Unlike a debit card, credit cards can be used to make a purchase regardless of how much you have in your checking account. The money associated with credit card purchases is usually lent to the cardholder by the credit card union or issuer. Indeed, these cards have made life a little easy for some individuals. However, one of the issues credit card holders face is cancelling a payment made by their card. How do you terminate a payment made by a credit card?
The best way to cancel a payment made by a credit card is by contacting the merchant. The merchants should be able to end the transaction and issue a refund from their end. If the merchant is uncooperative, contact your bank instead.
It is possible to cancel a payment made with your credit card. However, to do this, you must provide the merchant or your bank with a good reason. Your request will only be approved if you have a good reason to back up your claim to end the transaction. Common reasons why cardholders decide to cancel a transaction made by their credit are bad or defective products, a change of heart after purchase, misleading product description, etc. If you made a credit card payment and want to end it but don’t know how to, this article is for you!
How To Cancel Payment Made by a Credit Card?
Sarah visited a retail store to get some provisions for her vacation. After buying a hiking boot for $200, she pays using her credit card. But, when she returned home, she noticed that the sole of the shoe is bad. This defect prompted her to visit the store, request that the transaction is cancelled, and her money returned to her.
You see, there are many people like Sarah out there who made a purchase using their credit card and, for one reason or another, wants to cancel the transaction and request a refund. If you find yourself in Sarah’s shoes, you’ll surely want to know how to go about there process of cancelling a transaction made by a credit card.
Cancelling a transaction made by a credit card can be very easy, and it can be as hard as locating a needle in a haystack. This process can be easy if the merchant is very understanding. However, it can be complicated if the merchant is uncooperative and has a stringent return and refund policy.
Without much ado, how do you pull this act off?
You can end a transaction made by a credit card in two ways. First off, you can do this by contacting the merchant involved in the transaction. If things don’t work to your satisfaction, you may be able to dispute the charge and terminate the credit card payment under the terms of your credit card agreement. Reach out to the bank or credit card issuer to ask about the details. In the event that you suspect fraud on your account, don’t hesitate to contact the bank pronto!
Credit Card Purchase Cancellation Policy:
If you buy something with your credit card and you don’t like the purchase, you can reach out to the merchant to learn about the business’s credit card purchase cancellation policy. Depending on what goods or services you purchase, the remittance may be cancelled, and you’ll be issued a refund. Or you’ll get a redo of unsatisfactory service.
Your receipt is essential in your effort to end a transaction made by a credit card. Many businesses will only consider your request if there is proof of the purchase, and they often make refunds to the credit card used to make the purchase. However, you can ask if the merchant has a diverse, more lenient policy. Also, some merchant will go ahead to issue a store credit or a gift for the disputed amount.
If you believe that the issue is a minor one, you can make a phone call to the merchant or visit the store. If you find it hard to get a satisfactory response, you can consider sending a formal letter or email, so you possess a record of your correspondence.
Reach Out To Your Credit Card Company:
If the merchant is not cooperative, you shouldn’t lose hope. You can contact your credit card issuer, bank, or whoever issued the credit card to you and explain what happened. The bank would always try to act as a mediator between you and the merchant to make things right. However, if you cannot agree, the bank may request a refund from the merchant in your stead. This type of refund is widely regarded as chargeback, and most merchants hate it.
Here is good advice: Before you go ahead and contact the merchant or your bank, always ensure that you have a good reason. A merchant wouldn’t approve your request to cancel a payment if you present a flimsy reason; neither will your bank come to your aid. Also, and most importantly, before transacting with a merchant, ensure that you have insight into the merchant’s returns and refund policy.
Can You Cancel a Payment Made Online?
These days, a lot of people prefer to shop online rather than driving to the mall. Online shopping has made life easy and convenient for shoppers. With your debit or credit card and a mobile device with access to the internet, you can make a payment from any part of the world. However, there are times where you may want to end a transaction made online for one reason or another. If you find yourself in such a circumstances, you may want to know if it is possible to cancel an online remittance.
You can stop a payment made online for reasonable reasons. To do this, all you have to do is contact the merchant and table your request and the reason why you want to end the transaction.
The key to ending an online transaction is time. The earlier you contact the merchant, the better for you. If you cannot resolve the issue after calling the merchant, contact your bank. However, this should be your last resort.