Credit cards are an important tool for us to solve financial issues. With an available credit card limit, we can meet financial obligations and allocate funds whenever needed. If you are a credit card user, you should know how to view your credit card statement, available credit limit, credit limit, and other information. One of the biggest questions asked by credit card users is how to reverse a credit card transaction. You can get caught in scenarios where you need to reverse a credit card transaction. Continue reading to know how to reverse a credit card transaction in simple steps.
Why reverse a credit card transaction?
When does one need to reverse a credit card transaction? Well, you may get caught up in situations where you think a transaction is unauthorized or is a mistake. Unauthorized transactions are often added by credit card providers by mistake and are removed after customer complaints. However, for knowing about an unauthorized credit card transaction, you need to check your credit card billing statement regularly.
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After every billing cycle (usually monthly), the credit card provider sends you the credit card billing statement. The credit card statement contains all your credit card transactions date-wise. If you are not checking your credit card history at frequent intervals, you will not know about unauthorized transactions. You can also view the credit card history in real-time via the dedicated mobile application offered by the credit card provider. Before you understand the process of reversing a credit card transaction, you should know some scenarios of unauthorized transactions. Some situations where you need to apply for reversing a credit card transaction are as follows:
• Any transaction that has not been authorized by you can be submitted for reversal. If someone has access to your credit card, cross-check before raising a dispute for any unknown transaction.
• If you think a fraudulent transaction has occurred from your credit card without your knowledge, raise a dispute immediately. Credit card providers offer extended liability for fraudulent transactions, but you have to report it timely.
• If you have swiped your credit card at a shop but were charged more than the purchase amount, you can raise a dispute. For example, consider you have bought a product worth INR 500 with your credit card. However, you have been charged INR 700 when your check the credit card history. In such a case, you can apply for reversal of the transaction.
• Sometimes duplicate charges are mentioned in your credit card history. For example, consider you paid online for a product but are charged twice for a single product. In such a case, you can inform the credit card provider that a mistake has been made.
• You have made an online credit card payment for an order but canceled it within the cancellation time frame. In such a case, you can ask your credit card provider for reversing the transaction and give you a refund.
• Many credit card users enable auto-payments for several things like OTT subscriptions and EMI payments. Sometimes, you are charged on your credit card even after disabling auto-payment. In such a case, you can immediately inform your credit card provider and ask for a refund.
• Consider using a money transfer credit card and transferring some money into your bank account. If you are charged more than the amount transferred in your bank account, you can submit a request for payment reversal.
What is the process for credit card payment reversal?
The payment reversal process varies for different credit card providers. You can apply for a credit card payment reversal by logging into your account on the bank’s official website. You can also use the dedicated mobile application of your bank to raise a dispute on any transaction. The top credit card providers also allow you to apply for payment reversal by reaching out to customer support. The generic process for applying for credit card payment reversal is as follows:
• Look for a ‘Help’ button to apply for a payment dispute. When you check your credit card history, you may find a ‘Need Help’ button for each transaction. Some credit card providers also use terminologies like ‘Raise Dispute’ or ‘Don’t Recognise Transaction’.
• Once you seek help for any transaction, you will have to state your issue in detail.
• You can be asked to provide supporting documents for a credit card payment reversal. For example, if you have been charged more for a product, you can upload the original receipt as proof.
• Once you have raised a dispute for any payment, you can check the status of the complaint or refund process. If you have provided ample evidence, your credit card payment will be reversed within a few working days.
One should know about their rights before using a credit card. You cannot accept an unauthorized payment that you haven’t made by your credit card. Apply for reversal of an unauthorized online credit card payment now!