How do you reverse Credit Card transactions
When you use a Credit Card to make a payment for any product or service, at times you might need to cancel the transaction for some reason. At that point, you can ask your bank for a payment reversal. Read further to know how can you reverse a Credit Card transaction.
Transaction through a Credit Card is quick and convenient. Millions of people use credit transactions for managing their daily expenses and buying products online. However, not all payments done through the Card go as planned and you may want to reverse the transaction. In such circumstances, your Card issuer can reverse the payment. At times, an order cancellation may not result in a reversal of payment from the lender.
Apart from this, there are instances where a reverse payment would become necessary; for instance:
When a transaction is not made or authorised by you
When the items mentioned on your Credit Card statement does not match the Amount mentioned on the receipt
When you experience a fraudulent transaction
When you cancel an automatic payment, yet the Amount is deducted from your credit limit
When you are charged mistakenly for a transaction you have not made
Now that you have a clear idea of when to ask for a reversal of a Credit Card transaction, here are some ways you can seek a reversal for the same.
Online refunds: When you buy something online but have to cancel the order due to some reason, you may receive a refund without even requesting the merchant or the Credit Card issuer. However, you may want to check the returns and refund policy of the merchant while making an online payment, as every online website has its distinct refund policy for cancelled orders. There are some websites that do not provide a refund or lay conditions on refunds, or provide reward points instead of cash and then there are others who provide a complete refund.
Cancellation of purchases: If you make any transaction online for a product/service and you want to cancel the order, it is possible to make a cancellation directly, or you can request for a chargeback. Credit Card users can directly cancel online, and the payment gets refunded in 30 minutes. On the other hand, you can opt for a chargeback within 180 days from the day of purchase, if you are not satisfied with a service or product.
Double swipe of Credit Card:: There are some cases when you swipe a Credit Card, you receive an SMS of the transaction, but the swiping machine does not provide a charge slip. In such circumstances, the merchant may ask you to swipe again. Because of the glitch in the machine, you may end up paying twice. For instances like these, the lender will ask the merchant to accept the payment reversal request.
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