Most would agree that a credit card is a convenient mode of payment. All you need to do is simply swipe your card or enter the card details to finish your transaction. However, there may be instances where credit card transactionsneed to be reversed. This can be because of an incorrect charge or fraudulent transactions.  

Knowing when and how to reverse a credit card transaction can save you time and prevent financial losses. Here’s a guide on the same. 

When Can You Reverse a Credit Card Transaction?

There are several scenarios when you can request to reverse a credit card transaction. These include:

1. Unauthorised or Fraudulent Transactions

If you notice a charge on your credit card statement that you did not authorise, you can request a reversal. 

2. Duplicate Charges

Sometimes, a merchant may accidentally charge your credit card twice for the same transaction. You can request a reversal to remove the duplicate charge in such a situation. 

3. Incorrect Transaction Amounts

If a merchant charges you the wrong amount for a purchase, you are entitled to request a reversal. 

4. Refund for Returned Goods or Cancelled Services

Sometimes, you may return goods to a merchant or cancel a service. In such cases, if you are entitled to a refund, you can initiate a reversal.

5. Undelivered Goods or Services

If you made a purchase but never received the product or service, you can file a dispute to reverse the credit card transaction.

How to Reverse a Credit Card Transaction?

Reversing credit card transactions is a structured process, and it may go as follows:

1. Identify the Transaction

Start by checking the details of the transaction, including the date, amount, and merchant’s name. Make sure it is the one you wish to dispute. This information will be required when filing a dispute.

2. Contact the Merchant First

You should first reach out to the merchant to resolve the issue. If it is a matter concerning them, merchants are often willing to correct the mistake and issue a refund. Here, the reversal can happen between you and the merchant without involving the credit card issuer.

3. File a Dispute with Your Credit Card Issuer

If the merchant does not resolve the issue, the next step is to file a dispute with your bank. Most credit card companies provide a simple way to dispute charges. You can do it through their online portal, mobile app, or customer service. 

For example, IndusInd Bank allows customers to raise a dispute using a Credit Card Dispute Form. Fill out the form with all the relevant details about the disputed transaction and submit it at your nearest branch.

4. Submit Necessary Documents

Your bank may request supporting documents for the dispute. This will depend on your reason for initiating the reversal. This could include proof of cancellation, communication with the merchant, or receipts showing the incorrect amount. 

5. Wait for Resolution

Once you have submitted the dispute, the bank will investigate the claim. The time taken will depend on the complexity of the case. If the bank finds that there has indeed been an error in your credit card transactions, they will reverse the transaction. 

6. Check Your Credit Card Statement

After the reversal process, check your credit card statement. Ensure that the disputed transaction has been reversed and that the credit has been applied to your account.

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

 What to Know Before Reversing a Credit Card Transaction?

• Before requesting to reverse the credit card transaction, gather all the details about the transaction. This can include receipts, communication with the merchant, and relevant documentation.

• Be aware that some banks may have deadlines for filing a dispute. It is a good practice to raise the dispute within 30-60 days of the transaction date.

• Understand that not all disputes result in a reversal. The chances depend on the investigation by the bank.

• Avoid multiple unnecessary disputes. This could affect your relationship with the bank.  

Conclusion

Reversing a credit card transaction can be simple, if you know the right steps to take. Always remember to keep track of your transactions, communicate with the merchant, and file disputes at the earliest when necessary. With the right approach, you can ensure that your credit card usage remains secure and hassle-free.

When you have the right banking partner like IndusInd Bank, it is easier to stay in control of your finances. IndusInd Bank offers a range of Credit Card options that help you meet your lifestyle needs and preferences while providing a host of rewards, travel privileges and discounts, flexible repayment options, and more. 

Apply now for a Credit Card with IndusInd Bank 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.

Many people often look at credit cards as a double-edged sword. While they can be convenient for purchases, they can also lead to debt if not used wisely. That is why it is crucial to use a credit card with care. By taking advantage of the benefits that credit cards offer, you can not only make money with your credit card but also earn rewards when you spend. 

It is not about magically ‘getting money’ from your card, but rather maximising its features to your advantage.

How to Make the Most of Your Credit Card’s Benefits?

Let’s explore how to make your credit card work for you.

1. Maximise Cashback Rewards

One of the easiest ways to ‘get money from a credit card’or increase your card’s savings potential is to maximise cashback rewards. Many credit cards offer cashback on specific categories, such as groceries, fuel, dining, and online shopping. For example, a card offering 5% cashback on groceries can lead to substantial savings over time.

2. Earn and Redeem Reward Points

Credit cards often provide reward points for every transaction made. You can accumulate these points for a variety of rewards, such as travel, merchandise, or even cash credit. You can also enjoy higher reward points for specific categories or by opting for a certain payment method. 

Consider the IndusInd Bank Platinum RuPay Credit Card, for instance. You can link this Credit Card with your UPI app and make UPI payments via the card. For every UPI transaction of ₹100 done via the Credit Card, you earn 2 reward points!

3. Make the Most of Interest-Free Periods

Most credit cards offer an interest-free period. If you pay off your outstanding balance in full within this period, you can avoid paying interest on it. This allows you to use your credit card as a short-term interest-free loan. Thus, you can keep more money in your pocket.

4. Plan Purchases During Promotional Offers

Banks often run promotional offers. This includes discounts, cashback, or additional reward points for transactions with specific merchants or during certain periods. You should plan big purchases during these offers to enjoy significant savings. For example, if your credit card offers 10% cashback on electronics during the festive season, consider buying major electronics during this time.

5. Redeem Reward Points for Travel and Experiences

Many credit cards allow you to redeem reward points for flights, hotel stays, and other travel-related expenses. You can accumulate points through regular spending and then redeem them for travel. This is a great way to offset your travel costs to a considerable extent. 

Some credit cards also offer additional perks such as complimentary airport lounge access, travel insurance, and concierge services. This can add further value to your travel experiences without making a hole in your pocket. 

Also Read: 5 Credit Card Features that Can Exclusively Benefit a Traveller Like You

Ways to Ensure Responsible Usage of Credit Card

If you search online for ‘how to make money with credit cards’, you might come across a lot of tips and tricks. However, the first financial advice for any credit card user is to use the card responsibly. Here’s how you can do that: 

1. Pay Your Balance in Full

If you pay your balance in full each month, you can avoid interest charges. It also ensures you are not carrying high levels of debt. 

2. Track Your Spending

It is crucial to avoid overspending and falling into debt. Review your credit card statements to stay within your budget and ensure you are only making necessary purchases. 

3. Stay within Your Credit Limit

Exceeding your credit limit can lead to over-limit fees and a negative impact on your credit score. It is important to stay within your credit limit and not use your credit card for unnecessary expenses. 

4. Use Reward Points Wisely

While earning reward points is a significant benefit of using a credit card, it is important to redeem them wisely. Also, avoid making unnecessary purchases just to earn rewards. 

With IndusInd Bank Credit Cards, you can redeem your reward points for a variety of purposes. You can make payments with your reward points and even enjoy cash credit. The best part? The reward points you earn with IndusInd Bank Credit Cards never expire! 

Conclusion

Credit cards offer many opportunities to save money and earn rewards. However, one must use them with care to maximise these benefits and avoid common pitfalls. 

Remember, the key is to track your spending, pay your bills on time, and stay within limits. Another key point is to choose the right credit card provider. IndusInd Bank offers a range of credit cards to help you save money while helping you manage your expenses.

Apply now for a Credit Card with IndusInd Bank! 

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.

In today’s age, when fuel prices seem to be only going upwards, saving every rupee at the fuel station is a priority for many. By using a credit card for fuel expenses, you can not only make quick transactions at the fuel station but also save on additional charges. 

However, when there is a plethora of options available, how do you choose the best credit card for fuelthat suits your needs? Here’s a guide on the same, along with some top credit card options from IndusInd Bank. 

How to Choose the Best Credit Card for Fuel in India?

Here are some key factors to consider when selecting the best credit card for fuel:

1. Fuel Surcharge Waiver

This is the primary feature to look for. With a fuel surcharge waiver, you do not have to pay the additional charges you may incur when paying through a credit card at the fuel station. This can lead to significant savings over time, especially if you refuel your vehicle often.

2. Cashback or Reward Points

Opt for credit cards that provide cashback or reward points for transactions above a certain amount, such as ₹100 or ₹200. This way, every time you refuel your vehicle above this limit, you earn reward points and offers. 

3. Partnerships with Fuel Stations

Some credit cards have partnerships with specific fuel stations. So, when you use you use your credit card for fuel expenses at those locations, you will enjoy additional discounts or benefits. Check if the card has any partnership with your preferred fuel station.

4. Annual Fee vs. Benefits

Many credit cards come with an annual fee. Evaluate whether the annual fee of the credit card is justified by the fuel-related benefits it offers. Sometimes, a higher fee card can provide better rewards, making it worth the cost.

5. Ease of Redemption

Ensure the reward points or cashback earned on fuel transactions can be redeemed with ease. You should be able to redeem your rewards for future fuel purchases, bill payments, or other expenses.

Also Read: How To Get a Lifetime Free Credit Card With No Annual Fee In India

Top Fuel Credit Card Options from IndusInd Bank

IndusInd Bank offers a range of credit cards for fuelexpenses along with other benefits, to help you maximise your savings. Here are some top picks:

1. IndusInd Bank Platinum RuPay Credit Card

If you have a habit of paying for fuel through UPI, this RuPay Credit Card offers multiple benefits. You enjoy the ease of UPI payments and a 1% fuel surcharge waiver. In addition, you also enjoy 2 reward points for every ₹100 spent on transactions through UPI.

2. IndusInd Bank Legend Credit Card

The Legend Credit Card offers 1 reward point for every ₹100 spent on weekdays and doubles the reward points for weekend spending. With a 1% fuel surcharge waiver, this card ensures you get the most out of your fuel transactions.

3. IndusInd Bank EazyDiner Credit Card

While known for its dining benefits, the EazyDiner Credit Card also offers a 1% fuel surcharge waiver. This makes it a versatile option if you are looking for a card that provides benefits both for dining and fuel.

4. IndusInd Bank Platinum Aura Edge Credit Card

With up to 8X reward points on select categories and a 1% fuel surcharge waiver, this card ensures ultimate savings. Plus, it is a contactless card, which makes paying for fuel and other expenses easier.

5. IndusInd Bank Pinnacle Credit Card

With the Pinnacle Credit Card, you can enjoy fuel surcharge savings up to ₹2,400. What’s more? You can earn up to 2.5 reward points and also enjoy other offers, such as complimentary golf games and lessons, concierge services, and more. So, not only do you save but also upgrade your lifestyle. 

6. IndusInd Bank Tiger Credit Card

Enjoy a 1% fuel surcharge waiver across all fuel stations in India with Tiger Credit Card, along with a host of other benefits. This includes airport lounge access, golf games and lessons, complimentary movie tickets, accelerated reward points, and more.

Conclusion

It is important to research and choose the best credit card for fuel expenses, especially if you drive your car regularly. It can be a game-changer for your monthly budget, helping you increase the savings potential of your credit card and enjoy rewards that suit your needs. 

IndusInd Bank offers a variety of Credit Cards to meet your fuel-related needs, providing both savings and additional perks to improve your overall experience.

Whether you are looking for a card that offers reward points, exclusive lifestyle privileges, travel insurance coverage or other benefits, IndusInd Bank has options that cater to different spending habits and preferences. 

Apply now for a Credit Card with IndusInd Bank today and take control of your fuel expenses! 

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.

The Goods and Services Tax (GST) in India led to significant changes in the taxation system. It impacted various financial products and services, including credit cards. If you have used credit cards before, you would know that they are a convenient way to make payments. They make it easy to pay merchants and also help upgrade one’s lifestyle with their rewards and benefits. 

However, the cost of using a credit card has changed in the last few years because of the application of GST on various fees and charges. Understanding the GST on your credit card expenses is crucial to making prudent financial decisions. 

Understanding GST Rates on Credit Cards

• As per prevailing rules, the GST on credit cardsin India is levied at a standard rate of 18%. This applies to various credit card-related fees and services. It includes annual fees, late payment charges, interest on revolving credit, processing fees, and other charges.

• Let’s understand this with an illustration: 

Assume your credit card issuer levies an annual fee of ₹1,000. The current credit card GST rate is 18%.

So, the GST applied on the credit card annual fee will be ₹180. This brings the total amount payable to ₹1,180.

Similarly, if you incur late payment charges or other fees, these too will attract an 18% GST. 

• Note that GST credit card charges are not applicable on the actual credit card transactions (i.e., the purchases you make using your card). Instead, it is applicable on the services and fees associated with the use of the credit card. 

Being aware of this difference helps avoid confusion when you see additional charges on your credit card statement. Let’s clear some more confusion by addressing some common myths.

Myths About GST on Credit Cards

Here are some of the most common myths regarding GST on credit cards:

Myth 1: GST is charged on every transaction made using a credit card

Truth: GST is not applied to every purchase or transaction made with your credit card. Instead, it is only levied on specific services like interest amount, annual fees, and so on.

Myth 2: GST increases the cost of goods purchased with a credit card

Truth: The GST you pay is on the services provided by the credit card issuer, not for the goods or services you purchase with the card. The prices of goods are already inclusive of GST as per the applicable rates.

Myth 3: All credit card transactions have hidden GST charges

Truth: Credit card statements outline where the credit card GST charges are being applied. This will usually be in fees or interest.

Knowing the truth behind these myths helps clarify how GST impacts your credit card usage. It also ensures you are not caught off guard by additional charges. 

Understanding Different Charges in Credit Card

Now that we have a clearer understanding of how GST on credit cards works, let’s explore the different charges where this tax may be applied. 

1. Annual Fees

Most credit cards come with an annual fee. The actual fee can depend on the card type. An 18% GST is added to this credit card fee. 

2. Interest on Outstanding Balances

If you carry a balance on your credit card, the interest charged on that balance will attract GST. For example, if the interest amount on your outstanding amount is ₹2,000, an additional ₹360 (18% of 2,000) will be charged as GST.

3. Late Payment Charges

Banks impose a late fee when you miss the due date for your credit card payment. Here, too, there will be 18% GST on this credit card fee.

4. Processing Fees

Banks may charge processing fees for certain transactions, such as cash advances or balance transfers. GST is applied to these fees as well.

It is crucial to note that the credit card GST rate is subject to change as per directives by the relevant authorities. 

Also Read: Understanding All About Credit Card Swipe Charges

Conclusion

Every credit card holder must know about GST on credit cards, as it affects the overall cost of using the card. When you are aware of such information, you can better manage your expenses and avoid any surprises on your credit card statement. 

IndusInd Bank offers a range of Credit Card options with transparent fee structures so that you are always aware of what you are paying for. What’s more? Our Credit Cards come with excellent rewards programmes, exclusive privileges, complimentary perks, and more. 

Apply now for a Credit Card from IndusInd Bank!

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.