amount on a credit card, contact your card issuer. They may be able to offer a credit card refund after payment through either check, cash, money order, or direct deposit into your bank account.


What If My Overpayment Bounces?

It’s probably not a huge deal if your overpayment bounces. You’ll just have to resubmit your payment for the correct amount. However, if you make your payments on your due date and your overpayment doesn’t immediately bounce, it’s possible that the correct payment that you resubmit will register as late if you do so after your bill’s due date.

If that happens, there may not be much you can do about it; you can reach out to your credit card company about it and explain the situation, but they usually consider timely payments your own responsibility.

Can I Overpay My Credit Card To Increase the Limit?

Kind of. While your overall limit won’t increase, you will have more to spend. For example, if your credit card limit is $12,000 and you overpay by $2,000, then you will be able to put $14,000 on your card that month.

If you do tend to run a high balance and are unhappy with your interest rate, consider one of the best balance transfer credit cards.

woman worried after overpaying credit card

Should I Be Worried About Fraud?

Not necessarily, but your credit card company might be. Since paying more than what’s on your credit balance, especially a large sum, is somewhat unusual, your account may be flagged and you may be contacted to ensure your details weren’t stolen. If your card was locked, be sure to contact your credit card company ASAP. 

What If You Intentionally Want to Overpay?

Can you pay more than your credit balance? Sure! But truthfully, it doesn’t offer any real benefits, except for the aforementioned situation where you might want to “cheat” your credit limit. Plus, overpaying doesn’t positively affect your credit report or credit score any more than a $0 balance, and you lose easy access to a sum of money that you might end up needing. But then again, maybe there’s a benefit to it for your own personal financial situation.

Overpaying on a Credit Card Isn’t Good Or Bad

An accidentally overpaid credit card isn’t good or bad—it’s just sometimes a little inconvenient. However, if it’s on purpose, then you’re probably someone who likes to be prepared or get ahead on your next bill.

Find More Answers To Your Questions About Credit Cards

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