How to Reverse Credit Card Transactions

Reverse a credit card transaction

Say you bought a rare book online with your credit card. The book never arrived. You go back to the website only to find out that it's been taken down. Don't worry. You may not get the book, but you should be able to get your money back from the credit card company through a chargeback. With a chargeback, the credit card issuer will reverse the transaction, refund your money and try to reclaim it from the seller.

Instructions

1. Wait a sufficient amount of time for the item to arrive. If you've only bought it last week, it may still come. Credit card companies have different guidelines about how long you must wait before you can report the transaction. If the transaction is fraudulent, you can do it straight away.

2. Contact the credit card company and explain why you need to reverse a transaction. It will send you a form.

3. Fill in the form.

4. Include any supporting evidence you may have, such as the receipt. Make copies of everything before you send it off, just in case it gets lost in the mail.

5. Send everything to the credit card company. It will investigate your claim. If it finds in your favor, it will reverse the transaction and credit you the money.

Tips & Warnings

• You can only reverse a transaction if you didn't get what you paid for. The credit card company won't care if you simply don't like the item.

• You can also reverse fraudulent transactions that you did not authorize.

References

• Yahoo Finance