Reversing a credit card payment: How to get your money back

Learn how to reverse a credit card payment and get your money back. This helpful guide includes steps for reversing fraudulent transactions, double payments, and more.
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Reversing a credit card payment: How to get your money back
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3 min read
27 July 2023

Credit cards have revolutionised the way we buy things. With a swipe, click or tap, we can buy anything we want without carrying cash. And there may be times when you need a payment reversal on your credit card. Maybe there was a mistake, or you were overcharged, or the product you ordered is damaged or it never arrived. Whatever the reason, it's essential to know the process for getting credit card charges reversed, so you can act fast.

There are many reasons to get a credit card payment reversal. Here are some:

  1. Fraudulent transactions: Fraudulent transactions are the most common reason for a credit card payment reversal. Unauthorised or fraudulent purchases are made using stolen credit card details. If you discover this, you can request a refund.
  2. Double payment: If you have accidentally made a payment twice for a single purchase, you can request a reversal.
  3. Dispute with merchants: You might disagree with the merchant for reasons such as damaged or faulty products, a delay in delivery, or poor customer service. In such scenarios, you can request a credit card payment reversal.
  4. Fraudulent merchants: If you have ordered a product or service from a fraudulent or dishonest merchant, requesting a credit card payment reversal is your legal right.
  5. Technical errors: Technical errors can result in double payments or incorrect amounts being charged on credit card payments. You can request your credit card provider for a reversal.

Here are some ways to reverse credit card transactions and get a refund:
 

  1. If there's a dispute with a merchant, the first step in getting a credit card payment reversed is to contact the merchant. Inform them that there was a mistake or that you were overcharged and request a refund. If they agree, they will take care of the rest. If the merchant is unwilling to reverse the payment, you can contact the bank or credit card issuer to dispute the transaction and request a refund. Give them all the transaction details, including receipts, invoices, or correspondence to support your claim.

  2. If your credit card is used for an unauthorised purchase, report the fraudulent transaction to your bank or credit card issuer immediately. They will issue a chargeback, a request to the merchant's bank to refund the payment. Providing additional information and evidence supporting your claim may accelerate the reversal process. It could be transaction details, a copy of the invoice, a bill of lading, a shipping order, or an email from the merchant regarding the transaction and the nature of the dispute.

  3. If you have made a double payment for a purchase by mistake or there was a technical issue while processing the payment, then you need to take the following steps:
  • Contact the merchant immediately and explain what has happened.
  • Request that they reverse the particular payment.
  • If the merchant cannot reverse the payment, contact the issuing bank or credit card issuer immediately and dispute the payment.
  • The credit card issuer will investigate the transaction and reverse the payment if it the error is proven.

Frequently asked questions

What is reversal in credit card?

It is a payment reversal method when you cancel a transaction with a merchant due to reasons like a damaged product etc.

How long do you have to cancel a credit card payment?

The window for cancelling a credit card payment can vary depending on the credit card issuer, the payment reversal reason, and regulations. However, the sooner a person acts to cancel a payment, the higher the chances of successfully reversing the payment.

How to cancel a pending transaction?

To cancel a pending transaction, you can contact the merchant or the credit card issuer to request a cancellation. Pending transactions usually take a few days to clear, so it's important to act fast.

How many days does it take to reverse a payment?

The time it takes to reverse a payment can vary depending on the payment reversal reason, the bank, and the investigation process. It may take several days to weeks to complete the reversal process.

Can I reverse an online payment made with a credit card?

Yes, you can reverse an online payment made with a credit card by contacting the merchant or the credit card issuer and initiating a chargeback or dispute. 

When can you reverse a credit card payment?

You can request a payment reversal for multiple reasons:

  • If an unauthorized transaction has been done on your credit card
  • When an extra charge has been put on your account
  • If you have returned a product, but the refund has not been processed even after the defined time period

Is a credit card reversal the same as a refund?

No, a credit card reversal and a refund are different in nature. In a credit reversal, the payment is credited to your card but in a refund, the money is sent to your bank account.

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