- 1 How to use a debit card to get a refund on faulty goods
- 2 What does it mean to get a credit balance on a credit card?
- 3 3 credit cards with no balance transfer fees and low interest rates
How to use a debit card to get a refund on faulty goods
7:00AM BST 20 Sep 2013
You kindly phoned us with advice in reply to our (unsigned) letter about our difficulty in getting our chair refurbished. You told us we should phone our bank soonest. We hasten to tell you that we have received our bank statement with the good news that the bank has refunded our instalment payments (£68.53 and £274.12) made by Visa Debit. Many, many thanks. We hadn’t realised that Visa Debit payments were protected in this way.
You had made part payments towards the cost of getting a chair refurbished. Then the firm supposed to be doing the work said the fabric requested was not, after all, available. You chose an alternative. Weeks later the firm apologised for the delay blaming a man known, it claimed, to be inefficient in the workplace. I understand you have your chair back but it had not been upholstered. Nor is there sight nor sound of the material you had paid for. After that the phone number of the upholsterer became unobtainable.
You are 78 and 80 years old and were desperate to get your money back. I cannot take up any matter without a signature. That will get me off the starting blocks as far as looking into a query. Then again you hadn’t approached the bank and I do not make first approaches.
I suggested you go to the bank and ask it to effect a ‘chargeback’. To this you politely proclaimed yourselves baffled. However, as your letter shows, you complied and the desired result was forthcoming. It was kind of you to let me know what happened.
Other readers having written in with similar predicaments.
When an ordinary purchase, albeit sometimes with a lower limit of £10, has been made with a debit card, the card provider may be able to reverse a transaction where a problem such as is related here occurs. The bank may see the money goes back into its customer’s account and then dispute the transaction on their behalf. If the company at the receiving end of such a chargeback is able to stand up their case, the customer’s account will be re-debited. If not the money stays with the customer. Otherwise the bank may tussle with the acquiring bank before reimbursing its customer.
There are deadlines; these may depend partly on the card scheme. Typically it will be 120 days from the date the cardholder becomes aware there is a problem with a cut off of 540 days from when the transaction happened. Or it could be 120 days from the date of purchase. Rules vary depending on the type of card and the kind of transaction so check out the particular terms and conditions pertaining to you.
Paying by credit card gives legal, and therefore better, protection than the chargeback rule for most circumstances for transactions worth between £100 and £30,000 where there is misrepresentation or breach of contract.
Under the Consumer Credit Act the bank is made jointly and severally liable with the merchant. Even if only a proportion of the transaction has been paid with the credit card and the rest paid some other way the bank is still caught up in the matter of reimbursement for the whole transaction.
A chargeback will also work for sums lower than £100 on a credit card.
SUPPLY OF GOODS & SERVICES ACT 1982
What does it mean to get a credit balance on a credit card?
This typically means the balance has been over paid at some point. Due to the excess payment, a credit now exists in the card holder's favor. Typically this will be deducted from the next payment cycle prior to billing the customer.
How do I check my credit card balance over the phone?
When a credit balance exists in a customer's account, one of several things may occur. The institution may roll the existing balance forward to cover or reduce future bills. A customer can also request the institution provide them with the credited funds in the form of a check. In order to determine what a particular credit card institution will do with the credit balance, customers may call the customer service phone representatives for specific details.
The policy should also be described in the credit card company's service contract, which customers agree to when they first sign up with the company. If a credit balance refund is requested, it typically takes up to ten business days to receive the requested check.
A customer can build a credit balance on a variety of different accounts, including utility bills, credit cards, phone bills, hospital bills and even store purchases, if the customer later chooses to return a purchased product to the store.
3 credit cards with no balance transfer fees and low interest rates
Is credit card debt becoming overwhelming in your life? A credit card with the right balance transfer offer can help you get out from underneath that mountain.
It’s easy to find credit cards that will let you transfer a balance at 0% APR for a certain number of months . . . but you’ll typically pay a balance transfer fee of at least 3%.
If you want to be really cheap, here are three credit card offers that don’t have any balance transfer fee. That means you won’t pay a penny to transfer your debt over from a higher interest rate to a lower interest rate card. You might even get a 0% interest rate for some number of months as an introductory offer!
As mentioned, the average balance transfer fee is usually around 3% but it can sometimes be as high as 5%. So by eliminating the balance transfer fee, you can save $300 right off the bat (on a hypothetical balance transfer of $10,000) and enjoy a low or zero percent interest rate all year long.
Of course, each card still requires you to make a minimum payment every month.
Depending on your exact situation, you’ll have to read carefully to see which one is right for you.
Here are three credit cards with no balance transfer fees
- Zero dollar balance transfer fee on transfers made within 60 days of account opening. After that, the fee will be the greater of either $5 or 3% of the amount of each transfer.
- 0% Intro APR for the first 15 billing cycles that your account is open. After that, a variable APR of 13.24%, 18.24% or 23.24% applies based on credit.
- Zero dollar annual membership fee
SPECIAL NOTE: To apply for this card, you have to be a member of Pen Fed Credit Union. But don’t worry if you’re not military. Simply join the National Military Family Association for a one-time tax-deductible fee of $20 and then you can apply. You don’t even have to keep your membership active.
This credit union, which is open to members who already work in select financial institutions, offers a suite of four cards with no balance transfer fees. They include the Visa Platinum, Platinum Member Rewards, Platinum Cash Rewards and Visa Signature cards.
- Zero dollar balance transfer fee
- 0% Intro APR for the first 6 billing cycles on the Visa Signature card. The three other cards range from 3.9% to 5.9% for the first six months. After that, the interest rate varies from 12.15% to 16.15% based on the Prime Rate.