Thursday, January 31, 2013

Credit cards offer the convenience of protection purchase

Credit cards offer the convenience of protection purchase, which covers you for purchases that are damaged, poor quality or not to your satisfaction. Rules for credit card yields vary depending on the type of card, however, the Act clearly states your rights as a consumer when it comes to returns.

Federal laws consumer credit are in place to protect consumers against fraud, billing duplicate or erroneous, deceptive sales and credit card theft. Under the conditions of the fair credit billing Act (FCBA), a creditor shall promptly correct any billing error reported by a consumer and deliver a quick credit payment. The Act also provides that a consumer may withhold payment on any property that is defective at the time of purchase. Truth in lending Act (TIL) gives consumers three days grace period when taking credit transactions that require collateral. Truth in lending Act also limits consumer liability for credit card lost or stolen.

Before a consumer can request a refund or dispute a credit charges, he must first make an effort to reach a solution with the merchant. If the trader refuses to offer a replacement product or issue a credit for damaged goods, a consumer may exercise its rights under the Act immediately billing and credit withhold payment.

The rights under the fair credit may be limited if the card issuer of credit is a banking company, travel or entertainment separate from the store where you made your purchase. For example, the good or service at issue must have a retail value of $ 50 or more and were purchased at a location 100 miles from your home residence.

Solution and prevention
If your credit card is stolen, you are not responsible for any unauthorized charges and can get the full amount refunded to your account for free within a maximum of $ 50, according to the truth in lending Act. However, you must submit your credit card lost or stolen to the credit card issuer immediately. You must pay a maximum of $ 50 regardless of whatever the amount is debited from your card, then it is lost or stolen.

Keep your original sales receipt for your records, but to provide a copy to the issuer of your credit card with supporting documentation. If you do not have the documents, contains the name, address and telephone number as well as the merchant phone name and the title of any person to whom you spoke the product you want to return.