This is a situation that many of us have landed in. credit card statement when you spot a load you don’t recognize. Your first instinct may be to contact your credit card company and initiate a dispute immediately. But before you do so, there might be a better solution.
When you dispute a credit card charge, you are not required to pay for the item or service in question while your credit card company investigates. If the dispute resolves in your favor, the case is settled – the charges will be completely removed from your account and you can move on.
If your dispute is refused, the costs in question will be added to your credit card balance, and you will have to pay it. However, before that happens, you will have the opportunity to get an explanation from your credit card company as to why your dispute was denied, and you will also have the opportunity to appeal this decision. If your appeal is not successful, you may have to pay for the item or service in question.
Credit card disputes may take a long time to resolve, during which time you may be worried and nervous. Now the good news is that a disputed charge won’t negatively impact your credit rating whatever sort of. But still, it can be frustrating to have to wait weeks to find out whether you will be responsible for a contested charge or not.
This is why it is generally beneficial to contact the merchant from which the disputed charges arise before involving your credit card issuer. The merchant may be willing to investigate the matter directly or even, in some cases, waive the charges up front, resolving the issue quickly.
Say you see a load on your credit card for a $ 100 sweater you never bought. If you contact the merchant and explain that you believe your credit card number has been stolen, the merchant can simply waive the charge and deal with this fraudulent matter on their own without getting involved.
Likewise, your credit card may have been charged for a recurring service or subscription that you canceled a long time ago. In this case, contacting the merchant in question could lead to a speedy resolution. The merchant can search your account details, note the cancellation, and remove the charges, which may have been automatically generated in error initially.
Keep in mind that credit card disputes can be a problem for merchants as well, so it is often in their best interest to resolve them easily. The next time you see a charge on your credit card statement that looks dead wrong, don’t worry. But also, do not rush to dispute it without first contacting the merchant. A firm but friendly phone call from you could nip the matter in the bud. This way, you don’t have to worry about a wrong or fraudulent load hanging over your head.
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