Credit Card Refund

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Refund


Updated: December 25, 2012

By
Add to Favorites:
Credit Card Refund

A credit card can give its owner a whole range of conveniences, perks and privileges, such as: great buying power, payment flexibility and various other types of protections. With a major credit card, such as a MasterCard or Visa, you can make purchases anytime and anywhere it is accepted. Furthermore, your card purchases are often protected with a special type of insurance that enables you to get a refund from your card issuer in case a product purchased with your card is defective or damaged or in certain other situations.

A credit card refund provision is very useful for those who do most of their shopping online where they have no chance to check the product's quality or completeness. It also provides protection if you shop on a fraudulent website that accepts your credit card payment, but does not deliver the goods.

Such refunds are provided by the card's purchase protection insurance feature, which is a standard type of coverage available on most major credit cards, as well as on most secured and prepaid cards. However, many consumers are unaware of their right to claim such refunds or they don't know when and how they can do it, even though the refund is available to them.

If purchase protection insurance is important to you, then we suggest that you carefully review the credit card terms in order to make sure that it is available with your chosen card. This insurance provision generally allows you to return a defective product bought with a credit card to the merchant and to claim for your money back. The merchant is then required to send the money to your card issuer who then credits your card account.

While the advantages of credit card refunds are obvious, some common pitfalls exist that you should know about, so be sure to carefully explore the scope and limitations of the purchase protection insurance provided. Pay special attention to the maximum amount of coverage that you may claim, as well as to the period of time it takes to credit your account with the refunded money.

Many people expect to see the refunded money in their account as soon as their claim has been processed by the merchant. However, the fact is that most credit card companies specify in their terms that they can take up to three or four weeks to investigate the refund and credit your account with the refunded amount. Unfortunately, until the refund appears on your account, your purchase is considered valid and you may be charged interest on it on it. So, make sure your credit card provides the quickest refund process, which is currently around two days.

In addition to purchase protection, your credit card may also provide travel insurance coverage and zero fraud liability coverage. These types of card purchase protections also have subtle nuances to watch out for, so be sure to do your homework about the various types of insurance available and read the specific insurance terms and conditions offered by a credit card before you apply.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How the Fed Rate Rise Impacts Credit Cards

How the Fed Rate Rise Impacts Credit Cards

By Credit-Land, Posted: May 25, 2017

Recently, the Federal Reserve hiked its benchmark rate by a quarter percentage point, as a result, you could see a rise of the interest rates on your credit cards by 0.25%. That was the first hike of the key rate in 2017 and the Fed ... Continue reading
Top 5 Credit Card Offers For Those With Excellent Credit

Top 5 Credit Card Offers For Those With Excellent Credit

By Credit-Land, Posted: May 25, 2017

Do you have excellent credit? If so, banks are actively looking to win you as a new credit card customer by offering some unprecedented deals. Although banks have been more careful about acquiring customers with questionable credit ... Continue reading
Interest Free Credit Cards: Pay No Interest Until 2019

Interest Free Credit Cards: Pay No Interest Until 2019

By Credit-Land, Posted: May 23, 2017

Carrying a balance on a credit card is wasting your money on interest fees. It is easy to avoid interest payments on purchase transactions by paying off the entire card balance by the due date each month. But what to do if you are already ... Continue reading