The last time they provided me with a tracking link, it showed that the parcel had arrived my country 3 weeks ago. Every time I asked for refund, they told me to wait a few more days for the delivery. I have already paid the credit card balance.
Is it still possible to get a chargeback? If a merchant makes it impossible to request a traditional refund by failing to acknowledge your requests, a chargeback might be the only option available. I made a purchase, subject to interest, and subsequently returned the item to the merchant. The credit card company applied the credit to my promotional balance instead of my purchase balance. Can they do that? Credit card companies do a merchant refund and usually return apply the credit to your purchase balance.
To be sure, please refer to the terms and conditions of your card or call your merchant to speak to an agent and have the credit returned to your purchase balance. I disputed it with the card issuer and they started an investigation. The merchant has since refunded my money to the card issuer, but the card issuer is holding my money still. It has been 25 days since the merchant credited the funds back to the card issuer. How long can they legally hold my money after the merchant has refunded it to them?
Ideally when this happens, the card holder files a claim with his bank so they can proceed with the chargeback and investigation. Once you have submitted a claim, you can verify with your bank if they are able to do a temporary credit while research is ongoing that way you can have access to the funds that got debited. The temporary credit then becomes a final credit to your account once the research is completed and your bank has retrieved the funds from the merchant. According to Visa regulations, the merchant has 45 days to respond to the chargeback against a transaction.
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Credit Card Finder. Sally McMullen. Updated Jan 11, Learn more about how we fact check. Navigate Credit Cards In this guide. How can I get a credit card refund? Safeguard yourself with return protection Return protection plans for Mastercard, American Express and Visa How long does it take for a refund to appear on a credit card? What are the types of credit card refunds?
How to request a chargeback What are the other factors to consider when requesting a credit card refund? Find Your Credit Card. Best Cards of November Compare All Cards. Credit Card Reviews. Card vs. Card Guides. Application Tips. Compare By Card Type. Balance Transfer Cards. Rewards Credit Cards. Cashback Credit Cards. Travel Credit Cards. A recent study found that online merchants take their time — days, and sometimes weeks — to refund your money.
The study, conducted during the holidays by StellaService, found that dot-coms like Amazon. Or never. The short answer is, because they can.
There are few, if any, laws that require a prompt refund to be issued when merchandise is returned. Some stores will insist on giving you credit instead of returning your money, which only benefits them.
Here we discuss how a refund on a credit card works and provide a few secrets to getting a speedy refund. How does a refund on a credit card work? This is an age-old question that consumers have been asking since credit cards became commonplace decades ago. Once your credit card company approves the transaction, your credit limit will be reduced and the amount will be displayed on your credit card bill, usually at the end of the month.
Credit card returns happen every day, but consumers may not know how the funds get reimbursed. Because your card issuer paid for the item s you bought, your funds will be refunded back to your credit card account. You realize the TV is too big to fit on your mantle, so you go back to the store and return it. When you make the return, the retailer will usually ask for your receipt and the card you used to make your purchase.
When the transaction is complete, the refund balance will be posted to your account. To get a refund on a product or service purchased with a credit card, ConsumerFinance. However, credit card refund times vary, with some retailers issuing a refund the same day if you return in person, while others may take a few weeks or even months to issue the amount back to your account.
The time it takes to receive a credit card refund also depends on a few other factors, such as the retailer, the method you used to return the item online, in-person, etc.
Wondering how long it takes to process a refund? When you shop at a store, you may receive exclusive perks, such as reward points. The same goes for cashback incentives and signup bonuses as well. Another issue with credit card refunds is foreign transaction fees.
When you travel abroad, some banks may charge a fee because it costs them money when you shop abroad. If you end up returning a product bought overseas, your card issuer might not return the fee.
Once the merchant processes your refund, it's up to your card company to post the credit to your account. This typically takes three to seven business days. These timeframes apply to simple refunds, in which you and the seller agree to a return. If the seller does not agree, you can work with your card company to dispute the charge and get your money refunded.
This is a separate process that may take as long as six months to resolve. If you add up each of these steps, it's easy to see how much time even a simple return can take. Although getting a refund credited to your account almost never qualifies as fast money, you may be able to accelerate the process by taking these steps:.
To understand how a refund works, it helps to understand how credit card payments are processed. When you make an online purchase using your credit card, the merchant requests payment from your card company. Your card issuer makes a payment on your behalf and adds that amount to your card balance , reducing your available credit line.
In effect, they're loaning you the money to buy the item. This is why most merchants will only issue a refund to the card you used for the original purchase—the money part of your transaction happened with the card company and not you. Any money refunded to your account is treated as an account credit. It does not count as a payment or partial payment.
And you won't receive it as a separate payout: The card company won't send you a check for the refund. It's simply a credit on your account.
Three months later, you decide it's ruining your sleep and return it for a refund to your credit card:. If you aren't already using a mobile app to check account activity, now is a good time to start.
You'll be able to track your refund—and view transactions, due dates and notifications. Monitoring your account activity is an important part of managing your credit cards and key to staying current on your payments and understanding your interest payments.
If your refund is taking longer than expected, don't despair too much. Even a delayed refund shouldn't hurt your credit, as long as you manage your account wisely while the refund is pending.
Remember to pay your bill by the due date and mind your credit limit so you don't overextend yourself. A delayed refund can, however, start to affect your credit score if it means you'll maintain a higher credit utilization ratio for a longer period of time while you wait.
A large purchase might affect your credit utilization ratio—the amount of available credit you have divided by your total available credit—which, in turn, affects your credit score. That's something, but not enough to hurt your scores if it's the only purchase you have on your card. But suppose you decide to use the same card to purchase another mattress before your refund posts.
On the other hand, it's never a bad idea to avoid this risk in the first place by avoiding a new purchase until after your refund posts to your account.
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