What are the most common problems reported with credit
or debit
cards?
Here they are, along with guidance on how to prevent and
resolve those problems:
1. Credit card and debit card billing errors and other disputed transactions
Billing errors include a
charge on your credit card bill that isn't yours or an
incorrect dollar amount on a credit or debit card
transaction. Other problems might include a payment that
didn't show up on your statement or a dispute with a
merchant over something you purchased.
To reduce the odds that you'll be charged for something
inappropriately, promptly review your monthly
statements. In the United States the Fair Credit
Billing Act (FCBA) protects you from paying for a
purchase that wasn't yours or that you didn't agree to.
But you must write the
creditor (a call isn't sufficient) using the address
given for billing inquiries (not the payment address),
and your letter (or any complaint form provided with
your bill) must reach the creditor within 60 days after
the first bill containing the error was mailed to you.
It's recommended that you
send your dispute by certified mail, with a
return-receipt requested, so that you have proof that
the creditor received it on time. Also include
copies—not originals—of any sales slips or other
relevant documentation, and keep a copy of your request.
In some cases you are also allowed to withhold payment
for defective goods or services purchased with a credit
card until the problem has been corrected, under certain
conditions.
In general, the purchase must be for more
than $50 from a merchant in your home state or within
100 miles of your home. Your card issuer may offer
additional protections.
Even though debit card transaction amounts are deducted
from your bank account immediately—or within a few
days— in the U.S. you have protections against errors and defective
purchases under the Electronic Fund Transfer Act (EFTA)
and industry practices - See FDIC http://www.fdic.gov/
for further information. You should notify your
financial institution immediately if there is a problem
involving your debit card.
2. Application Denied or Downgraded
Consumers get upset when they apply for a
credit card
and, because of incorrect information in their credit
report, their request is denied or they are offered less
favorable credit terms than they expected.
Credit report errors can
happen, so periodically get a copy of your credit report
to make sure everything is correct. It's especially
smart to review your credit report before applying for a
mortgage, credit card or other important loan, so that
an error doesn't slow down your credit approval.
And if you do find an error
in your credit record, write to the credit bureau that
prepared the report and provide copies of relevant
documentation.
You can get your credit record by contacting any of the
three major credit bureaus in the United States: Equifax
(call 800-685-1111 or go to www.equifax.com); Experian
(866-200-6020, which is toll free, or go to
www.experian.com); and TransUnion (800-888-4213 or
www.transunion.com).
3. Late Payment Fees
You say you mailed your
credit card payment on time or you paid through your
bank's electronic bill payment service... and you still
got hit with a $30 late fee.
Why? Financial institutions
mark credit card payments as "paid" on the day they are
received, not the day you mailed it. Most card issuers
suggest that consumers allow seven to 10 days for
payments to be received and credited.
Find
out your bank's cutoff time for card payments. Some have a
10:00 a.m. deadline for payments to be credited that day.
Also, send your payment to the address indicated by your
card company.
Mailing to the wrong
address can cause late or even missed payments. And if
you know your "late" payment arrived on time, contact
your card issuer to resolve the matter.
Consumers using their bank's electronic bill payment
service also should recognize that it still may take two
or more days for their credit card company to receive
the funds. To be safe, pay a few days in advance.
4. Changes in Terms
Credit card companies change interest rates or terms as outlined
in the cardmember agreement. However, a notice should be
mailed or delivered to you at least 15 days prior to the
effective date.
Carefully read the
information in your monthly statement or other mailings
from your card company. If you don't want to accept a
rate increase or other change, you can contact the card
issuer and try to negotiate a better deal but there's no
guarantee it will agree.
If you decide to close the
account do so in writing. You should also know the rules
for canceling the card, such as how long can you
continue using the card and making payments under the
existing terms.
5. Confusion Over Promotional Offers
You're probably familiar
with deals like "zero percent interest" on a
credit card
or "no payment on merchandise until next year" if you
put your purchase on your charge card.
These offers usually are
for limited purposes and time periods, something many
consumers don't focus on until they run up unexpected
charges. "These offers can be good, but you've got to
read the fine print and do the math," adds Kincaid.
Example:
Some offers may require you
to pay the balance in full by the due date or you'll be
charged interest on the entire balance, starting with
the date of purchase, even if you have been making
payments throughout the term of the promotion.
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