NEWS AND COMMENTARY

News and/or Commenty on World Events.

Credit Card Disputes

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The credit card dispute process needs changing.

It is

—  too expensive

—  too cumbersome

—  unfair to cardholders

A better process would be

—  cardholder can reject any charge by informing the card issuer

—  charge would automatically be reversed

—  if the vendor wants the charge to be re-processed, he MUST satisfy the cardholder

—  if the cardholder rejects the charge a second time, the vendor cannot re-submit the charge

—  every time the vendor re-submits the charge after that, the vendor CEO is personally fined; fines double with each re-submission

—  banks of vendors would charge vendors a fee for rejected charges

Why is process better?

A vast majority of credit card disputes are the result of fraud or vendor non-performance.

The new process would put the burden on those causing the disputes.

It would save the credit card industry millions of dollars each year.

This change should have been made decades.

Why not?

Corrupt and/or incompetent politicians.

Incompetent credit card industry:  save millions and increase profits.

 

 

The facts no one wants to read.

Comments and referrals to this blog would be greatly appreciated.

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Written by solutions777

July 22, 2015 at 3:03 pm

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