Want to get money from a friend's credit limit - what modes do I have

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Sobirvs

Sobirvs

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So, I am new to banking stuff. I bought a phone from a friend's credit card. Now he said to me he paid with his credit limit , and now I applied for refund in the amazon's site and my friend has got the amount back. Now how can he give me the money as the money was sent from his credit limit.

My brother told me a way is - he can go to some relatives shop and ask him to swipe.. then he can give me the payment but 2% will be fees.

He can't do IMPS/NEFT as the money was from his limit right?

Can he send me money from paypal? There will be some % charged for it again right?

Any way to get all the money in my account ? like some net services ? or any other? I am new to credit limit stuff and don't have any info.

His bank is axis bank and his credit limit is 80k
 
does he want to transfer money from his credit card only? it'll cost him extra money.

sensible way is to get the money from his bank account. he can use IMPS, NEFT, RTGS, draft, check or ATM (cash) to pay you.
 
Criminal said:
does he want to transfer money from his credit card only? it'll cost him extra money.

sensible way is to get the money from his bank account. he can use IMPS, NEFT, RTGS, draft, check or ATM (cash) to pay you.
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yes from card only so no IMPS/NEFT. :([DOUBLEPOST=1423587477][/DOUBLEPOST]
rdst_1 said:
How did you give him the money?
Just ask him to return via the same method.
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I sent him to his bank and he paid that money to his bank as he used the money in credit limit. :( I really don't understand this much... Is he fooling me or something ? He is a good friend, so I don't think so.. but stil..
 
Credit limit has nothing to do with your predicament. The thing is he already paid the bank even before his statement was generated. His credit limit was 80k. Say your phone was worth 22k. Once he paid for it, his credit limit got reduced to 58k. One he paid the bank, his limit got restored to 80k. One Amazon returned the payment his online profile should show -22k as pending amount. So basically he can use his credit card to buy something worth 22k again and when his statement is generated he won't have to pay anything.
If your friend doesn't have cash lying around, you'll have to use his credit card again to get back your money. Otherwise just ask him to return the money as cash and use the money in the credit card himself.
 
Criminal said:
then withdraw the cash from ATM. it'll be chargeable though.
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can someone use a credit card in ATM ? I mean the money will be withdrawn from his bank account and not his credit limit right ? He can't transfer from account, has to be from credit limit and afaik, credit limit can only be used in shopping and stuff and not ATM withdrawl.[DOUBLEPOST=1423615872][/DOUBLEPOST]
JMP said:
Why not do it via PayTM wallet ? Get it into your wallet -> bank account.
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is this possible? if it is, this will be awesome. afaik, once u add money to wallet, u can't withdraw it in bank now, can u ? can u tell me the process how to do it ?
 
rdst_1 said:
Credit limit has nothing to do with your predicament. The thing is he already paid the bank even before his statement was generated. His credit limit was 80k. Say your phone was worth 22k. Once he paid for it, his credit limit got reduced to 58k. One he paid the bank, his limit got restored to 80k. One Amazon returned the payment his online profile should show -22k as pending amount. So basically he can use his credit card to buy something worth 22k again and when his statement is generated he won't have to pay anything.
If your friend doesn't have cash lying around, you'll have to use his credit card again to get back your money. Otherwise just ask him to return the money as cash and use the money in the credit card himself.
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Yep, exactly. He doesn't have cash, so that's why he can't give directly. Though he is alright with me using his card for any online transaction, which I don't want to do right now, so looking for alternative ways to get my money back, but it seems it's getting impossible.[DOUBLEPOST=1423617460][/DOUBLEPOST]anyone here has used https://www.xoom.com/ ?? can anyone tell me how much charges it takes? can my friend pay with that site and i can get money to my bank ??
 
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Ask him to add the money to his PayTM wallet via his credit card. Then ask him to send the money to your PayTM account.

You can raise a request in PayTM to get the money back into your bank account. It was possible before. But have not taken money back to bank for a long time. So have a talk with the PayTM Customer Care
 
Sobirvs said:
can someone use a credit card in ATM ? I mean the money will be withdrawn from his bank account and not his credit limit right ? He can't transfer from account, has to be from credit limit and afaik, credit limit can only be used in shopping and stuff and not ATM withdrawl.[DOUBLEPOST=1423615872][/DOUBLEPOST]
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yes, CC can be used to withdraw limited amount of cash from ATM. only his CC will be charged and not the linked bank account.

As suggested by KK, try calling up CC guys. it'll work if he has already linked a bank account to his CC. PayTM would be a better option if it works the way as JMP suggested.
 
don't withdraw money from ATM using credit card. High interest rates and high facilitation charges. Avoid if you can
 
karankapoor said:
Simply ask him to call his CC issuer and ask them to credit the extra amount back to his account.
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is that eve possible? That amount was actually in credit limit in the first place, hardly think bank would be willing to do that for him[DOUBLEPOST=1423653031][/DOUBLEPOST]
hotshot05 said:
Ask him to add the money to his PayTM wallet via his credit card. Then ask him to send the money to your PayTM account.

You can raise a request in PayTM to get the money back into your bank account. It was possible before. But have not taken money back to bank for a long time. So have a talk with the PayTM Customer Care
Click to expand...

I read the policy of payTM yesterday, seems it;s not possible, but if you say it is possible, then i will talk to CC :)
 
Sobirvs said:
is that eve possible? That amount was actually in credit limit in the first place, hardly think bank would be willing to do that for him[DOUBLEPOST=1423653031][/DOUBLEPOST]

I read the policy of payTM yesterday, seems it;s not possible, but if you say it is possible, then i will talk to CC :)
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Yes they will, My bank (Hdfc) did it for me. Just ask them u don't want to leave ur money with them they will happily do that.
 
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karankapoor said:
Yes they will, My bank (Hdfc) did it for me. Just ask them u don't want to leave ur money with them they will happily do that.
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my friend's bank is axis.. i'll ask if that is possible. How much will bank credit his bank account ? whole 22k ? will they take any fees?
 
Sobirvs said:
my friend's bank is axis.. i'll ask if that is possible. How much will bank credit his bank account ? whole 22k ? will they take any fees?
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They will credit back all the amount which is over the specified credit limit of the card. Say if ur friends card limit is 100000/- and he used it for 5k and u got a refund of 22k. So.

100000-5000+22000= 117000/- they will credit the remaining 17k.
 
karankapoor said:
They will credit back all the amount which is over the specified credit limit of the card. Say if ur friends card limit is 100000/- and he used it for 5k and u got a refund of 22k. So.

100000-5000+22000= 117000/- they will credit the remaining 17k.
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aha, that's the thing :P bank won't give the amount in bank from credit limit, only the amount which is over the credit limit. Thing is, my friend bought a nexus 9 for 28k and used my money to settle the credit limit funds. So he doesn't have any money that is over the limit. So I am stuck with the money in credit limit. I wish paytm thing will work, but i hardly think so as RBI has put some restrictions for Internet wallets. So no one can get money refunded bank to any other bank except the source bank account. I am so screwed lol
 
From your story, I understand is money used to buy the phone was refunded by Amazon, so did you lend him that same money earlier? If yes, shouldn't that exist in his "bank" and not the "credit card".

Edit: Oh, if you did what I think you did, then No you cannot have your cake and eat it too. you have to sell it to get your money back.
 
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