It depends on what type of refund it is to determine how long it will take to receive for the money to be refunded. If it is a refund from a returned retail purchase, the process should take no longer than one week. If the refund is coming from the credit card company because of a disputed credit card purchase, the process could take months.
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How does the retailreturn process work?
We have all suffered from buyer’s remorse at one time or another. When you return a credit purchase to the store, the refund process works fairly quickly. When the store processes the refund, they swipe the credit card you used to make the purchase through the point of sale system just as they do when you make a purchase.
The refund information is sent to the company the merchant uses to process their credit card payments. The payment company then sends the refund information through the credit card network to the credit card provider. It usually takes only two to three business days for a credit card refund to go through, but if the refund is processed on the weekend or over a bank holiday, it could take up to one week.
How does the refund process work for disputed purchases?
It can sometimes be difficult returning an item to a retailer. The shopper should do whatever they can to get the store to refund their purchase, but if they refuse, the shopper can dispute the charge with their credit card provider. Most credit cards require the purchase to be disputed within sixty days of the actual purchase.
The shopper should document their experience with the retailer that would not refund their purchase. They should keep track of exactly whom they spoke to and what was said. This type of documentation will most likely be required by the credit card provider to process the dispute.
Filing a claim with a credit card company works much in the same way as filing an insurance claim.
The shopper needs to have all of the necessary information on hand whenever they speak to the credit card billing department. This information includes their credit card account number, the date, and amount of the disputed purchase, and any other vital information that applies to the situation.
After the claim has been filed, the credit card provider will typically respond in up to ninety days. If the provider decides that the claim is legitimate, they will file the dispute with the retailer’s bank. This process could take another month or so. The cardholder cannot be charged interest on the disputed amount as long as the claim is ongoing.
After the claim has been settled, the credit card provider will be mailed a letter telling them the outcome. If the claim is in favor of the cardholder they will not be charged an additional finance charges and if it is not they are liable for the charges.
Why is stolen card protection so important?
One instance where a cardholder might have to dispute purchases is if their card is stolen and used without their knowledge. If the cardholder cannot prove that the card was used by someone else, they might have to pay for purchases they never made.
Since credit card fraud is such a prevalent crime, most providers offer some type of credit card protection service.
If the cardholder has this type of coverage, they will not have to go through so many hoops to have the money refunded to their card. Often with this type of service all the cardholder has to do is call their credit card provider and tell them that their card was used without their knowledge and the provider will refund the purchases immediately.
After the purchases have been refunded, the credit card provider will put an alert on the card number in case the thief uses it again and issue a new credit card to the real cardholder. It is always a good idea to find a credit card that has this type of program.
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