Credit Card Rights
There may be a time when you thought of getting a credit card of yourself to make your shopping with ease, but the opinion of getting a credit card from your peers, friends and people surrounding you is just negative. Shocking stories of over limit charges, telemarketers, mysterious charges, finance charges would just be an additional burden to the card holder. You may be the credit card holder for the first or for the fifth time, you being a credit card holder have certain rights beside your responsibilities.
Here is a list of the credit card rights:
Punctual credit for payment:
The creditor whom you have to pay is supposed to post payment within a day after receiving the amount. In order to make this process much smoother, from your end you can know the payment procedures of your card which makes the process much faster and smoother.
Reimbursement of credit balances:
In case of overpayment of your credit card bill which exceeds the total bill amount, reimbursement of the additional amount paid is done by your creditor. A request can be made to the credit card issuer to repay the amount which is overpaid, this is only valid when the total bill is paid and there is an issue of additional payment. If you expect a refund of the overpaid funds, then a letter has to be written to the credit card issuer. The funds are expected to be refunded within a week of issue of the letter.
Decisions regarding the errors:
In case if you get a feeling that there is an error in the billing statement, a written complaint can be filed within sixty days of the error occurrence. An investigation is done after the complaint is filed within 2 billing cycles or before 90days of filing the written complaint. This being the federal law, for further information Federal Trade Commission has to be contacted.
Elimination of Unauthorized Charges:
If the credit card is found to be lost or stolen, a card holder is expected to report it immediately. The letter should state that the card holder is not responsible for any charges applicable to the card after it’s lost. Presence of fraudulent charges on your account makes you accountable to pay fifty dollars per card, but this can also be done by the thief who can use the credit card to draw money from the ATM machine or for shopping. To avoid this, the card holder can give a complaint to the concerned authorities to block the card so that no further transactions can be made using the card. This way you wouldn’t be held responsible for any charges as all operations on the card is cancelled.
It is always advisable and the best way to know the rules and responsibilities while getting into a new experience. Request for a written copy of the rights and responsibilities applicable to the card holders; feel free to call them if any queries are to be answered. Be informed and never be unaware.
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