6 days Ago
In today’s rapidly evolving digital age credit card transactions have now become commonplace in India. Still, instances of extremely high and incorrect charges or unauthorised transactions are not at all uncommon. That is why, clearly understanding the dispute resolution process is important for credit card users to safeguard and defend their financial interests.
This particular write-up is dedicated towards discussing simple ways through which credit card users can handle credit card disputes with merchants and can obtain a clear solution to their day to day problems. What are some common dispute scenarios? Now, disputes and issues can arise from various situations such as: In all such cases prompt identification and crisp action are essential to quell such issues decisively. For example if a credit card is lost prompt action is needed to block the credit instrument to ensure that the owner of the card suffers no financial damage.
It will also help in ensuring that your credit utilisation ratio remains intact. Basic steps to initiate a dispute Now, this complete process can easily take up to 45 days, depending on the complexities of the case. It also depends on an individual basis and most banks follow their own pre-defined procedures.
For more, consider reaching out to your respective financial institution. Leverage chargeback mechanism to request reversal Now a chargeback is a credit card user protection tool that allows card holders to raise disputes against a transaction. This mechanism allows credit card holders to request a reversal.
To initiate a chargeback you can follow the given points diligently: It is crucial to remember that frequent chargebacks can dent a merchant’s reputation and may lead to penalties as well. It is eventually about the efficient flow of business and all parties involved must adhere to the laid down rules and regulations. How can you seek legal recourse? If the issue remains unresolved the credit card users can escalate the matter through legal channels and get a clear resolution.
Hence, these avenues provide a structured method and mechanism to resolve and address the grievances efficiently. How can you minimise the risk of disputes? To ensure that things are kept under control and you are able to minimise the disputes effectively: Therefore, by following these practices credit card users can boost their financial security and promptly deal with any discrepancies related to the same in an efficient manner. Disclaimer : Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply.
These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc.
We advise investors to discuss with certified experts before taking any credit..
