How to Stop Payment on a Credit Card Charge
As a consumer, you have a right to be satisfied with products/services that you purchase with your credit card. If you have a dispute, the Fair Credit Billing Act allows you to stop payment or request a refund for the charge. When placing a stop payment, it is very important that you act swiftly. Otherwise, you run the risk of not being able to recover the charge made to your credit card.
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Instructions
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Visit or contact the merchant that you made the purchase from. This should be done as soon as you realize there is a problem with your product. Be sure to bring the product with you so you can return it to the merchant.
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Advise the merchant of the problem you encountered with the product/service you purchased. Request that the charge to your credit card be reversed.
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Contact your credit card company directly if the merchant refuses to reverse the charge on your card. If the payment you made was more than $50, the credit card issuer can place a "Stop Payment" on the transaction.
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Open a "Dispute" if the credit card company representative advises you that the payment has already been processed. By opening a dispute, most credit card companies will place the money back onto your credit card while it investigates your dispute.
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Tips & Warnings
Some credit card companies will still place a stop payment, even if the charge is less than $50. Check with your company to verify its protocol.
References
- Photo Credit credit card and hand image by Warren Millar from Fotolia.com
