I received a credit to a credit card account I used to purchase a airline ticket. Trip was cancelled and the refund went into that credit card account and there is a zero balance, but a $560 credit balance. How do I retrieve that amount
Generally, credit card issuing banks will not automatically refund balances in your favor. Policies on how this is handled will vary from bank to bank, but it's typical that they would leave the credit on your account for several months - essentially using it to offset any new purchases you make.
If you'd rather be given cash, you can call or write to the bank and request a refund. Typically they would do this by sending you a paper check, but there may be other options and your best bet is to call and ask.
Simply phone customer service
And have them mail you a check, or e-transfer if you have an account linked. This is no trouble at all, it happens all the time.
The reason they don't do it automatically is most people use their cards regularly, and so this credit balance will soon be consumed by other purchases. Therefore the expense and trouble of mailing a check is simply not worth it.
You could just do that, you know. If it is not currently your habit to use the credit card for routine purchases, go ahead and do so until the credit is consumed.
By the way, speaking generally, a credit balance is your money. For instance I find it tedious to pay the $20 water bill every month. So I simply send them $150 as needed. After about 8 months the balance goes above zero and I send them another $150. And I've done this -- when I cancel service, they cheerfully send me a refund check for the balance.
Since your credit card shows both a zero balance and a $560 credit balance, the actual amount of your own money in the credit card account is zero and the $560 is the amount you can borrow on your card. Unless you have transactions pending, the $560 is also your credit limit.
Say you started with a fresh card, nil balance and $560 credit limit. Then you bought tickets worth $200. You now have a balance of $200 that you owe the bank, and $360 credit limit remaining. Then you get the refund, which puts the $200 back, leaving you with nothing owing to the bank and the full $560 credit limit available.
If you pull this $560 into your checking account, you are borrowing $560 at cash-advance rates, which can be higher than credit card rates on purchases. You will also have to pay back the $560 at some time.