In my last blog I talked about how you can determine if a company you plan to buy from is on the up and up. Today the topic is how to keep your credit card from being charged for something you did not get or was defective.
You are protected.
Credit card companies have to follow government regulations that keep you the buyer from being taken advantage of. That means that if a company puts a charge on your card and you didn’t authorize it, you can get that charge taken off.
You can also dispute a charge. This comes in handy when you have made a return and the company says they did not receive it and therefore they are not going to credit your account.
If you get something in the mail that was damaged or so poorly made that you don’t want it, you can do the same thing: dispute the charge on your card.
The Charge Back.
Credit card companies are used to this happening. It is called a “Charge Back” and they will take it off your bill. The only way they will put it back on your account is if the seller can give them proof that you owe the money. This is a timely process for the store and in most cases they will not contest what you have claimed.
If the store is not cooperative and the credit card company can see that you have been taken advantage of, they will still take it off your bill and the credit card company eats the difference.
It seems like we all love to hate our credit card companies but this is one time they come to our rescue.
Stolen Cards
Another little known fact about credit cards is that if yours gets stolen and several thousand dollars are charged to your account, you only have to make good on $50.00. But you must contact the card company in a timely fashion and let them know that it has been stolen. For more regulations concerning credit cards contact the Federal Trade Commission.
Debit cards follow different rules.
Another not so pleasant fact is that Debit cards do not follow the same rules as credit cards. Debit cards are just like a credit card on the surface. You just have to have the money in the account before you can charge on the card.
For example, if it gets stolen and the money in your account is used up, it’s your problem. You have to convince the bank that fraud was involved. You will be out the money until the problem is solved. In the meanwhile you could be bouncing checks that have been written on the same or linked accounts. No one is going to step in and cover any of the loses.
Go to U.S. PIRG for a really good article on other rules and regulations dealing with debit cards.
On lost or stolen credit cards, your loss is limited to $50 per card. With debit or prepaid cards, your liability for an unauthorized withdrawal can vary: Your loss is limited to $50 if you notify the financial institution within two business days after learning of loss or theft of your card or code. (Unfortunately not all banks go along with this as it is a voluntary bank regulation.)
You could lose as much as $500 if you do not tell the card issuer within two business days after learning of loss or theft.
If you do not report an unauthorized transfer that shows up on your statement within 2 months after the statement is mailed to you, you risk unlimited loss. That means you could lose all the money in your account plus your overdraft line of credit.
Getting a refund.
Okay, so lets say you buy a Hoodia diet product and the package is ripped open or a store is billing you month after month without authorization. (See my last blog.) You try to get a refund from the company you bought it from and they aren’t cooperating.
Here is what you do.
- Call your credit card company first. They will send you a form to fill out. Everything else you do will need to be in writing.
- In writing, tell them that you were charged X number of dollars and explain why this should not be taken out of your account.
- Give them any additional information you have. (Sales slip or copy of emails.)
- If you returned the product give them the dates & tracking number.
- Explain the steps you took to get the company to return your money.
- Send in copies of all correspondence you had with the store.
- Even if the small print said that you would be billed for something monthly, explain that you did not authorize them to do this.
- Tell them why they had your credit card number to start with. (For a trial offer or what ever.)
Credit card companies are used to having to give refunds because of misleading advertising, damaged goods and faulty products. They will co-operate with you. It may take several months before you hear the result of your request but the good news is that the card company takes the charge off your bill while they investigate.
Susan Lou, business consultant on finance and business.
A word of warning here. Not all cards are the same and rules can differ from state to state. If you want more detailed information on this read the article How Do You Get a Credit Card Refund? By Susan Lou.
The best way to avoid all this hassle is to make sure you only buy from reputable dealers like Lose Easy Diet Products. We will make your Hoodia buying experience a pleasant one. If you haven’t yet purchased from us, give it a try. You will be pleased at our premium customer service.
One stop shopping for all your Hoodia needs.
Linda Hayes
P.S. For more information on credit cards and your rights go to: MERCHANT CREDIT CARD ABUSES They have a great article on Merchant abuse of credit cards and all the contact information needed to turn them in.
Tuesday, 28 June 2011 on Uncategorized.