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Uh oh, I'm about to go majorly negative on my credit card... what happens next???

Uh oh, I'm about to go majorly negative on my credit card... what happens next???

Old Nov 27, 2015, 8:00 pm
  #1  
Original Poster
 
Join Date: Nov 2005
Posts: 89
Uh oh, I'm about to go majorly negative on my credit card... what happens next???

It looks like I am going to be doing a rebuy and return in order to save a big chunk of change. This is going to put a refund of $10,000 on my southwest credit card. We have already earned the CP for next year and we don't use this card right now.

I know I can get the credit card company to cut me a check, but what happens to my rapid reward points? Do they take away the points from my account? Do they take away my companion pass for 2016? The last would be my worst case scenario since we are so close the the end of the year.
shellmisi is offline  
Old Nov 28, 2015, 7:01 am
  #2  
 
Join Date: Jul 2013
Location: MEM, LIT
Posts: 135
I've returned a few items in the past and each time, the points have been deducted from my account. I'm sure you can expect the same.
As for the CP, I've never experienced your situation, but I would assume you'd lose it. Why would they let you keep it if you didn't earn it?
NoShoesNation is offline  
Old Nov 28, 2015, 10:33 am
  #3  
 
Join Date: May 2002
Programs: WN F9 HA UA AA IHG HH MR
Posts: 3,305
Sounds like you need to buy a lot of gift cards quickly.
Tanic is offline  
Old Nov 28, 2015, 10:35 am
  #4  
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Join Date: Sep 2002
Location: Chicagoland, IL, USA
Programs: WN CP, Hilton Diamond
Posts: 14,164
Not sure, but if I were you I would spend that money back on the card quick. Buy grocery gift cards, prepay gas/electric for a few months, insurance, health club fees, etc. See if friends/relatives will let you buy things for them and reimburse you in cash.

If you are going to fly Southwest in the next few months, buy gift cards directly for 2x.

You will have the money to pay for all that spending.

Someone in the credit card forum may know for sure what will happen.
toomanybooks is offline  
Old Nov 28, 2015, 2:03 pm
  #5  
nsx
Moderator: Southwest Airlines, Capital One
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Join Date: Sep 1999
Location: California
Programs: WN Companion Pass, A-list preferred, Hyatt Globalist; United Club Lietime (sic) Member
Posts: 21,589
Don't close the account before you spend the $10k again and start earning points. Otherwise Chase's software is likely to flag you for some very unwelcome attention. It's probably OK if you need several months to accomplish this.
nsx is offline  
Old Nov 28, 2015, 2:54 pm
  #6  
 
Join Date: Mar 2007
Posts: 4,913
Saving $10K is awesome and likely worth more than most people's use of a CP. I would just buy some stuff to resell (even at a loss) if you really want CP. Apple products do well as does Tumi luggage for some reason.
olouie is offline  
Old Nov 29, 2015, 12:16 pm
  #7  
 
Join Date: Mar 2010
Location: SJC, Northern Cal.
Programs: SWA RR BIS 6.2M, A+'20, CP'20, AA, UA Gold, Hertz PC, Hilton Diamond
Posts: 909
Another wild card is to pay your property taxes using your CC. Those are pretty nice chunks (usually) if allowed in your state/county. Ours does charge something like $135 bucks but something to keep in mind if available. In California that's coming up around 12/8 iirc.
Wingrider is offline  

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