How does credit card refund work?
Have you ever made a purchase online and the product simply didn't arrive? Or did the item appear to be one way in the ad, but when you got home you realized it wasn't? In situations like these, you can request a refund on your credit card!
Not everyone knows, but this is a right of all people who use the card as a form of payment and feel harmed in some way as provided for in the Consumer Code. Therefore, he can contact the establishment to cancel the deal.
Want to learn more about how to refund your credit card? Keep reading and find out!
What is a credit card chargeback?
It is a procedure carried out when a customer wishes to cancel a transaction made with a credit card. This means that the money spent is returned to the buyer in the form of a credit on their card statement.
It is possible to request a refund when an online purchase does not arrive or is incorrect, or even when the customer decides not to close the deal, but don't worry: we will explain these points in more detail later.
In what situations is it possible to request a refund?
Did you know that you can also request a refund for purchases made in person? Yes! According to the law, consumers can request a refund in the following cases: when a product is defective and cannot be repaired within 30 days; when the quantity received is different from that described on the packaging; or when the offer is not fulfilled in some way.
Furthermore, when the purchase is made exclusively online, that is, without the consumer having the opportunity to look closely at the product to assess its quality, for example, the customer has the right to regret the purchase.
The right to cancel without justification is only valid for online purchases, as indicated by the Consumer Protection Code. This means that anyone who buys online has up to 7 days after receiving the product to simply return it for any reason, and is entitled to a refund.
The same does not happen with in-person purchases because it is understood that the buyer had the opportunity to inspect the product up close, having the possibility to decide whether or not to complete the transaction. In this case, the cancellation policy of the establishment itself prevails. Therefore, it is a good idea to ask the seller for this information before closing the deal.
In addition to these situations, if the establishment (physical or online) makes an incorrect charge (price different from the agreed or advertised price) and you only realize it after swiping your card, you can also request a refund.
How do I request a refund on my credit card?
Now that you understand what a credit card refund is and have also seen the situations in which you can request one, it is time to see how to make this request. Many people get confused, but the first place to contact is the commercial establishment itself.
Therefore, it is expected that the establishment checks the exchange and return policies and informs the card company about the refund, which must be made immediately and received within two invoices by the customer.
However, when the establishment does not provide support to the customer or refuses to refund the money — even in cases provided for by law — the buyer must contact the card operator to open a dispute. In this situation, the bank or fintech helps the customer by sending documents and other evidence to the establishment that justify the request.
As you can see, requesting a credit card refund is a way to ensure that the customer will not be left without protection in the event of abusive charges or products that are different from those advertised. Even so, it is worth remembering that it is the customer's duty to find out in which situations this refund can be requested.
Now that you've finished reading, how about reading about how to increase credit card limit? Check out our next article!
