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| The
great thing about a credit card is you have at least
two major legal protections
that you don't have if you make a purchase in cash. You have the right to dispute a billing error or an unauthorized charge. Plus, it's also possible to get the credit card issuer to delete a charge if you're dissatisfied with your purchase. To dispute a billing error, you should write your credit card company within 60 days of receiving your bill, providing your name, account number, a description of the error, and an explanation of why it is wrong. Send photocopies of any supporting documentation. It's a good idea to send the letter by certified mail with a return receipt. While the item is in dispute, you don't have to pay the charge. The card issuer must acknowledge your letter within 30 days of receiving it and resolve the situation within 90 days. The issuer is required either to correct the error and credit your account or send an explanation of why the charge is correct. If it is correct, you'll have to pay it, and possibly also pay retroactive interest on the item as well. If you're dissatisfied with an item purchased on a credit card, the rules are a bit different. Provided that you already have made an effort to resolve the dispute with the merchant and have not yet paid the item off, you have the right to dispute the charge. However, the purchase must be greater than $50 and the merchant must be in the same state or within 100 miles of your address. Make certain that any written communications are mailed to the correct address, which typically differs from the address on your monthly statement. Was your credit card lost or stolen? Under the law, you can't be held liable for more than $50. Thinking about an Auto Loan? Home Equity? Any bank product? We give you unbiased rates for your area at bankrate.com. |