Time limit on credit card charge back?

[PatsyTheCat]

Hi,

 

Does anyone know if there is a time limit on credit card charge backs? ie You only have 100 days after the transaction date to instigate one for instance? Is there a statutory limit or is is set by the individual card issuers?

 

Thanks.

[buzby]

It is set by Visa and MC to provide a standardised cut-off for rectifying errors or disputes. As the banks agreee to the CC terms, they are bound by them also.

[PatsyTheCat]

OK thanks. Any idea what they are?

[buzby]

No, I recall 120 days mentioned at one time (6 months), but some processing banks offer a local policy of 90 days maximum in queries from their customers.

[Kraken1]

worth a note perhaps that charge backs are to be distinguished between s75 claims.

[buzby]

? Irrespective of the legistlation used, having the transaction reversed into your avvount is still called a chargeback!

[Kraken1]

Yes, but the visa schemes are different to s75 claims, and with many visa folk being a tad ropey with claims, and citing time limits it is worth knowing the difference between the two methods. And technically, one is chargeback and one is connected lender liability.

[buzby]

The clariication is important - as Mastercard DEBIT holders will have found. It is worthwhile re-stating that chargebacks on DEBIT cards will only be sancioned by VISA branded cards, as S75 does not apply to debit cards. It does make you wonder why anyone bothers with MC debit.