Credit Card Refund Policies
- When merchandisers refuse to give consumers refunds for purchases made using credit cards, the credit card companies will typically go to bat for their customers, fighting with the merchandisers for the refund. In some cases where the merchandiser still refuses to refund a purchase, such as when the purchase never arrived or was defective, the credit card company will often absorb the cost and refund the charge on its own to keep its customers happy.
- Different credit card companies have different time limits for requesting refunds. Typically though, credit card companies give consumers somewhere between 60 and 120 days from the date of purchase to ask for a refund. However, this is the time limit you have to ask the credit card for a refund, not the time limit for asking the merchandiser for one. Read the fine print of your credit card's refund policy to ensure you understand the time limit, and when you make a purchase and later find that you need a refund, don't procrastinate in asking for it.
- In cases where a merchandiser refuses to issue a refund, a credit card company may issue consumers a full or partial refund. Policies vary. For instance, on its website, MasterCard says it gives consumers a refund of up to $250. However, when identity thieves have used a MasterCard to make purchases and the merchandisers refuse to refund the charges, MasterCard customers face zero liability for the charges, with the credit card company refunding ever last penny.
- While some credit card issuers' refund policies apply only to purchases made in the United States, others are more generous. For instance, American Express customers can receive refunds for purchases made worldwide from the credit card issuer in instances when the merchandiser refuses to issue a refund. That means that if you purchase a piece of jewelry or art while on vacation in Europe and don't realize until you bring it home to the U.S. that it's defective, you can still get your money back.