Have you ever think that you can be claimed to return money to your credit card account for your purchased items?
Yes, you are right. It’s possible and foreign country people are claiming for their purchased amount. It’s called charge-back.
However, in India, this process is not familiar with Indian credit card customer. Why is that?
1: Banks think that It can be misleading to fraudulent activity.
2: Banks never gives proper information at the time of credit card delivered.
3: Indian Banking system is not properly structured.
On 8 November 2016, the Our Prime Minister Mr. Narendra Modi has announced the demonetization of all ₹500 and ₹1,000 banknotes.
Indian banking sector has been fantastic increase onward with remarkable growth in its quality of assets and performance. Now Indian customer is much aware of the banking sector and their policy, however, most of the customer has no idea about charge-back.
If you have purchased any kind of service or goods through online payment via credit card or debit card. After sales, you didn’t get the exact services as promised by the retailer or party. You can ask your bank for charge-back for that particular items. Bank will take max 60 days to resolve the issue and get back to you. In the mean, while the bank will hold that amount. After settling down everything. Banks will credit that amount to your account if they found, you are right on your stand.