Someone Called Saying an Old Credit Card Had $70k on It. Here’s What I Did.

A lot of people are used to racking up debt on credit cards. It’s less common to be owed money by a credit card company. But it can happen.

Here’s a basic example. Say you bought a $300 gadget on your credit card that you later decided you didn’t want, only by the time you realized that, the bill had already been paid.

Once you return that item, you’re going to be looking at a $300 credit on your card. If you then charge other expenses on that card, they’ll offset your credit. But if you stop using that card, you’ll be owed the $300.

It’s not so uncommon for a credit card company to owe you a few hundred dollars. But when I saw this Reddit post, I was immediately skeptical.

Here, we have someone who claims they were contacted about a $70,000 credit on an old business credit card of theirs. They claim they tried to investigate but were left in the dark about what had happened and whether they’re really entitled to the money or not.

I have some thoughts for this poster — and concerns. Here’s why.

When you’re owed money by a credit card company

When you have a credit on a given card, the issuer can’t just keep your money. You’re typically allowed to contact your credit card company and ask them to send you a check or transfer those funds to your bank account electronically.

If you don’t reach out, then usually you’ll be sent the money automatically after about six months. The exact timing may depend on your specific credit card issuer.

What strikes me as weird about the post above isn’t the fact that the poster has a credit — it’s that they were contacted about a $70,000 credit. That, frankly, reads like too large a sum to not notice was gone.

So my inclination is to say that the poster is being scammed. And I certainly hope they didn’t divulge any personal information, like their Social Security number or banking details.

Of course, $70,000 is also an odd sum for a scammer to toss around, since even a not-so-savvy consumer might easily see through it. But here’s how I could see the scam going down.

You get a call stating you’re owed money by your credit card company, and to reclaim it, you need to provide your Social Security number, bank account number, and password to allow for the transfer of funds. Suddenly, bam — some criminal has all of your personal details to not only raid your bank account, but potentially cause a lot more harm, like open new accounts in your name.

Don’t be taken in by a scammer

If your credit card company notifies you of an outstanding balance by phone, text, or email, log into your account yourself to see if what you’re being told is legitimate. And if you don’t have online access, call the number on the back of your credit card and ask to speak to a representative.

You should never accept an unsolicited call from a credit card company, even if it’s a company you use. Scammers are all too good at pretending to be credit card representatives when they’re really just criminals.

At the same time, since it is possible to have a credit on a credit card, check your statements regularly. You don’t want to leave money of yours just sitting around unused.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

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