What Happens if My Amex Payment is Returned? (2024)

FAQs

What does Amex do if a payment is returned? ›

If your payment has been returned unpaid by your financial institution, we may charge a returned payment fee and any applicable late fees based on the terms and conditions of your Cardmember Agreement.

Typically, they will charge you a fee for a returned payment. The card issuer may also make more than one attempt at collecting the money from your financial institution. In case the payment goes through at some point, the issuer may still collect the returned payment fee.

If you make a payment that is returned unpaid the first time we present it to your bank, the fee is $29. If you do this again within the same billing period or the next 6 billing periods, the fee is $40. However, the returned payment fee will not exceed the Amount Due (or Minimum Payment Due, if applicable).

You can request a refund for an overpayment through your online account. After you choose the account you made the payment to, select 'Open a Payment Dispute' then choose 'I have a credit balance on my account' and click 'Continue'.

Returned payment fees by themselves won't impact your credit score in any way. However, if you have a payment returned and you don't make up the payment within 30 days of your due date, the lender may report the missed payment to the credit bureaus.

When your direct debit bounces, your bank will probably contact you to inform you, this will give you time to move money into your account and retry the payment. If your payment is retried and fails, your bank may stop and refuse to process the direct debit payment. If this happens, your bank may charge you a late fee.

Chip Lupo, Credit Card Writer

Yes, the The Platinum Card® from American Express does have a late fee of up to $40, which applies when cardholders don't make the minimum payment by the due date.

The American Express credit card grace period is at least 25 days after the closing date of each billing period. That means if you enter a new billing period without an existing balance and make charges on the card, you will have at least 25 days after that billing period closes before interest begins to accrue.

Role of the Card issuer:

American Express acts as a Card issuer and merchant acquirer. After obtaining the details of the disputed transactions from Cardmember, it will review if relevant supporting documents of the request have been provided and raise chargeback request for Cardmember against the merchant.

In a refund reversal, the merchant returns funds to the customer's bank. In purely transactional terms, a refund reversal is a completely separate activity to the original customer payment, although typically they are for the same amount of money.

Can you undo an Amex payment? ›

If you made a payment for today's date, you may be able to cancel the payment through your online account. Just look for the payment you'd like to cancel. If it says 'Processing' you may be able cancel your payment. Click the payment to expand the details and then click 'Cancel Payment'.

Timing is key. Remember that you have 20 days to respond to an Inquiry or Chargeback with supporting documents. Your supporting documents should include a copy of the charge record or credit record. It's important that you review the entire claim and address the specific dispute reason with the documents you send.

If you don't pay the balance requested by its due date, your account can be charged interest and penalty fees, and be subject to cancellation.

If you try to return an eligible item within 90 days from the date of purchase and the merchant won't take it back, American Express may refund the full purchase price, up to $300 per item, excluding shipping and handling charges related to the item purchased, and up to a maximum of $1,000 per Card Member account p er ...

Yes, in some cases a bank can reverse a payment after it has been posted. This typically occurs when there is evidence of fraudulent activity, unauthorized transactions, or if the payment violates the bank's policies or legal regulations.

If you make a purchase and return the merchandise, we reserve the right to reverse the statement credit or rewards. If the credits have been reversed and the offer has not expired, you can still take advantage of the offer if you make another qualifying transaction and meet the Offer Terms.