Rapper Juvenile’s career may have been short lived during the late 1990’s, but his catchy one hit wonder, “Back That Thang Up” released during his 15 minutes of fame still rings true today, especially when it comes to chargeback credit cards. Though it’s pretty safe to assume that the last thing on Juvenile’s mind was chargeback credit cards and chargeback protection, the catch phrase is still pretty on point when you think about it.
So what is a chargeback credit card and what can it do for you? Imagine it’s a typical Saturday night and you are ready to turn up. Not just any ol’ turn up, but you finna get turnt, responsibly of course. Anyway, you open your mobile banking or credit card app to check your balance in order to see how turnt you can afford to get only to realize you had a lot less than thought. This is a big problem. Not necessarily because you’re broke — your homies always hold you down — but because you didn’t make any of these charges.
In these instances chargeback credit cards are especially helpful, as they allow you as a consumer to dispute the claims in order to receive a full refund issued by the bank or creditor. They’re among some of the best forms of consumer protection, especially for infamous card not present fraud prevention. In addition, they’re some of the most secure payment processing options available.
But aside from fraud, what are some other reasons for chargebacks?
Believe it or not, technical issues such as cash register or credit card processing machine failure are also among some of the most common instances in which a chargeback is warranted. This often occurs when several duplicate charges are made to a credit card when it is repeatedly swiped during a period of machine inactivity. Similarly, a customer can dispute a charge and receive a chargeback on the bank or creditor’s behalf if they returned merchandise and the funds were not credited back to their account. In the end, the merchant is charged and penalized accordingly.
At the end of the day, Juvenile may not have been trying to drop some prudent financial knowledge but he kind of was. Would you want your bank or creditor to “back up” a charge tat you didn’t mean or you felt wasn’t fair?