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» Credit Cards: A Closer Look at Dispute Resolution

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Credit Card Dispute

Credit Card Dispute

Credit card disputes appear to be on the rise, with the global recession causing many companies involved in travel and leisure to be craftier with surcharges and hidden fees, with the end result of unaccounted charges on bills associated with credit cards. This combined against the rising knowledge and bargaining power that many people associate with their credit accounts, is causing the rise of disputes between consumers and companies. This had been catalyzed by mandatory arbitration, which many believe to be an unfair practice for consumers who fall into bad credit.

The process of credit card dispute resolution or arbitration, and your chances of winning a dispute, is unfortunately a process with a lot of grey areas, and a great deal of luck involved when it comes to being successful in a dispute. There are a few well known facts, however. Maintaining a good relationship between you and your issuer is known to help with the quick settlement of minor disputes, such as unfair luggage fees or paid extras for flights and holidays that were not selected by the user. There are many examples of easy resolution between issuers like American Express and consumers, which is one of the reasons why Amex keeps such a high overall satisfaction.

Issuers take consumer needs seriously in the aims of customer satisfaction surveys, since in this modern era it is often not what the provider can offer on a financial level, but on a personal level.

Pushing the Odds in Your Favor in Dispute Resolution

If you are busy professional with a keen eye, then chances are you will be filing a dispute and/or a credit card dispute at some point. Here is some helpful advice to maximize your chances of a successful dispute:

  • Watch over your statements – It is now easier than ever to check bills for your credit cards, with online statements. If you find questionable payments or an invoice mismatch, filing a quick dispute will prevent you receiving interest or late payment charges for the amount under dispute.
  • Don’t waste time on trivialities – Have the common sense to know when your chances of winning a credit card dispute are high, and when they are low, and weigh this against the amount of money you gain if you are successful.
  • Understand the legalities – Credit card companies by law must resolve your credit card disputes within a two month period, and send out the relevant information to the consumer once the dispute is settled, or an explanation why the dispute is not proper. The Federal Trade Commission has information online which goes over all the details.

These points, alongside the common sense of remaining professional in an antagonistic situation, keeping organized paperwork, and knowing when you have the legal right and when you don’t, will make the process easier for you and your credit issuer. It is also good to remember that if you fail a dispute, there are still other paths you can take, such as the Federal Trade Commission.

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