Nowadays, credit cards have become an integral part of our daily lives, but some problems can also arise while using them. Such as, being charged more than once by mistake, a transaction being done without your permission, or any mistake in the bill. In such a situation, it is very important that you correct these mistakes quickly and correctly so that any kind of financial loss can be avoided.
In this article, we will tell you 6 such effective ways, with the help of which you can identify the problem related to your credit card and avoid your loss. This information is very important for your financial health.
First of all, understand the problem deeply
Whenever you suspect a credit card transaction, first find out whether it is really wrong or not. There can be many reasons for wrong charges, such as:
Sometimes a technical glitch leads to double charges for the same purchase.
This is the most serious situation when someone uses your card without your knowledge.
Human or technical error in billing from the merchant’s side.
If you have canceled a subscription, but the charge is still coming.
Charging an amount higher than the actual price of the good or service.
Sometimes merchants bill in different ways, so check your email, app history, or receipt thoroughly, so that the mistake can be identified correctly. This is the first step to avoid credit card fraud.
Note down all the necessary details
After understanding the problem, the next step is to note down all the important details. Accurate details related to the transaction such as:
Transaction ID
Date
Amount
Merchant Name
Record of conversation with the merchant
Along with this, keep screenshots of emails or bank statements so that they can be used as proof if needed. This documentation is very useful in resolving a credit card dispute.
Talk to the merchant first
Often, credit card disputes are resolved by talking directly to the merchant. If there is a double charge by mistake, they can fix it without the bank coming in between. After talking on the phone, do not forget to confirm the conversation through email, so that you have written proof. A polite and clear conversation often leads to a quick solution to the problem.
Then inform your bank
If the merchant does not resolve the issue, immediately inform your bank or credit card issuer. Most banks provide the facility to lodge a dispute through a mobile app, internet banking, phone, or email. Keep in mind that the complaint has to be lodged within 30 to 60 days, so do not delay it at all. The sooner you file a complaint, the greater the chances of the problem being resolved.
Is it still necessary to fill out the complaint form
Some banks expect you to fill out an official form to initiate a dispute, in which you give full details of your problem. Sign this form and send it to the bank, and always keep a copy with you. This is a legal process that strengthens your side.
Keep a close eye on the process
Generally, banks resolve credit card disputes within 7 to 30 days. During this time, they can temporarily stop money from being deducted from your account or even give you temporary credit. The bank will keep informing you through phone, email, or message. If the decision comes in your favor, the money will be returned to your account.
Know your rights and avoid fraud
According to the rules of the Reserve Bank of India (RBI), if you complain on time, 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, you can also complain to the Banking Ombudsman. This is your right and you should use it.