Hotmail
Battling credit card errors? Here's help
Review your bill carefully, follow up in writing
Sign up for daily e-mail newsletter |
 |
This holiday shopping season Americans charged, charged and charged again—a total of $113 billion, creating more chances that shoppers will see errors or other problems when they open up that dreaded credit card statement.
"It can be an error but you could also have a problem with the charge, and perhaps with the merchant," says Robert McKinley, CEO of Cardweb.com.
So what should you do if there's an error on your bill?
Make sure all your communication is in writing within 60 days of your purchase. Include an account number, date of purchase and a description of the charge. Also include a brief description of the vendor.
Once you've written a letter, the law requires lenders to acknowledge your inquiry within 30 days and they have up to two billing cycles to correct the problem.
But errors aren't the only reason you should review your statement carefully, particularly at this time of year.
"Many issuers will use the first of January as a date to notify you of upcoming changes," says McKinley. "They may be increasing a fee or raising an interest rate."
And the higher your balance and interest rate, the more leverage you have to negotiate a lower rate.
"They don't want to lose you because it's very expensive to replace a customer like this," he says. "You should tell the issuer that you want a lower interest rate. You've received other offers in the mail and you would like to take advantage of them. Can they match it?"
It's a way to turn the tables on creditors to get the most from your money.
|
- Discuss Story On Newsvine
-
Rate Story:
View popularLowHigh - Instant Message
MORE FROM NIGHTLY NEWS WITH BRIAN WILLIAMS |
 Nightly News with Brian Williams Section Front |
| Add Nightly News with Brian Williams headlines to your news reader: |
Sponsored links
Resource guide