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All About How To Cancel A Credit Card Payment And Get Your Money Back

how to stop a credit card payment

In the 21st century, people are increasingly giving preference to keeping money on a payment card. It is a convenient way to pay not only online, but also offline. Especially in connection with the pandemic of Covid-19, buying goods and services with a payment card has increased. But is it possible to cancel a credit card transaction if the money was debited by mistake or you decide to cancel your purchase? In most cases, the answer is yes. How can you stop payment on a credit card? Read the answer in our article.

How to stop payment on a credit card?

stop payment on credit card

If you want to stop payment on a credit card in advance, such as a YouTube subscription, then there is usually no problem with that. However, if the situation is urgent, you need to be knowledgeable to react quickly. The most simple ways to do it through the Bank and service provider.

Contact your Bank

On the back of your credit card, there is a phone number for contacting the bank, or you can use internet banking from your computer or phone. Due to the progress, some banks also have a chatbot in messengers. If the bank did not fulfill your request to stop a credit card payment and the money was withdrawn, contact them and inform them about this situation. Please remember that if you cancel in advance, you do not have to explain the reason for your decision.

Contact your Service Provider

If you have activated automatic payment for the service from your credit card, then to cancel, go to your account on the website or in the provider’s application and click “cancel subscription”. If you do not have access to your account, then on the provider’s website find contact information for communication, for example, mail, and write a letter with a request to cancel the subscription, which automatically means to stop payment credit card.

The methods described above are suitable if the payment time has not yet come or the money was withdrawn through no fault of yours, for example, due to a bank error.

Credit card: stop payment and refund the money

credit card stop payment

The reasons to stop payment on credit card transactions can be different. You no longer need a product or service, or a force majeure has occurred and you cannot afford it anymore. The reason why you want to return the money that has already been withdrawn from your account is not important. Do not hesitate to exercise your right to refund.

Refunds for online payment

It is very popular, fast, and secure to buy something online. As with offline purchases, every reputable store has a refund policy. Be sure to check the store’s policies before purchasing, as each store may have its specifics. When you cancel a credit card transaction, the money should be refunded in 7-14 days. If the money cannot be returned in full due to the store’s policy, then you will be provided with a refund of a part of the money or a bonus offer for the next purchase.

With subscriptions, the situation is a little more complicated. Let me give you an example. You signed up for a free 7-day subscription, you no longer need the service, but you also forgot to cancel, which means automatic debiting in the future. The bank received a notification about the withdrawal of funds. So what should you do? There are two ways to stop payment on a credit card.

  1. Forget about the money spent and cancel the subscription by contacting the bank or service provider (described in more detail above).
  2. Use the advice from the first point, but try to get your money back. If the return policy allows you to return money for days of non-use of the service and this did not happen automatically, then write to the management for a refund and provide evidence in the form of screenshots.

Refund in case of double payment

Payment for the same product or service may be charged twice due to terminal malfunction or poor internet connection. For example, a payment check did not come out and the store cannot be sure that you paid and ask you to repeat the payment. You will need the help of the bank to prove double payment. The bank can contact the seller or provide proof for self-appeal, after which the credit card transaction will be canceled.

Remember! When you cancel a credit card transaction, the money will be refunded to the same card. Even in the case of an offline purchase, the store cannot return the cache to you if the purchase was paid for with a card.

Use the services of reputable stores, then you will not have any problems in case of canceling the payment. Since the store, to maintain its status, will not want to enter into conflict, especially when the consumer is right. We hope that the information in our article will help you in the future. And, If somebody asks: “ Can you stop a payment on a credit card?” You will answer: “Yes, I can and even know several ways how to do it”.Thanks for reading us!

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Author of article

Caleb-Joshua Mashrooman

Interests: finance, legal advice, golf, economics

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