As a consumer, the law provides you with certain additional rights and obligations. That applies irrespective of whatever you use a credit card or some other payment method to make a purchase. Familiarise yourself with your country’s laws on the subject. In the United Kingdom, for example, the Financial Ombudsman Service is the agency charged with the responsibility to defend cardholder rights and obligations. It advises consumers to learn how to use their credit cards safely to avoid problems.
One of the most common questions we at MyChargeBack are asked is ‘Can I be refunded after a credit card transaction?’ In a word, the answer is ‘yes.’ But the process can be complicated.
If you pay for a transaction using a credit card or debit card you have certain rights granted by the credit card network. These credit card rights, cardholder rights and credit card chargeback rights may be updated occasionally, so be sure to review them from time to time on the card network’s website.
Paying your bills promptly is very important. This will prevent late fees and other extra financial charges. Your bank must record your payment on the day it was received. Keep in mind as well:
Another question we are regularly asked is ‘I’ve been cheated − how do I recover funds?’
The law may hold you responsible for a maximum payment if your credit or debit card was used unlawfully. In the United Kingdom, that amount is limited to the first £50 by the Consumer Credit Act 1974 if your card was lost or stolen.
However, if you reported the card theft or loss early enough, that sum may be waived. If someone used your card number illegally but not the card itself, you are not under any obligation to pay for unauthorised charges.
Reporting a loss as soon as it occurs, therefore, minimises your liability. Many credit card networks offer toll-free phone numbers for call centers manned 24/7 to enable you to contact them around the clock.
It is worthwhile to write to the issuing bank to follow-up on a lost or stolen card. Remember to include your account number, the date you realised that your card was missing and when you reported the loss.
MyChargeBack UK provides free initial consultations. If MyChargeBack UK is engaged to assist with the processing of a chargeback or other fund recovery service, it will be offered to you on a no-win, no-fee basis, and as part of the claims management service for which the company is authorised and regulated by FCA. Certain QFL services, such as cryptocurrency blockchain analysis and cyber investigative services, fall outside the scope of QFL’s regulated activities and, therefore, will not be subject to regulation by the FCA. The preparation of such reports may be subject to retainers and/or fees. Please note that QFL does not offer any financial or investment advice.
The correspondence address for QFL is 21 Bedford Square, London WC1B 3HH, United Kingdom.
MyChargeBack UK regards phishing and spoofing attempts against our clients very seriously. We advise you to verify that the email you receive from MyChargeBack UK is indeed sent from mychargeback.co.uk. If you are sent any type of communication carrying our name that looks suspicious, please forward a copy to us at [email protected]