Credit Card Charges: Nowadays credit cards have become an important part of our lives. But there can be some problems in using them, such as being charged more than once, transactions being done without your permission, or any mistake in the bill. At such times it is important that you correct these mistakes quickly and correctly and avoid any loss.
Let us know 6 effective ways with the help of which you can identify the problem related to your credit card and prevent your loss.
First understand the problem
When you question a transaction, first determine if it’s really incorrect. Incorrect charging can occur for a variety of reasons, including repeated transactions, use without your permission, a merchant billing error, a charge for a subscription you canceled, or the wrong amount. Merchants sometimes bill differently, so check your email, app history, or receipt to identify the error.
Note down all the important information
It is important to keep the correct details of the transaction. Such as transaction ID, date, amount, merchant name and record of the conversation with the merchant. Also keep screenshots of emails or bank statements so that they can serve as your proof if needed.
Talk to the merchant first
Often the dispute is resolved by talking to the merchant directly. If there has been a double charge by mistake, they can correct it without the bank getting involved. After talking on the phone, be sure to confirm the conversation by email so that you have proof.
Then inform the bank
If the merchant does not resolve the issue, inform your bank or credit card issuer immediately. Most banks offer the facility to lodge a dispute through mobile app, internet banking, phone or email. Keep in mind that the complaint has to be made within 30 to 60 days, so do not delay.
Is it necessary to fill the complaint form?
Some banks require you to fill out an official form to initiate a dispute, in which you give full details of your problem. Sign it and send it to the bank and keep a copy.
Keep an eye on the process
Usually banks resolve disputes within 7 to 30 days. During this time, they can temporarily stop deducting your money from your account or can also give you temporary credit. The bank will keep informing you through phone, email or message. If the decision comes in your favor, then the money will be refunded.
Know your rights
According to the rules of the Reserve Bank of India (RBI), if you complain on time, then you are not responsible for any fraudulent transaction. In this case, the bank compensates for your loss. You can challenge any transaction done without your permission. If you do not get a satisfactory answer from the bank, then you can also complain to the banking ombudsman.
If you notice any mistake in the use of credit card, take action quickly. Filing a dispute is not just a way to correct the mistake, but also to protect your money and rights. By taking the right steps at the right time, you can keep both your financial security and credit history intact.
