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Five Credit Card Billing Problems and How to Fix Them
It goes without saying that your first and best defense
against paying fraudulent or unfair charges on your credit card
is knowing what your bill says! When you receive your credit card
statement each month, sit down with it and check each item to
make sure that you actually DID purchase it. If you do run into
inaccuracies or problems, there are procedures to follow to
report and deal with the charges. If you don't follow the
procedure and the card company decides to notify a credit
reporting agency, it could affect far more than just your balance
on that one credit card.
What are the most common billing problems and how should
you deal with them?
1. Hey, I didn't buy that!
If you notice a charge on your credit card statement that you
didn't make, take steps to deal with it IMMEDIATELY. It could be
a store error - but it could be the first sign that someone else
is using your identity. Heading off problems before they start is
vital. Call your credit card company and report the charge that's
in error - but don't leave it at that. Follow up with a written
letter stating that you dispute the charge, and requesting that
they investigate the situation. The credit card company has 45-60
days to complete their investigation and notify you of the
result. During that time, they can not make any attempts to
collect that amount from you, nor report you to a credit
reporting agency because of it.
2. Wait - I canceled that subscription!
If you cancel a subscription for which you pay via credit card
- to a magazine, a club or internet service provider for instance
- it may take a month or two for the cancellation and
'chargeback' to show up on your credit card statement. Again,
notify the credit card company that that account has been
canceled and request that the charge be removed from the
bill.
3. My bill just doesn't add up right!
They're rare, but mathematical and reporting mistakes do
happen. If you notice a discrepancy on your bill between their
reports and your receipts, write a letter to the credit card
company - being sure to use the address for reporting credit card
disputes. Include copies of both the bill and your receipts for
the disputed charges.
4. I returned that dress!
Like a canceled subscription, it sometimes takes a billing
cycle or two for charge-backs on returned items to appear on your
credit card bill. Write to the credit card company and enclose
copies of your return receipt, asking that the charge be removed
from your bill.
5. What do you mean, there's a late fee?
Your best defense against late fees is to make sure you send
your payment in plenty of time to reach the credit card company
by posting date. Keep in mind that credit card companies date
payments by date received and/or posted, not by date mailed.
Because of the effect a late payment can have on your credit card
billing and your credit history, though, it's sometimes worth a
try to get them to 'take it back'. If you have evidence along the
lines of a check cleared to your bank account before the payment
was posted to your account - and it's before the late payment
date, you can write to the credit card company and ask for a
review of the charges.
Joseph Kenny is the webmaster of the credit card comparison
sites http://www.credit-cards-info.com/
and also http://www.creditcards121.com/
MORE RESOURCES:
Credit - Google News
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