How To Use A Credit Card Charge Back – Before credit cards gained popularity all over the world, many individuals and business merchants suffers the problem of identity theft and cybercriminal acts.
And for this reason, some government officials came to an agreement that credit card users all over the world should be given a fallback option.
After thorough thinking and decision making, the government officials concluded that credit card users worldwide should be refunded back any money they post to cybercriminal and any other unauthorized transactions.
What Is A Charge Back?
A credit card chargeback is a bank initiated refund for an item you purchase with your credit card.
Charge back serves as a protection to credit card users against cybercriminal and unauthorized transactions.
A credit card charge back can be used in so many cases like;
- When you do not receive the items you purchased.
- When the goods delivered to you is damaged.
- When the item delivered to you is totally different from what you ordered.
Credit cards chargeback allows credit card users to request a reverse on a transaction made on a credit card. This request is made directly to the credit card provider.
Credit card charge back is a difficult task in the sense that it takes some months for the request to be approved because the merchant of the items you purchased will be notified and the merchant might want to question your request.
Credit card charge back feature is not yet known in the banking sector as most of the bank staffs do not know about it.
What You Should Know Before Apply For a Charge Back
As a credit card holder, you need to be aware of the following things before applying for a chargeback.
- Make sure you notice a charge on your credit card account either before or after a purchase.
- Read the merchant’s refund terms and conditions carefully before purchasing an item.
- Allow the merchant to initiate a refund on the item before assuming it’s a fraudulent transaction.
Therefore, applying for a credit card chargeback should be done in an appropriate manner and it should be used when necessary.
Credit Card Chargeback Time Limit – How Long Does It Take A Chargeback Request To Be Approved?
This simply the time it takes for a credit card user to fill a chargeback form and when it will be approved. Credit card chargeback varies depending on the credit card network and the nature of the charge back issue.
Each credit card network has its own chargeback time limit, some may take up to or less than 100 days to respond to a chargeback request.
In conclusion, it is very important to know the chargeback time limit of a credit card provider, before you fill a chargeback form.