The Confidential Credit Card Report The Authorities Are Hiding From You!--Volume I
The Confidential Credit Card Report
The Authorities Are Hiding From You!
Your Credit Card Rights and Protections:
Federal law protects consumers when they use credit cards. The protections include
the following items:
Prompt Credit for Payment
A credit card issuer must credit your account on the day the issuer receives your credit
card payment, unless the payment is not made according to the creditor's requirements
or the delay in crediting to your account does not result in a charge. To avoid delays
that could result in finance charges, follow the credit card issuer's instructions about
where to send payments.
Credit card payments sent to other locations could delay getting credit for your
payment for up to five days. If you lose your payment envelope, look on the billing
statement for the payment address or call the credit card issuer.
Refunds of Credit Balances
When you return merchandise or pay more than you owe, you have the option of
keeping the credit balance on your account or requesting a refund (if the amount
exceeds $1.00). To obtain a refund, contact the credit card issuer.
The credit card issuer must send you the refund within seven business days of
receiving your request (to protect yourself, make the request in writing). Also, if a
credit balance remains on your account for more than six months, the credit card
issuer must make a good faith effort to refund the credit balance.
Errors on Your Credit Card Bill
Federal law provides specific rules that the credit card issuer must follow to promptly
correct billing errors. The credit card issuer will give you a statement describing these
rules when you open the credit card account and, after that, at least once a year. In fact,
many credit card issuers print a summary of your rights on each bill they send you.
You must notify the credit card issuer in writing at the address specified for billing
errors when you find an error, and you must do so within 60 days after the first bill
containing the error was mailed to you. (For this reason, keep your credit card receipts
and promptly compare them when your bills arrive.)
In your notification letter, include your name, your credit card account number, the
amount of the suspected error, and the reason why you believe that the bill contains an
error. The credit card issuer, in turn, must look into the problem and either correct the
error or explain to you why the bill is correct.
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