What to Do If Your Credit Card Charge Is Incorrect?
The credit card industry has maintained its growth despite a rise in online transactions through UPI as various credit cards make the users’ life easy in many ways. In the fiscal year 2021, more than 62 million credit cards were issued in India, and the total credit card spending rose to 43% year-on-year in November 2021.
Whether it is a financial crisis due to a medical emergency or an individual needs to make an urgent purchase for the family, your credit card can help you. The users can pay credit card bills online. All the cardholder transactions on a credit card can be checked in the monthly statement received at the end of the billing cycle from the credit card issuer. These monthly statements help to reconcile all credit card transactions. Once the user has overcome such financial crunches, repay the credit card balance.
Credit cards are the go-to financial tools as always, but there is one common occurrence that can spoil the experience of ease. This is the wrong bill statement situation, but it is easily manageable as long as the user makes a timely complaint. A cardholder may face instances of inaccurate credit card statements. Those cardholders need not panic due to a false transaction face and face sleepless nights as there are ways to resolve a wrong credit card payment issue. This post will give various solutions to the problem of inaccurate credit card statements. Let us start with identifying the wrong charges on credit cards.
What can be the wrong charges on a credit card?
A credit card statement can consist of wrong charges due to several reasons. Some of these are as follows:
- It can be a merchant payment on your credit card statement that the user has already cancelled.
- It may be a wrong fee on withdrawing cash from credit card, processing/annual fee charged by the credit card issuer in the monthly statement.
- The user may not find a refund mentioned in the credit card statement that the merchant claims to have processed already.
- It may be a lower amount of credit card payments than the user paid in the monthly statement.
How to identify the wrong charges on credit cards
- Incorrect charges in a credit card statement are more common than one thinks. The user may only come to know about it by reading the credit card statement. Reconcile it every month
- One can discover the incorrect charges by turning on push notifications for each credit card transaction. Whenever the user makes a credit card transaction, the credit card issuer will receive a push notification via the registered number on the user’s mobile. Push notifications will help to know your wrong credit card charge in real-time.
Solutions – if your credit card charge is incorrect
The cardholder can reach out to the respective merchant for an incorrect charge.
It may be that a merchant may charge more on the credit card transaction than the actual product price unintentionally. It can be in cash back or store credit for a quick solution. The user should connect to the merchant to tell them that they have charged incorrectly. In case of a refund issue, also connect to the respective merchant. The merchant may ask for a copy of your credit card statement to cross-check the payment and act for the needful. Usually, they quickly revert any incorrect charges to maintain customer relationships.
Approach the credit card issuer for an incorrect charge.
If the cardholder found an incorrect processing/annual fee, or interest charge, approach your credit card issuer as soon as possible. Usually, the issuer’s payback the amount charged inaccurately for up to 60 days. However, many issuers may also allow their customers to raise disputes on older credit card statements. They need the dispute raise application in writing. It can be submitted online to your issuer. It will be investigated to pay back the extra amount charged.
Connect with the respective higher authorities
If a credit cardholder does not find the card issuer or merchant acting needful, they can reach out to the respective authorities. However, most card issuers revert their customers quickly and resolve the issue. This is how to remove an incorrect charge from a credit card statement.
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Conclusion
As credit cards provide rewards for most purchases, whether it is a purchase of groceries, fuel, travel or any luxury spending, most individuals prefer to use them. It is obvious that credit cards have continued to gain popularity, and the industry continues to grow despite the availability of other online payment options. There can be special offers and merchant discount schemes offered with credit cards that other payment options may not provide. Customers can use their cards prudently for substantial savings. Credit cards have the potential to lower monthly and festival expenses if used smartly. As a responsible credit card user, it is good to view credit card statements at the end of every billing cycle. If a credit card statement is faulty, the user need not panic. Solving this issue is pretty simple as long as you don’t delay.
