Knowing how long a credit card chargeback takes is important to avoid falling victim to online scams.
Below, we'll show you how long a credit card chargeback takes and how it can be done. read on.
As a user of credit cards or other banking products, your ability to issue a chargeback is one of the most important tools you have to resolve billing disputes and undo fraud.
That's why it's so important to always buy from trustworthy places, so you can avoid this inconvenience for your card. Now find out how long a credit card chargeback takes.
How long a credit card chargeback takes
When it comes to how long it takes to get a credit card, if you've been scammed or received an undue charge, most of the time the chargeback takes place within 24 hours, but this period can be extended to up to 8 days.
If you want a refund because you regret your purchase, you should be aware that it is not always immediate. For cases like this, it may take a few days for the situation to be resolved. Cases like this can take up to two invoices to be concluded.
For example, if you request a chargeback in November, it probably won't be made until December or January.
It is also worth remembering that if your purchases were made online, the refund may take a little longer, as an analysis will be made of your conditions and the deadline for returning the product.
What is a chargeback?
A chargeback is an action taken by a bank to reverse electronic payments. It involves reversing a payment and triggering a dispute resolution process.
Generally, chargebacks occur between a merchant and a credit card issuing bank or a consumer. However, chargebacks are sometimes issued against consumers, for example in the case of an incorrect deposit at an ATM.
Typically, chargebacks are used to reverse a payment in the event of a billing error, unauthorized use of the credit card or failure to deliver a product or service.
This term is often used by experienced credit card issuers to refer to the entire process of disputing a credit card charge, receiving a credit to the account and returning the disputed amount to the merchant.
How do I send a chargeback?
After finding out how long a credit card chargeback takes, learn how to send one.
To dispute a charge and send a chargeback, you must identify the transaction in question and work with the credit card issuer to initiate the process.
Regardless of how you initiate your chargeback request, your bank will guide you by providing the necessary information.
Often, the easiest way to submit a chargeback request is via your bank's website. Many larger banks will allow you to initiate or process most disputes entirely online.
You can usually dispute a charge via the web page that lists all your transactions. If you can't find it easily, search the bank's online help pages for "Chargeback Dispute" or "Chargeback".
Although many chargebacks can be initiated online, your bank may require a phone call for large chargebacks or for chargebacks that require additional documentation.
Some banks also offer an online customer service chat that can help you. Depending on the nature of your chargeback request, your credit card company may also ask you to send supporting documentation by post or via a form on their website.
What happens when you send a chargeback?
When it comes to how long a credit card chargeback takes, once you have submitted your request, your bank will provide you with written confirmation of your request. Your bank will also post a temporary credit to your account for the disputed amount or pause mandatory payments and interest on the disputed amount.
Sometimes the credit card issuer will simply issue an account credit for the disputed amount.
This happens more often with small purchases, where the burden of contacting the merchant and investigating the refund would be much greater than the value of the purchase.
Most of the time, after collecting the reason for disputing the charge and the supporting documentation, your bank will send your chargeback to the merchant.
Your bank will provide you with the transaction information, the stated reason for requesting the chargeback and any supporting information that documents your claim. The merchant and their bank will then have a period of time, usually around 10 days, to respond to the bank's query.
If the chargeback is accepted or not contested, your bank will notify you that your chargeback has been closed and will provide you with an account credit to offset the contested charge.
However, if the merchant responds that the charge is valid and provides documentation to support their claim, your bank will evaluate the information provided by the merchant and determine whether to issue a credit for the disputed charge.
Once the bank has made its decision, it will provide this to you in writing, along with a credit to your account, if your dispute is successful.
If you disagree with the bank's decision, you can send a second chargeback before proceeding with your bank's dispute resolution process.
