Credit Card Floats

Author: jl
Posted: Mon Jul 12, 2004 1:47 am
Post subject: Credit Card Floats
11/13/2001 10:09 pm CDT

Some of you may already know this, but you can get a free float on your credit card. I'm not talking about the normal float you get before the statement period ends, I'm talking about an extra float. I didn't realize this until today.

For example:
On my Amex, the last statement closing balance was $2200. Closing date was Nov. 10th. ($2200 Payment due by Dec. 10th).

I bought a Playstation 2 from target for $324.00 on Nov 12th. Returned it the next day, so $324 was credited back to my account.

Now, when I call the automated system, it says I need to pay $1876 by Dec. 10th. A free $324 float! It seems to accept the merchandise return as a "payment" towards my original $2200 balance due by Dec. 10th.

I didn't need this float, but FYI, if anyone is tight for money one month, just buy something big and return it, you will get a one month extension for free! (At least this is what it seems like from how I understood it, please correct me if I'm wrong!)

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Author: Eugene
Posted: Mon Jul 12, 2004 1:47 am
Post subject: Credit Card Floats
11/13/2001 10:12 pm CDT

Not all credit card companies do this. Some still require payment from YOU. So, call and ask before you decide not to send a payment or send less than you are supposed to.

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Author: jl
Posted: Mon Jul 12, 2004 1:48 am
Post subject: Credit Card Floats

11/13/2001 10:14 pm CDT

I called to confirm, they said as long as $1876 was received by Dec 10, I'm fine. Maybe it is just an Amex thing, but I didn't think you would be able to do this!