Chargeback on your Credit Card: Being Smart
By: Credit Expert | Posted: 06th March 2007
Every time you pay with your credit card for a purchase or a service you transfer your money on somebody else’s account. But what if you are not satisfied with the service or the item you have bought so not what you wanted? Is it possible to get your money back?
Of course, the first thing to do in this situation is to discuss the problem with the company that has provided you with the service. In some cases it will refund your expenses but very often you will be knocking on a closed door.
The next step would be to contact the card-issuing bank. It will take some time for the bank to check your claim before it makes the decision whether or not you are eligible to ask for a chargeback. You have a right to get a chargeback if
- you have not received the good or service you have paid for with your credit card
- the good you have paid for with your credit card has a defect
- the good or service you have received is not as described by the seller
- the good you have paid for with your credit card was not timely delivered
- have returned the good you have paid for with your credit card within an unconditional money-back guarantee
Be sure to make you claims within 60 days following the date of the first statement on which the charge appeared. Provide as much information as possible to support your claim. Remember, that you can not ask for a chargeback if the seller has fulfilled its obligation. That means you will not get a chargeback if you have found a better deal or have simply changed your mind. However, if you think that you have satisfied all the required conditions and the bank still denies your request for a chargeback you should make a complaint with the Attorney General’s Office website.
After you have proved to the issuing bank that you should get your money back it initiates a chargeback process and obtains credit from the merchant’s processing bank. The merchant’s processing bank also does a research on the transaction. Finally, the money from the seller’s account is removed to yours. If the merchant’s account does not contain enough funds to cover your chargeback the bank should refund you the money.
The seller also has a right to remedy the transaction. If the seller is successful you will be charged for the purchase once again.
Some people do not want to file for a chargeback because they fear that this will have a negative impact on their credit history. Unless you are plotting a fraudulent scheme in order to make a purchase and not to pay for it there are no reasons to avoid claiming for a chargeback. Your rights as a consumer and as a credit card holder are protected by federal and state laws so never hesitate to use them.
About the Author
Occupation: USA
Vera Birukova is a financial expert of http://www.requestcredit.com On this website you will find other articles on financial issues written by credit experts. Besides, visitors can ask credit cards related questions using the Immediate Credit Card Care Service. Requestcredit.com does provide up-to-date information on online credit card deals and helps consumers to save money and take better credit decisions.
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Tags: credit card, will take some time, obligation, issuing bank, attorney general