Obtaining a Credit Card Protection Refund
What is a Credit Card Protection Refund?
Now more than ever, we rely on credit cards for payment- whether it be in store or online. While this makes shopping convenient and safer, paying with a credit also has its own set of challenges and risks.
Many people fear using credit cards because of the abundance of fraud and identity theft associated with these bits of plastic. Fortunately, a credit card protection refund is available if things should go wrong.
From big data and security threats to disputes and refunds, credit cards have a learning curve for business and consumers alike.
Let’s review what payment protection is and the process of seeking a credit card payment protection refund.
What Is Payment Protection?
A credit card protection refund is your ability to dispute charges made on your credit card. This is actually referred to as a credit card chargeback. There are many reasons that this might occur, but the process is designed to give consumers peace of mind when paying with credit.
When Is Payment Protection Necessary?
A credit card payment protection refund is initiated by the cardholder. Some common reasons include:
- An unauthorized transaction
- The product was never delivered
- The cardholder was overcharged for the product or the card was charged more than once
- Subscriptions or memberships weren’t terminated
Understanding the Law
As a consumer, it is your right to protect yourself against fraudulent or unauthorized transactions. Federal law states that consumers have 60 days after the purchase to seek a credit card payment protection refund.
The company then has another 30 days to dispute the consumer’s claim. An investigation is conducted which determines the outcome.
In addition to federal law, each state regulates chargebacks as well.
Do You Really Need a Chargeback?
The credit card protection refund (or chargeback) was intended to offer security and reassurance to cardholders. Unfortunately, it isn’t always used as it was intended.
A chargeback should only be used in certain situations. Let’s look at the situations that do and don’t warrant this type of action.
Billing Errors & Unsatisfied Purchases
In the case of billing errors or unsatisfied purchases, it is best to begin by contacting the company prior to involving the bank. Due to the business costs involved, most companies will actively work with you to correct any errors or misunderstandings.
If you notice unusual activity or your card is lost or stolen, contact your bank immediately. Call or go online and evaluate the recent purchases. File a chargeback for all fraudulent activity. From there, the bank will investigate the transactions and credit your account.
Increasingly, consumers are falling victim to online scams. Websites offer shoddy products or services disguised as the real deal. If you’ve actually verified the transaction, there might not be a whole lot you can do about it in regard to winning a chargeback.
Your best bet is to report a website scam. If you report online fraud, you can help other consumers stay safe. Check these additional tips regarding how to get your money back from online scams.
Let eConsumer Services® Help
Rather than trying to file a credit card protection refund, contact eConsumer Services®. We’ll help you identify the best tactic for getting your money back.
We work on behalf of the cardholder to secure a return—even if the merchant is being difficult. Don’t waste your time, sitting on hold with customer service. eConsumer Services® works with a vast network of merchants; that means we are usually able to secure a refund much quicker.
Plus, if you file a credit card payment protection refund, it might take several months to get your money back. An eConsumer Services® intervention can work much quicker.
Fill out the form to the right. We’ll take a look at your situation and get to work right away.
A credit card protection refund is a safeguard we all appreciate. However, it is best to know all you can about this consumer protection before trying to implement it.