An adjustment payment is a payment that you make to your credit card company that is not for a specific purchase. It can be used to:
- Correct a billing error
- Apply a credit or refund from a merchant
- Pay down your balance before the due date
Adjustment payments are typically applied to your account balance as soon as they are received. This means that they can help to lower your interest charges and improve your credit score.
Here are some examples of when you might make an adjustment payment:
- You notice a billing error on your credit card statement. For example, you may see a charge that you did not make or the wrong amount charged for a purchase.
- You return an item that you purchased with your credit card. The merchant may issue you a refund, which you can then apply to your credit card balance.
- You want to pay down your credit card balance before the due date. You can make an adjustment payment to do this.
If you have any questions about adjustment payments, you should contact your credit card company.
Here are some additional things to keep in mind about adjustment payments:
- Adjustment payments are not always applied to your account balance in the same way. Some credit card companies may apply them to your most recent purchases, while others may apply them to your oldest purchases.
- Adjustment payments may not be available for all credit cards. If you are not sure if your credit card allows adjustment payments, you should contact your credit card company.
- Adjustment payments may not be able to be applied to all types of charges. For example, some credit card companies may not allow adjustment payments to be applied to balance transfers or cash advances.
Overall, adjustment payments can be a helpful way to manage your credit card account. They can be used to correct billing errors, apply credits or refunds, and pay down your balance before the due date. If you are considering making an adjustment payment, you should contact your credit card company to learn more about their policies.