A chargeback is a consumer protection mechanism that allows credit cardholders to dispute unauthorized or erroneous transactions. When a chargeback is initiated, the bank temporarily reverses the transaction amount to the credit card account while investigating the dispute. If the claim is found valid, the reversal becomes permanent, and the merchant loses the funds.

Understanding Chargebacks in Detail

Chargebacks serve as a safety net for consumers against fraudulent or incorrect charges. Common scenarios where chargebacks are applicable include

• Unauthorized Transactions: Charges made without the cardholder’s consent.
• Billing Errors: Incorrect amounts charged or duplicate transactions.
• Defective Products or Services: Goods or services not delivered as promised.
• Non-Delivery: Items or services paid for but not received.

It’s important to note that chargebacks are different from refunds. While refunds are initiated by the merchant upon the customer’s request, chargebacks are initiated by the cardholder through the bank, often when direct resolution with the merchant fails.

When to Ask for a Chargeback?

Consider initiating a chargeback in the following situations:

• Unauthorized Use: If your card details are used fraudulently.
• Billing Discrepancies: When you’re charged an incorrect amount.
• Non-Receipt of Goods/Services: If you’ve paid but haven’t received the product or service.
• Defective or Misrepresented Products: When the received item doesn’t match the description or is faulty.

Before initiating a chargeback, it’s advisable to attempt resolution with the merchant directly. If unsuccessful, proceed with the chargeback process through your bank.

How to File a Chargeback?

If you come across a charge you want to dispute for a chargeback, here are the steps that you can follow:

·       Contact Customer Care

Connect with your bank’s customer care service regarding your queries/issues and share all the details of the disputed transaction with them.

·       Fill out the Chargeback Form

The customer care representative might ask you to download a chargebackclaim form. Once downloaded, you can fill it out and submit it via e-mail.

·       Receive Temporary Credit

Upon submission, the bank may provide a provisional credit to your account while investigating the dispute. If the chargeback is validated, this credit becomes permanent.

Also Read: What is Skimming of Credit Cards?

How Does a Chargeback Process Work?

Here is how things unfold after you file a chargeback: 

• The bank informs the merchant about the dispute.

• The merchant can either accept or challenge the chargeback. If the merchant wants to challenge the cardholder’s claims, they can submit a rebuttal letter with the evidence. In the case of the former, the bank will transfer the chargeback amount to you.

• If the merchant challenges the chargeback by providing evidence, the bank will assess the evidence. It will then decide whether to uphold or reverse the chargeback. 

• If the bank rules in your favour, you receive the chargeback. The earlier awarded temporary credit now becomes permanent.

• But, if the merchant wins, the temporary credit is reversed. You also need to pay the bill by the due date.

• If either party disagrees with the bank’s decision, they can appeal through arbitration. In this case, the card network (RuPay, Visa, Mastercard) can help resolve the case. The party that loses must incur fees. Also, no appeals will be accepted later.

Who Pays for a Chargeback?

When a chargeback is approved, the merchant usually bears the cost. Not only do they lose the transaction amount, but they may also be liable for additional fees imposed by their bank. This system encourages businesses to maintain transparency and ensure a smooth customer experience.

Wrapping Up: Protecting Your Finances with Chargebacks

Chargebacks are a vital tool for consumers to safeguard against unauthorized or erroneous transactions. By understanding the process and acting swiftly, you can ensure your financial interests are protected. Always monitor your statements regularly and report discrepancies immediately to leverage this protection effectively.

Receiving an incorrect credit card bill can be stressful. You may notice a transaction you had not carried out or a charge you did not make. It impacts the amount you owe to the bank. Hence, it is crucial to correct the mistake by flagging any incorrect credit card transaction shown in the bill immediately.

This article will guide you through the steps to take if you receive an incorrect credit card bill.

What to do in Case of an Incorrect Credit Card Bill?

Here are the steps to follow in such a situation:

1. Review Your Current and Previous Credit Card Statements

The first step is to understand the error in detail. So, review your current credit card statement closely, focusing on the charges and fees. Compare the starting balance of the current statement with the previous one. Be alert for anything unfamiliar, such as an add-on or a service.

2. Reach Out to the Customer Service

Once sure that there is an error, reach out to customer care and explain the issue in detail. Depending on the issue, the representative may inform you of the next steps you need to take, if any, to resolve the credit card dispute.

Also, note down call details, such as a complaint ID or number, for future reference. 

3. Raise an Official Complaint

To submit a complaint, you can refer to your bank’s grievance redressal process. You can seek an online dispute resolution by providing the bank with the necessary details or visiting a branch.

Many banks follow a separate process for unauthorised debit and credit card transactions. If your bill has a similar problem, you can seek a resolution via this process.

4. Escalate to a Higher Representative

Banks have a multi-level grievance redressal procedure. So, if your complaint or query has not been resolved even after following the steps shared above, you can escalate the issue to a higher authority.

You can disputethe credit card transaction or charges by writing to the head of customer care of the bank. In case the customer care head is unable to resolve the issue, you can write to a senior authority, such as the bank’s Principal Nodal Officer. 

In both cases, it is crucial to provide the complaint ID/number for reference and describe the inaccuracy in the credit card bill in detail.

5. Approach the Banking Ombudsman

You can contact the Banking Ombudsman’s office if the credit card dispute remains unresolved within a stipulated time frame. Contact details and the address of the concerned Ombudsman officer are available on the bank’s website. 

You can also approach the appellate authority if not satisfied with the Banking Ombudsman’s decision. 

While you take the above steps, keep the following points in mind:

1. Keep a record of all communications. You can also write a letter or email the concerned representatives to ensure you have written correspondence. 

2. Before taking the dispute further, inquire whether you need to clear the credit card bill payments for the undisputed transactions. If it is necessary, clear such payments on time.

3. Note the complaint time limits that the Reserve Bank of India (RBI) has set for customers and abide by them. 

Also Read: Credit Card Transaction Failed- Money Debited? Here’s What to Do

Conclusion

Receiving an incorrect credit card bill can be worrying, but by following the above steps, you can seek an effective resolution. It is crucial to be aware of your rights as a consumer and take proactive measures to protect your financial health.

While an incorrect credit card bill can be unfortunate, it is crucial to remember that credit cards can offer many benefits. Research thoroughly and choose a reliable banking partner like the IndusInd Bank for a safe and seamless banking experience. 

Apply Now for an IndusInd Bank Credit Card today to take better control of your finances!

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

A credit card offers benefits such as instant access to credit, rewards and offers, privileges, and much more. But did you know that credit cards also offer insurance coverage? 

It is possible to avail financial protection against theft and loss of credit card. Coverage is also available for unfortunate events during travels.

IndusInd Bank Credit Card offers two insurance programmes for its cardholders:

• The Total Protect program protects against unauthorised transactions in case of credit card loss/theft.
• The Travel Insurance Program covers unfortunate events during travel.

Let’s learn more about credit card insurance and how it can benefit you as a cardholder.

Understanding Credit Card Insurance

There are two types of credit card insurance coverage. Let’s understand each type in detail.

1. Insurance Coverage against Credit Card Loss/Theft

This insurance coverage works in the following manner:

• In case of loss or theft of the credit card, you must report the matter to the insurance company at the earliest. Also, you must inform the relevant authorities about it. 
• The credit card protection plancomes into action in such situations and protects against unauthorised transactions on the credit card. 
• The coverage amount under the plan can be equal to the credit limit on the card, including any add-on cards.
• The insurance protection is valid for up to 2 days (including reporting day) before and 7 days after reporting the lost/stolen credit card (including reporting day). This duration varies based on the card and the bank. 

IndusInd Bank offers Total Protect, an insurance program that provides the above-listed benefits.

2. Insurance Coverage against Unforeseen Travel Issues

Many banks offer travel insurance coverage as a feature within their credit card to make their cardholders’ travels easier and secure. This is how this credit card insurance policyworks:

• If you suffer an unfortunate event during your travels, such as loss of passport or baggage, missed flight connection, delayed baggage, and so on, you can raise a claim with your bank.
• The bank compensates for the financial losses you may have suffered after a thorough investigation. 
• You must inform your bank up to 48 hours before your travel begins and within 48 hours of arrival in India to be eligible for such coverage. 
• The coverage amount for each type of loss covered by the card is usually pre-specified. The amount will not be more than the sum insured by the travel insurance program. 

With selected IndusInd Bank Credit Cards, you can benefit from the Travel Insurance Program, which covers the following: 

• Loss of baggage, including loss of checked-in baggage.
• Loss of passport
• Delayed baggage
• Lost Ticket
• Missed Connection.

You can enjoy the Travel Insurance Program benefits with IndusInd Bank Nexxt Credit Card, Legend Credit Card, Platinum Visa Credit Card, and other selected Credit Cards.

Note that all insurance claims are subject to the terms and conditions of the coverage. It is advisable to read through the T&C before raising a claim. 

Also Read: Credit Card Transaction Failed: Money Debited? Here’s What to Do

Conclusion

With credit card insurance, you can enjoy a sense of security during your transactions and travels and have better control of your finances.

You can apply for IndusInd Credit Cards and benefit from solid insurance coverage instantly! The application process is 100% paperless and digital, and you can get instant approval! 

So, what are you waiting for? Apply Now for an IndusInd Bank Credit Card today! 

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.

If you have gone through a credit card statement, you may have come across the term ‘unbilled amount’. After you complete a transaction on the credit card, its history can be seen under the ‘unbilled amount’ category.

So, what is the unbilled amount on a credit card? It refers to the transactions from the credit card that are yet to be processed and added to the credit card statement.

Understanding Credit Card Unbilled Amount

The unbilled amount represents the credit card activity carried out successfully by the cardholder but not yet added to the billing statement.

Let’s take an example to understand this:

Let’s assume you have a credit card whose next billing cycle is the 10^th of the upcoming month. You decide to use your credit card on the 3^rd of that month and carry out a transaction of ₹ 7000.

So, until the bill comes on the 10^th of the month, this ₹ 7000 will show as the unbilled amount. It is because the amount has not yet been billed in a statement.

If you had made another transaction of ₹ 3000 on the 6^th of that month, your unbilled amount would have been ₹ 10,000 (₹7000 + ₹3000).

With a clear idea of what an unbilled amount is in credit card statements, let’s see how and where you can check for the same.

How to Check the Unbilled Amount in Credit Card?

Now that you know what the unbilled amount on your credit card means, let’s see how you can check for the same:

1. Access your Net Banking Portal

You can log in to your net banking portal to access your credit card statement. In the statement, you will be able to see the unbilled charges.

2. Sign up for Text Message Alerts

You can sign up for text alerts for unbilled transactions. This way, you will be updated about the unbilled amount on your credit card in real time.

3. Reach out to Customer Service

You can contact the customer service of the bank to get clarity on the unbilled amount and clear any queries and doubts you may have.

4. Access mobile application

You can also utilise the bank’s mobile application to check the unbilled amount on your credit card.

Also Read: What Happens When You Default on Credit Cards?

Unbilled Amount Vs Outstanding Amount in Credit Card

Unbilled amounts and outstanding amounts of a credit card might seem confusing.

Here’s a table that explains the difference between the two:

It is advisable to clear any outstanding amounts at the earliest to avoid interest charges and build a good credit score.

Conclusion

Understand the unbilled amount to manage your finances effectively. It allows you to track your spending and have a clear idea of the upcoming credit card statement balance.

Planning on applying for a new credit card? Consider IndusInd Bank’s range of Credit Cards – with exclusive benefits, rewards on everyday spending, travel privileges and discounts, flexible repayment options, and enhanced card security. The best part? You can apply for a credit card online since the process is instant, paperless and 100% digital!

Apply Now for an IndusInd Bank Credit Card today!

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.