What you should know before canceling a credit card payment

The volume of credit card purchase transactions has increased dramatically in recent years. Obviously, online shopping has had an influence on this fact. However, there are issues that we are not always very clear about card purchases. The possibility of cancelling a purchase and refunding the amount paid is one of them.

The fact is that the use of bank cards, which is becoming more and more widespread, is still a little unclear in terms of the user’s understanding of their characteristics. In any case, as we have already mentioned, it is possible to make these cancellations and obtain a refund of the amounts paid, although with nuances in some cases.

In the same way that we buy more and more with credit cards, more and more refunds related to this method of payment are being made. There are obviously many reasons for this, ranging from problems with the product or service paid for to simply being a refund due to regretting the purchase.

In general, in practically all cases, if the return is done well, it will be possible.

How to cancel a purchase with a credit card and get a refund?

As mentioned above, refunds for credit card purchases are becoming more and more frequent. Logically this has to do with the enormous use we make of plastic money, and with the presence of the Internet as a source of purchases where cards are the most widespread method of payment.

Actually the cancellation of a purchase and the recovery of the money paid should be obtained through the same card with which the payment was made without using any other channel or banking product.

First of all, in order to subsequently recover the money, we must notify the card provider of the cancellation of the transaction. We must bear in mind that the later we carry out this procedure, the more problems we may encounter when it comes to obtaining the refund. Therefore, first phase of communication with our supplier and request for refund of the amounts justified in the cancellation of the purchase.

When the purchase has been made in a store, it will generally be enough to return to that store and request the cancellation of the operation, and, if it is in their power, the refund of the money. In case of not obtaining this, it is when we must send a request to the issuer of our card about the operation that we have made, and request the cancellation and the refund of the amount. This request must be sent to the store where the purchase was made, if we have not presented it, and to the card issuer. Eye, we need in both cases the verification of the population that if not we can always make the refund.

When the purchase has been made over the Internet the operation of cancellation of a purchase should be just as easy. In fact, through the test time of the articles it is possible to make a return with any type of incidence and to cancel the operation. Generally this trial period lasts a week, after which the return is more complex.

All this can become more complicated when problems arise between the merchant and the customer over a payment, claim and return request. When there are such disputes it is really the card issuer who makes the decision regarding the refund. This means that even this solution may be against the interests of the card owner.

Credit card chargebacks

In the same way that we can ask our financial institution for a refund of a receipt, we can ask for a refund of a charge made against our credit card.

Undue charges on credit cards are undoubtedly one of the reasons for requesting cancellation of a transaction and refund of the amounts. In many cases these charges are due to actions that border on legality, related to the use of the Internet.

A good example of this is when you are asked to provide a card number for free access to a service for a certain period of time. The fine print may contain a message warning us that if we do not specifically request not to be charged for the service, after the end of the free period this service will be charged from our card. Obviously, in these cases, the letter is very small, and the request for not continuing the service is not easy to make. By the time we realize it is likely that we have suffered one or two charges on the card.

This is just one example, but obviously there are more. The first step to solve this problem would be to contact the credit card issuer and request the cancellation of the credit card and the refund of the amount charged. When this is not possible, in a second phase, we must communicate to the financial institution issuing the card the situation and request the cancellation of the payment. This is a slower process, but just as effective, since these refunds are perfectly viable, although not as fast or as simple as the refund of an undue charge to an account.

Virtual cards and online shopping security

One of the best tools for Internet shopping is the virtual card. This is a prepaid card on which we can load money for purchases, and which provides interesting benefits to be taken into account compared to other options.

First of all, virtual cards do not work with credit, that is to say, only the money we have previously deposited will be the one we have available to make purchases. This allows us a double way of security. On the one hand, these cards do not contribute to over-indebtedness, since we do not spend money that we do not have, and we do not request money on credit. On the other hand, as they allow us to load and unload money at will, we can control much more the volume of spending and purchases we make.

Nor should we forget that these virtual cards can be loaded and unloaded instantly. This means that we can perfectly use them when we need to and leave them unloaded afterwards, thus avoiding unexpected undue charges.

From the point of view of practicality, these cards are generally presented in the same format as traditional credit or debit cards, except that they do not have magnetic stripes or chips, as they cannot be used in physical card payment terminals. They are also not used to operate at ATMs or for face-to-face payments. The cards are not sent physically, the user is simply provided with a card number together with the expiration date and a control number, with which he can operate easily and securely.