Everything go through their transactions and push it
Everything you need to know about credit card transaction reversalsMost of us never bother, but failing to cross-check your credit card statements can take a huge toll on your financial well-being. There have been many instances where discrepancies in credit card charges have been reported. Yet, people never bother to go through their transactions and push it aside by just paying their dues on time. Remember, there is a good chance that you might find an inaccurate transaction on your card. The discrepancy can either be a mistakenly charged fee or a duplicate charge. It can also be a fraudulent one as well. In such instances, the first thing to do is to contact your respective credit card issuing company and report the discrepancy. Bringing it to your card issuer’s notice and identifying the inconsistencies will help you process the reversal of those wrongly charged transactions.If it is a stolen or a lost card that the transaction has been done on, ensure that your credit card company is informed about it and freeze your account immediately to prevent any further fraudulent activities.Here’s a list to provide you with a better idea of the transactions that can be disputed and avail a reversal:A transaction cancelled within the cancellation period offered by the dealer can be reversed on demand.Unprocessed refunds can also be disputed.Your credit card isn’t supposed to be billed once you’ve cancelled the auto-payments on your card. If you find that your card is being charged even after the cancellation, bring it to the card issuer’s notice and request for a reversal.In case, the receipts you hold do not match with the charges applied on your credit card statements, you can request for a reversal.Transactions which were not authorized by the cardholder can be disputed for reversal.There are instances where the dealer might have charged you twice for the same product bought online. This is where you can dispute on duplicate charges and request for a refund.If you’re anxious on how to get your refund at the earliest, here are some common situations where you might find discrepancies on your card and the easiest possible ways to get a reversal on the transactions in such scenarios:• Credit card swiped twice:Getting your credit card swiped twice is pretty common these days. Most of the times, it is the POS machine that malfunctions rather than a credit card. Surprisingly, most of us don’t even bother to check if we’ve been charged twice or not. However, if you find that your card has been charged for both the swipes. The next step would be to inform your credit card company about the purchases. The issuer will then provide the transaction details to the dealer for reversal of one of the two transactions. If lucky, you may get a cash reversal on the spot from the merchant for swiping twice to save the trouble of waiting for reversal.• Cancelling of a credit card purchase: Purchase can be made either online or at the local store down the street. However, a person can cancel his/her credit card transactions on the purchase in two ways. He/she can either make a direct cancellation of the order after which the purchase is nullified. This will automatically reverse your transactions. You can also demand a chargeback. For those who don’t know what a chargeback is, it is service provided by credit card issuers enabling cardholders to revert their purchases if the product or services purchased were found unsatisfactory. The only catch is that any claims for a chargeback must be filed within 6 months from the date of purchase.Usually, a reversal takes a week or two to process. However, if the card issuing company or the online merchant fail to process the refund even after repeated reminders, cardholders can always approach the consumer court to dispute against the merchants. One can also lodge a formal complaint at the district forum court if the merchant still doesn’t comply with your refund request. In case of online transactions, most of the merchants resolve their customer complaints as soon as possible as a bad publicity can prove to have a negative impact on their business.Remember, the terms and conditions for refunds vary from merchant to merchant. Some merchants refund the entire refund sum within a given time without any further enquiries. However, some websites opt not to reverse the transaction but to give the customers the option to purchase another product or service of the same value from their site. Hence, it is important to thoroughly go through the terms and conditions for cancellations and reversals before purchasing products and services from online websites.