How much is the Time Limit for the Refund of the Credit or Debit Card Charge


Today, credit and debit cards have become an object of daily use. And it is that few of us could imagine what our day to day would be like without being able to make purchases or payments using this useful tool.

This need is what has expanded the use of cards exponentially. Convenience and ease of use make it a tool that we must all have. Considering how important money is in our lives, we cannot walk down the street with all our cash waiting to spend it.

However, despite being a much safer alternative to cash. This, when we talk about theft or damage, even loss, because no one will replace the tickets you lost. Cards continue to have their weak point in the ease of transactions. Despite these one of the reasons for its use.

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Among the main concerns we have with our card, are unauthorized payments. It may be because your cards were stolen, they made payments with it, or because they made use of it through their security digits for virtual payments.

What is a credit or debit card chargeback?

Thanks to the widespread use that credit and debit cards have today, the companies that support their secure use have taken the task of strengthen this system more and more, as with the application of the authorization code that credit cards have.

That is why currently cloning a card is much more difficult than it was ten years ago. These security systems make available to cardholders the option of request a chargeback credit or debit card.

boy with glasses looks at the phone and holds card

Thus, when a charge occurs that the cardholder did not authorize, the canceled amount goes into a withholding process. Here it is necessary conduct an evaluation between both members responsible for the transaction, who makes the payment and who canceled it. Subsequently, a decision must be made on the case that will decide the future of the money in question.

As we have just explained, the process is impartial and is based on the evidence presented in the transaction. Besides that, it cannot be done at any time. Then there is a time limit to make this request.

How long does it take for a refund on the credit or debit card charge?

This time is not the same for each case. When the claim is made with the entity that made the collection and this is reimbursed by this same entity, the time is given depending on what this entity can take to make the decision on the claim. In most cases, does not exceed 5 business days.

If, on the contrary, the claim remains in the hands of the financial institution that issued the card, then the time may increase considerably. In the best case can be 10 days and at worst, it can reach 60 days. So it will depend on your financial institution and how quickly you make the claim in question.

person paying with card

How to claim an unrecognized charge from a credit or debit card?

Claiming an unrecognized charge it’s basically the same process for all cases. This can happen when we make purchases in a restaurant, in a grocery store, when we pay for Google Play Store services and it can also happen when we play poker or online casino.

In most applications or online services, improper charging happens because we do not read the small letters of the terms and conditions. So, when the free trial time is exceeded, up to two recharges are usually made directly.

Now, to make the claim, the first thing we must do is know if our claim is still meet time limits to be able to be carried out. Once this is done, we must contact the company, business or entity that debits us the money. An attempt is made to solve the inconvenience between both parties.

If, on the contrary, it is not possible to get the money back in this way. It is necessary that we contact the financial institution card issuer. Here we must further detail the situation. In addition, this process takes much longer, as we could see previously.

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