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20 June 2021
15:28 hour

Credit card refund rules: everything you need to know

The Motley Fool UK

16/05/2021 - 16:01

With more of us shopping online in lockdown, it’s useful to know the credit card refund rules just in case. We take a closer look. The post Credit card refund rules: everything you need to know appeared first on The Motley Fool UK.


READ THE FULL ARTICLE ON THE MOTLEY FOOL UK

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If not, that could be why your credit card was declined.  Usually, card providers send you a new card a few weeks before the old one expires, but there’s always a chance it got delayed or lost in the mail. Or, if you’ve moved house recently, maybe you forgot to update your address details with the credit card company.   The best thing to do is contact your card provider right away. If they sent the card to the wrong address, or it’s lost in the post, they can block it and send you a new one.  3. Wrong details Speaking of wrong details, it’s crucial that you keep your personal information up to date with your credit card company. Otherwise, your credit card might be declined. Always check your details are accurate before using your credit card. And it might sound obvious, but make sure you’re entering the right PIN or security code, especially if you’ve changed cards recently.  4. Missed card payments Have you missed any credit card payments recently? If so, your card might be restricted. You’ll need to call your credit card company and find out: when you missed a payment how much you owe  whether you need to pay late fees If you’re struggling to make credit card payments, it might be a sign that you’ve overextended your finances. It’s probably best to work on managing your debt before you go further into your credit limit.  5. Unusual spending patterns Credit cards can be declined if it’s used for something considered ‘out of character’. So, if you normally use your credit card to pay for a few meals here and there, but you suddenly try to pay for a holiday, your credit card company might query it. This is actually a good thing because it’s one of the ways credit card companies can protect you from fraudulent purchases. You’ll probably need to contact your card provider and prove your identity before they’ll allow the transaction to go through.  6. Shopping abroad If you normally use your credit card in Manchester and you’re suddenly splurging in Madrid, there’s a chance your credit card will be declined. Why? Again, it all comes down to card use that’s considered ‘out of character’. This can happen if you buy a one-off purchase from an international seller online, too. To avoid this from happening, tell your card company about your intended international travel plans or foreign purchases. And, if you travel regularly, consider taking out a travel credit card or have some emergency cash available to cover any issues. What to do if your credit card is declined: takeaway Credit cards are declined for many reasons, but often you can resolve the issue with a quick call to your card provider. That said, there’s no guarantee that your card provider will approve the purchase, especially if you’re near your credit limit or you’ve missed payments.   On that note: if you’re missing card payments or you’ve hit your credit limit, this is probably a sign you need to monitor your spending. Check out your credit score online to see what’s going on, and consider contacting Citizens Advice for help.  “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. 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    Have you ever received a letter from a credit card provider offering you pre-approval on a new card? Are you wondering if this is a guarantee? Read this article to find out. What is a credit card pre-approval? It’s a special invitation that is sent by a credit card provider to encourage you to apply for a credit card. Card providers prescreen mailing lists or their own customer databases using criteria such as credit scores. This is a ‘soft inquiry’ so it has no effect on the credit scores of those people that are prescreened. Once they have selected appropriate potential customers, they send out invitation letters. These letters come with an application form and very often include special deals such as a low interest rate for a limited period. [top_pitch] Why are they used? The main reason credit card providers send these letters is to promote their products. It’s an effective marketing tool used to attract new customers with special deals. In the past, you may have received letters from card providers inviting you to apply for their products. This is because your name appears on a mailing list or because you already have a credit card. Does it guarantee a credit card? No, it does not. The term ‘pre-approval’ gives the misleading impression that you will automatically receive a card, but that is not the case. The soft inquiry undertaken by the card providers will not identify any problems in your full credit history. So it is not enough to guarantee approval for a credit card. So what is the point? It’s understandable to think that this type of offer is just a clever marketing ploy. However, there are some advantages to using pre-approved offers. You can avoid the time-consuming search for the best card since the card providers are coming to you. The offer does not affect your credit score. While it is not guaranteed, you may have a better chance of getting a pre-approved card then you would if you approached a provider without pre-approval. You may get a better interest rate than you would if you approached a provider without an invite. Remember that it’s a marketing exercise, so pre-approval tends to come with special offers. Such offers include intro bonuses, air miles or 0% introductory APR on balance transfers or purchases. What happens when you apply? Following pre-approval, you will need to submit an application form. The card provider will then be able to examine your full credit history. This is a ‘hard inquiry’ that can have an impact on your credit score. The card provider will use the information from this hard inquiry to determine whether or not you will receive a card. Bear in mind that the provider will also use this information to decide on an appropriate interest rate. This may not be the rate advertised in the letter they sent to you. [middle_pitch] How can you get pre-approval? If you have not received this type of offer, it could be because your credit score is too low. It is worth taking steps to improve your credit score. This will increase your chances of receiving offers from card providers. Can you get a credit card without one? Yes, you can. Your chances of getting a credit card will be dependent on your credit history and credit score. It is possible to get a credit card without pre-approval. You can apply directly to a card provider and you don’t need an invitation. Final thoughts If you receive this type of letter from a card provider, it’s a good idea to read all the information and make sure you understand the terms and conditions. If you are looking for a credit card, check out our 2021 credit card reviews. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading 2 penny shares I’d buy right now for capital and income growth Got £750 to invest? Here are my 2 best cheap shares to buy now! Scottish Mortgage Investment Trust isn’t all I’ve been buying What is a trust fund and how does it work? Adding US tech stocks to my portfolio right now: yes or no? The post Does pre-approval guarantee a credit card? appeared first on The Motley Fool UK.
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  36. NerdWallet: 8 tips for maximizing your credit card rewards (01/04/2021 - Market Watch)
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  37. NerdWallet: See how this 24-year-old paid off $20k in credit card debt in less than a year (17/06/2021 - Market Watch)
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  40. Are there any super-junk bonds/debt securities retail investors can buy? (11/05/2021 - Reddit Stocks)
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  42. Coronavirus: will travel insurance protect me from cancelled summer holidays? (12/02/2021 - The Motley Fool UK)
    As the rollout of the Covid-19 vaccine continues across the UK, there are high hopes about the prospects of summer holidays this year. But with nothing confirmed yet, you’re probably wondering what your rights are if you book a holiday now. Can travel insurance protect you from cancelled summer holidays as a result of coronavirus?  Read on to find out. Are summer holidays actually happening? That’s the million-dollar question. And as of right now, no one knows for sure. The government is saying that it’s too early to tell whether summer holidays can go ahead. Airlines and travel companies seem to be more optimistic. Despite the current lockdown restrictions, some are already selling flights and package deals for the summer holiday season. Lockdown rules are up for review over the next few weeks. We don’t know if and to what extent the rules might be eased. It all probably depends on whether the vaccine and the current lockdown restrictions are successful in bringing transmission rates down. If you’re thinking of booking a summer holiday, it’s probably safer to wait for the government to give clearer guidance. Can I get a refund for a cancelled summer holiday? Yes. If you book a packaged holiday, you’re entitled to a refund if the holiday is cancelled. You should also get a refund if you booked a flight independently and it’s cancelled. Unfortunately, throughout the pandemic, many airlines and holiday companies have had a backlog of refund claims. That means that it might take you longer than usual to get your refund. Some operators might also offer you a voucher or an option to rearrange your trip. It’s up to you to decide whether to accept this or insist on a refund. Will travel insurance cover me for a holiday cancelled due to coronavirus? Well, that depends on a couple of factors. According to insurance comparison site MoneySuperMarket, if you buy a new travel insurance policy right now, many providers will still not cover holiday cancellations caused by coronavirus. But things are starting to change. A few companies are now providing travel insurance cover for holidays impacted by coronavirus. Some are even including foreign office (FCDO) cover, which includes cover if government advice and travel corridors change.  But as always, check the small print to ensure you’ll have cover if your holiday is cancelled. If you have an existing travel insurance policy and your holiday is cancelled because of the coronavirus, whether you are covered will depend on your circumstances: You might still be able to claim for a cancellation if you booked your holiday before the FCDO issued a travel ban or warning for your destination.   If you booked your trip after the FCDO issued a travel ban or warning for your destination, you’re unlikely to have cover in the event of a cancellation. You are likely to have cover for a cancelled holiday booked before the onset of the pandemic. Naturally, your insurer will expect you to attempt to get a refund from your airline or travel company before you make a claim. What if I don’t have coronavirus travel insurance and can’t get a refund? If you paid for your holiday with a credit card, you might be able to get your funds back through a Section 75 claim. In fact, making a claim under Section 75 could see you get more of your money back. Unlike an insurance claim, there is no requirement to pay an excess. There’s also no limit on how much you can claim (as long as the amount you paid is below £30,000). Finally, it’s wise to make sure that your holiday is ATOL-protected. This will cover you in the event that your travel company goes bust before or during your holiday. It will ensure that you get a full refund or are able to finish your trip and get back home. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading BP share price has fallen more than 15%. Here’s what I’d do. My best shares to buy now list: 1 FTSE 100 dividend stock I like right now Lloyds share price: should I buy in February 2021? Retail investors made 35% more profit than hedge funds in 2020 Can the IAG share price bounce back in 2021? The post Coronavirus: will travel insurance protect me from cancelled summer holidays? appeared first on The Motley Fool UK.
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  43. LIC Card Services Limited eyes foray into e-gift card market with Shagun launch. Check features, benefits (16/06/2021 - Financial Express)
    Shagun Gift card can be used at millions of merchant outlets and e-commerce websites in India to diversify spending options on the card.
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  44. When can I book a holiday? (25/02/2021 - The Motley Fool UK)
    The announcement that British holidaymakers have been longing for is finally here. Boris Johnson has unveiled the country’s roadmap out of lockdown which includes key dates affecting travel and holidays. Here’s everything you need to know about when you can book a holiday. What are the key dates for travel and holidays? From 12 April, domestic travel for holidays will be allowed to self-contained accommodation such as campsites and holiday cottages (as long as you travel with members of your household only). From 17 May, all other accommodation, including hotels and B&Bs can reopen. International travel for holidays may also resume pending a government review. From 21 June, the government expects to have dropped all restrictions on socialising, meaning that you can go on holiday with whomever you like, including in large groups. That said, it’s important to keep in mind that these dates are subject to change. Can I book a holiday right now? The short answer is yes. While the ban on non-essential travel remains in place (at least until 12 April for domestic travel and 17 May for international travel), there are no rules against booking a holiday right now. Bookings are currently open for many airlines and travel companies. In fact, there are several good reasons to consider making your booking early. For one, you’ll be more likely to get the exact kind of holiday you want. The recent announcement by the prime minister has led to a surge in holiday bookings. With such high demand, there is a likelihood of good accommodation selling out quickly especially in some of the most popular locations.  Another benefit of booking right now is that you might be able to score a great deal. Such deals are likely to run out as the demand for holidays increases the closer we get to reopening. At the same time, there are also some risks to be aware of if you book a holiday right now: The key dates for reopening could change, putting your holiday in jeopardy. Other countries’ guidelines, including whether they’ll allow visitors from the UK, are subject to change. This could also put your holiday at risk. You might need to meet special conditions, including providing proof of a Covid jab, to be allowed to enter some countries. How can I protect myself if I book my holiday now? The good news is that there are ways to protect yourself if you choose to book a holiday early. 1. Book your holiday as a package through a travel agent The advantage of booking a package holiday is that it will be ATOL protected. That means you’ll be entitled to a full refund from the travel agent or tour operator if the holiday can’t go ahead because of reasons beyond your control. 2. Take out travel insurance Travel insurance can help protect you from certain mishaps before and during your trip, including cancellations. Exactly what’s covered will vary from one policy to the next. So before you part with your money, read the small print carefully to make sure that you’ll have cover, for example, if the holiday can’t go ahead because of Covid-related reasons. 3. Pay using a credit card Paying with a credit card offers an extra layer of protection if something goes wrong with your holiday booking. For example, if the holiday is cancelled and you’re having problems getting a refund, you might be able to get your money back by contacting your card company and claiming a chargeback or a Section 75 refund.   Takeaway It’s possible to book a summer holiday right now, but before you do, be wary of the risks and be sure to protect yourself. And when it’s time to travel, think about picking up a travel credit card that doesn’t charge you extra for foreign transactions and cash withdrawals. This could help stretch your holiday budget further. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading The Royal Mail share price is up 150% in 1 year. Here’s what I’d do now I’m buying dirt-cheap UK shares like these for the stock market recovery A popular FTSE 100 stock: would I buy shares in this company today? Why I’d ignore the Cineworld share price and buy other UK shares for my ISA Why I’d invest £20k in dividend shares now to help make a passive income The post When can I book a holiday? appeared first on The Motley Fool UK.
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  45. YOUR MONEY: Know tax implications of credit card transactions (15/06/2021 - Financial Express)
    Attractions such as discounts, cash backs, travel miles, sign up bonuses and reward points offered by merchant dealers or banks, make credit cards a lucrative medium for making digital payments.
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  46. Need money to cover irregular income? Try Credit Line instead of personal loan, credit card (05/05/2021 - Financial Express)
    From professionals to small shop owners to daily wagers, irregular inflow of money often causes problems as monthly expenses more or less remain fixed.
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  47. 3 Barclaycard Rewards credit card alternatives (08/04/2021 - The Motley Fool UK)
    Here at MyWalletHero, our number one goal is to help you find the best offers to improve your finances. You may have landed on this page because you are interested in getting a Barclaycard Rewards credit card. Or you may be in the market for a new rewards credit card and want to assess your options. We are here to give you the lowdown on the Barclaycard Rewards credit card – and three alternative cards that may have also caught your eye. Barclaycard Rewards Credit Card Who doesn’t love getting some sort of perk? Earning cashback or points just by using your credit card can give your finances an extra little boost. But choosing one that suits your spending habits is important. The Barclaycard Rewards credit card keeps it simple. Cashback for spend, and no annual fee. Let’s take a look at the details: 0.25% cashback on all spending No non-sterling transaction fees No annual fee With no annual fee, you can feel the benefit of the cashback offer immediately. While the cashback yield isn’t top of the market, there aren’t many cashback offers around. So even with its relatively low level of cashback, the Barclaycard Rewards card is still worth a look. Click here to read our full review. American Express Platinum Cashback Everyday Credit Card Cards that offer a welcome bonus can help you to start your rewards earning journey. So you may be pleased to hear that the American Express Platinum Cashback Everyday credit card offers a higher rate of cashback for the first three months and has no annual fee. Let’s take a look at what you get: 5% cashback for the first 3 months (up to £100, subject to eligibility) 0.5% cashback after the first 3 months (if you spend £1 to £5,000) 1% cashback after the first 3 months with spending above £5,000 No annual fee There is one little catch with this card. Yes, there is a welcome offer and a higher rate of cashback compared to the Barclaycard Rewards card. But you must spend at least £3,000 a year in order to qualify for cashback. If you don’t hit that level of spending during a 12-month period, then you get nothing at all – not even the welcome bonus. Click here to read our full review. [top_pitch] Santander All In One Credit Card Image source: Santander When Santander says all in one, it really means all in one. With this card, you don’t need to choose between interest-free offers or cashback. You can get them both. Let’s break it down: 0.5% cashback on all purchases 0% interest for 26 months on balance transfers No balance transfer fee during promotional period 0% interest for 20 months on purchases Special cashback offers up to 15% with Retailer Offers Card fee of £3 per month (£36 annually) The Santander All In One credit card ticks more than just the rewards credit card box. Not only do you get a higher rate of cashback than with the Barclaycard Rewards card, but you also get 0% interest on balance transfers and purchases for a decent length of time. However, you do have a monthly fee to contend with. So the rewards need to outweigh the cost of having the card. Click here to read our full review. [middle_pitch] American Express Platinum Cashback Credit Card If you are interested in maximising your cashback rewards, then the American Express Platinum Cashback credit card could help you with that. However, it’s worth knowing from the get-go that it’s a card best suited to big spenders. Here’s what you get: 5% cashback for the first 3 months (up to £125, subject to eligibility) 1% cashback after the first 3 months if you spend £1 to £10,000 1.25% cashback after the first 3 months if you spend above £10,000 Annual fee of £25 There is no limit on cashback earned, so if you tend to spend big on your credit card, you could really reap the rewards. As you can see, the higher rate of cashback is only unlocked after you spend more than £10,000. The card has a £25 annual fee, so you need to take into account the initial expenditure when looking at what level of cashback you are likely to earn. Click here to read our full review. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner. But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared. What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations. And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! More reading I’m going to avoid the Deliveroo share price until this happens 3 tips to help me find the best-paying UK dividend stocks right now 2 UK penny stocks to consider in April 2 Cathie Wood stocks that have fallen 35%+ Can the Greggs share price keep climbing? The post 3 Barclaycard Rewards credit card alternatives appeared first on The Motley Fool UK.
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  48. HDFC Bank’s credit card base shrinks by 3L during Dec-Mar (21/05/2021 - Financial Express)
    According to data released by the central bank, the number of credit cards outstanding at HDFC Bank fell by about 3.23 lakh between December 2020 and March 2021 to 1.5 crore.
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  49. IDBI Bank Q4 net jumps 278% on higher NII, one-off tax refund (04/05/2021 - Financial Express)
    The bank said it has set aside another Rs 1,300 crore worth of interest refund from the same tax-related income as provisions for Covid (Rs 500 crore) and as accelerated provisions for assets housed in the Stressed Asset Stabilisation Fund (SASF) (Rs 800 crore).
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