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CardHub Checks Out Chargebacks (Betty Sexton)

Lately we've been hearing about bank charges and fees as they relate to our debit cards. Now a look at chargeback policies as they relate to your credit cards.

 

 

 

CardHub.com, a website that helps you research, compare, and apply for credit cards, just conducted a survey you should know about if you ever dispute a merchant charge.

They asked the four major credit card networks and the 10 largest U.S. credit card issuers what their policies are... when customers find a discrepancy on their bill.

What's most interesting is that the largest credit card network, VISA was unable to respond to the specific scenarios that CardHub gave.

Chase and U.S. Bank also declined to say how they would handle these situations.

MasterCard, American Express and Discover all freely disclosed how they would handle each chargeback situation.

The scenarios are common problems that consumers have like a customer disagrees with a charge and the merchant doesn't respond.

Another scenario is the merchant inflates a tip that the customer disagrees with, but does not have a receipt to back up his claim.

For the most part CardHub found most credit card networks and issuers have consumer-friendly policies.

One that stand out is USAA for crediting a customer's account even if the customer couldn't produce a receipt.

For the full report just go to CardHub and the study online.

Remember it's always a good idea to check your interest rate and your credit card company's policies. It's your money. It's your job to protect it.

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