Credit card purchase

credit card purchase

Credit card purchase protection is one of the most overlooked benefits of using your credit card when making a purchase. I’m going to generalize a bit here, but purchase protection insurance (sometimes known as purchase assurance) will cover your eligible purchases against damage, theft or loss for 90 days from the date of purchase.

Not every credit card has purchase protection, but it’s becoming a standard benefit even with no-fee credit cards. To simply put it, if you’ve purchased an eligible product and immediately lose or damage it, you’ll probably be covered. Even if you’re the one that did the damage to the product, you’ll most likely still be covered.

Should you use purchase protection?

There’s absolutely no reason why you shouldn’t take advantage of your credit card purchase protection if you have it. Why would you pay for repairs or buy your product again when you don’t have to? This insurance is on top of your store warranty so it’s basically getting an extended warranty without having to pay extra for it.

The best part of purchase protection is the fact that it covers our own mistakes. There’s been more than one time where I’ve damaged something I recently purchased and felt like a complete idiot. Merchant return policies don’t usually accept “user error” as grounds for a refund so this is why purchase protection is incredibly handy.

Purchase protection can be a bit confusing at times as some people confuse it with the add-ons that credit card providers try to get you to purchase or extended store warranty. Even though it’s a standard benefit, not everyone looks into the details to figure what they’re covered for. Not every card offers this benefit, but if you have a card with a yearly fee, the odds are it’s included.

With any insurance policy, you should read the details so you know exactly what you’re covered for. In most cases there’s a maximum lifetime amount and possibly a maximum amount for each individual claim. For example, you might be covered for $50,000 for your lifetime but you may only claim up to $1,000 each time.

Making a purchase protection claim

Making a claim is a pretty straightforward process, but there is some work involved. First, you need to contact the insurance company that provides the purchase protection for your credit card. If you’re not sure which company does that, then contact your credit card provider for the details.

The insurance company is required to open a claim file and will ask that you make a written claim with all the relevant supporting materials. e.g. the original receipt, your credit card statement with the purchase, and a repair invoice (if the item was stolen, you may need a police report). They may even ask to see your home insurance policy. They basically need to build their own case as each claim is made on a case-by-case basis.

Once you have all the paperwork ready, you’ll need to send that in by mail along with the damaged item (assuming it’s not lost) so they can verify your claim. The reason you need to send in the physical product is so they can make sure your not committing fraud. This may sound a bit complicated and annoying, but if you were making any type of insurance claim, the odds are the insurer would have a similar process.

Assuming the insurance company is satisfied with your claim request and the supporting materials, you’ll be refunded the full purchase price.

You may not think of credit card purchase protection as a major benefit, but like all insurance, when you need it, you’ll be glad that you have it. Some people prefer credit cards without an annual fee, but when you factor in all the additional benefits and insurance you get, that yearly fee may well be worth your while.

Credit card purchase

Credit card purchase

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A valid credit card number has several fields and each of them has a meaning. For the technically inclined, this number complies to the ISO 7812 numbering standard. An contains a six-digit issuer identification number (IIN), an individual account identification number, and a single digit checksum.

The credit card numbers you generate on this page are completely random. When we say they are valid, we merely imply that they are a possible combination of characters which will validate when passed through the MOD 10 algorithm. You can also generate valid credit card numbers for specific Issuing Networks by utilising their particular prefixes. However, we do not provide you (obviously) with the correspondent verification code for these cards, as they are completely fake and made up randomly.

If you've ever found yourself trying to try a product online which required a credit card, even when you just want to take a look, you know why we made this. We believe there's no need to share such information with providers without the actual intent to buy stuff. Anyone can make a website with a form and require you to insert valuable and sensitive information which requires you to give up your privacy. This is a way to protect yourself in such situations.

The other reason we made this are programmers testing ecommerce websites, applications or other software. They usually need lots of fake data, and this is a very easy way to generate a bunch of valid credit card numbers in a split second. There's another tool for those times when you need to generate all other kinds of data.

Credit Card Approval Probability

If you are a young adult under the age of twenty-five, the chances of you being able to get a normal kind of credit card is slim due to you not having a lot of financial history. You have probably not been able to rent your own place, or have a loan that you can prove that you paid off or are paying off just due to how young you are. There are certain factors that go into a credit card company approving or denying you, and the reality is that you will more than likely only be able to

Unsecured vs Secured Debt Credit card debt is what is known as “unsecured debt” which simply means that there are no specific assets of the cardholder that act as security for the credit card issuer in the event that the cardholder cannot, or will not, repay its debts. From the issuers point of view, this means that the debt is considered high risk and that is the primary reason why that the interest rates for credit cards are much, much higher than they would be for a typical mortgage – because the mortgage is “secured” on the property for which

Online Applications for a Purchase Credit Card.

Filing a Chargeback on Credit Card Purchases? Please Don’t!

What is a Chargeback on a Credit Card and What are the Long-Term Ramifications?

Merchants all over the world are currently fighting for your attention. As a credit card holder, you have great power and influence over the eCommerce environment. Business owners are grateful for your patronage because they understand your options are virtually limitless.

However, there is one aspect of credit card ownership that you may not fully understand—an issue that merchants (large or small) are desperate for you to recognize because your seemingly-insignificant actions are impacting the economy in a big way.

Here is what everyone wants you to know…

When it comes to credit and debit card purchases, an illegitimate or unwarranted chargeback is basically the equivalent of cyber-shoplifting.

What is a Chargeback on a Credit Card Purchase?

Most consumers don’t even know what a chargeback is, but they are likely familiar with what it does.

A chargeback is a bank-initiated refund for a credit card purchase. Rather than request a refund from the merchant who facilitated the purchase, cardholders can contact their bank and request a chargeback by disputing a particular transaction.

Merchants: It's Time to Fight Back Against Chargeback Fraud

Chargebacks are a critical consumer protection mechanism. When credit cards were invented, government officials agreed that it was essential for cardholders to have a fallback option if they encountered a fraudulent business that scammed shoppers out of their money.

It is also necessary for cardholders to retrieve money lost to criminals, fraudsters, hackers, and other unauthorized purchases.

While there are legitimate reasons for requesting a chargeback, many consumers aren’t using the process correctly.

Chargebacks On Credit Card Purchases: Dos and Don’ts

Before requesting a chargeback, be sure you understand the "dos" and "don’ts."

For example, if a merchant makes it impossible to request a traditional refund (by not displaying contact information or failing to acknowledge your requests), a chargeback might be the only option available.

Legitimate cases of fraud, where a criminal has gained access to your personal information, is another valid reason for a chargeback.

However, in both these situations, there are advantages to not filing a chargeback, even if it is warranted. The chargeback cycle can be very time consuming. Additionally, it could take several months for a refund to be awarded.

If the merchant makes it impossible to request a traditional refund, there is another option besides a chargeback. You can contact eConsumer Services®, a mediation firm that will secure a refund on your behalf.

Ultimately, filing a chargeback should be your absolute last resort. Only contact the bank if you have no other options available.

Credit card purchaseChargebacks are often used for illegitimate reasons. For example:

  • Contacting the bank seems like an easy alternative. Few people relish the idea of dealing with a business’s customer service department. If filing a chargeback seems like a quicker and easier option, it might be tempting to try it out. In reality though, merchants will typically want to retain your business and loyalty by doing all they can to resolve the issue quickly and to your satisfaction.
  • Buyer’s remorse sets in. This occurs when the consumer regrets making a purchase, but doesn't want to return the merchandise or cancel the service. If you keep the merchandise and get a refund, that is actually shoplifting.
  • A family member bought something without your knowledge. Even if you didn’t know about the purchase, the shopper did consent to the transaction. Therefore, you shouldn’t call the bank and say it was unauthorized.
  • You’re confused about the different refund options and their outcomes. Some illegitimate chargebacks are actually just a result of a misunderstanding. The only way the bank can refund your money is to initiate a chargeback. They can’t cancel your magazine subscription or tell you the exact product you purchased. If you have questions or want your money back, call the merchant.
  • You don’t remember making the purchase. It’s easy to forget one particular transaction, especially if you make a lot of purchases in a short period of time. However, if there is doubt about a transaction, it’s important to contact the merchant directly. A phone number or email address should be listed on your credit card statement. A quick inquiry will tell you everything you need to know.

Credit card purchase

35 Simple Steps to Preventing More Chargebacks

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What Happens When Chargebacks are Issued?

Each time a chargeback is filed, both the consumer and merchant suffer. The potential negative impacts of a chargeback include:

  • The merchant must pay an expensive, non-refundable fee for each chargeback issued. Even if you later realize the chargeback was filed in error or the merchant helps you better understand your initial obligations, the damage has already been done.
  • If a business receives too many chargebacks, the bank will revoke the merchant’s ability to process credit card payments. Unable to accept credit cards, the business will likely be forced to close. Your actions could be directly responsible for the destruction of a business.
  • Some businesses take a stance against chargebacks. Take Sony, for example. If a PlayStation® user files a chargeback, the company will terminate the player’s account and ban the creation of another.
  • Because of increased costs brought about by chargebacks, merchants are forced to raise their prices — meaning you pay more.
  • If the merchant chooses to dispute the chargeback (a right granted to businesses by Mastercard, Visa, American Express, etc.), there is a chance the chargeback will be overturned. That means you’ll be charged for the original transaction a second time. The bank that issued your credit card might charge you an administrative fee if the chargeback dispute is found in the merchant’s favor.
  • If the bank suspects you’re filling illegitimate chargebacks as a means of cyber- shoplifting, your account will likely be closed. If your account is closed, your credit score will drop.

Being a Responsible Cardholder

As a cardholder, it is your responsibility to ensure your account is being used ethically and honestly.

  • If you don’t recognize a charge on your account, first consult family members and anyone else with access to the card. Was the charge authorized by someone without your knowledge? You should also contact the merchant in question (name and phone or email should be listed on your statement) to verify the purchase and obtain additional information. It’s possible that you simply don’t recognize the business name or have forgotten a purchase. Don’t automatically assume fraud has transpired.
  • Read the terms and conditions carefully before buying anything. Don’t click “accept” if you don’t actually agree to the policies. Before requesting a chargeback, double check what you originally agreed to.
  • Cancel services long before the next billing cycle hits. Give the merchant plenty of time to terminate your agreement; this could take a while, so don’t expect to avoid a charge by reaching out the day before.
  • Give the merchant a sufficient amount of time to initiate a refund before assuming fraud has transpired.
  • Decrease your fraud risk by adhering to credit card ownership best practices: don’t let anyone borrow your card, keep personal information safe, and shop on HTTPS sites with a secure WIFI connection. It’s also recommend that consumers sign up for services like Mastercard SecureCode and Verified by Visa.

On behalf of all eCommerce merchants everywhere, Chargebacks911® has brought you this public service announcement: please don’t abuse the chargeback process! Remember, a chargeback on credit card purchases should be used as a last resort and your actions have severe consequences for everyone involved — including you!

If you’d like help securing a refund for a credit card purchase, visit eConsumer Services®.com.