Why 2 extra on credit card payment?
You were charged once for the transaction that you made, because the credit card is tied to your bank account (which had insufficient funds in it). Your second charge was the actual charge that was made on your credit card. One of the charges was a penalty charge for the insufficient fund charged by the bank.
You were charged once for the transaction that you made, because the credit card is tied to your bank account (which had insufficient funds in it). Your second charge was the actual charge that was made on your credit card. One of the charges was a penalty charge for the insufficient fund charged by the bank.
Some cards have multiple interest rates, such as one for purchases and another for cash advances.
If, after receiving the additional information from the merchant, you do not agree that it is a legitimate charge, dispute the charge with the bank.
Cash Advance Fee -
This facility is known as a cash advance and you have to pay a fee if you choose to utilise it. Banks typically charge an interest of around 2.5% of the amount withdrawn as a cash advance fee for funds withdrawn using a Credit Card. Also, this fee is applicable even during the interest-free period.
Merchants might authorise multiple charges in error, or because of a technical problem. In most cases, the money for duplicate transactions is sent back to your balance within 7 days, so it may be worth waiting.
There is no prohibition for credit card surcharges and no statute on discounts for different payment methods. Merchants can impose a surcharge as long as it doesn't exceed the cost of the merchant's processing fee. Merchants may offer discounts for payment by cash, check or other methods unrelated to credit cards.
A credit card surcharge (or cc surcharge) is a fee enforced by the merchant to compensate for some of the cost of payment processing.
Paying the full amount will help you avoid any interest charges. If you can't pay your statement balance off completely, try to make a smaller payment (not less than the minimum payment).
Even if you pay off the entire balance shown on your statement, any time that passes before the payment posts can allow additional interest to build up, which will appear on your next bill. Another reason for unexpected interest charges is late or partial payments.
How do I cancel a double payment on my credit card?
If you notice your card was accidentally swiped twice, for example, show the retailer or service provider the receipt, as well as your credit card statement. For online purchases, call or email the vendor and send copies of the relevant documents. In many cases, the merchant can cancel or reverse the charge.
Yes. U.S. merchants may assess a surcharge on credit card purchases that does not exceed the merchant discount rate for the applicable credit card surcharged*.
Surcharging is widely accepted in the US except in Maine, Massachusetts, Connecticut, and Puerto Rico. Illinois, Colorado, Georgia, Kansas, Texas, Nevada, New York, South Dakota, New Jersey, Minnesota, California, Florida, Oklahoma, Michigan, and Montana allow surcharging with certain contingencies.
Perhaps, the greatest benefit of adding a surcharge is that you can literally pass your credit card processing fees on to your customers. Rather than paying these fees yourself, you can set aside funds for other strategic business initiatives like investing in new equipment, labor, or adding to your marketing budget.
Use a different payment method.
Merchants often charge convenience fees or surcharges when credit cards aren't a standard payment method. If you have a rent, utility or tax bill, consider paying by check or electronic transfer instead.
Sometimes credit/debit card statements contain two transactions, but this is only a temporary scenario. When a purchase is made, authorization is placed on credit/debit card which temporarily holds funds on your account. This is not an actual charge on your card.
Hence the name 'ghost', it is precisely a credit card number that is specific to each department within a company. Employees in a specific department can make purchases using this one number. All transactions are then charged to a high-limit charge account.
In commerce, double billing is the error of charging a customer twice for the same unique product or service. This can occur due to a change in product name or due to a software error.
Sign in to your Chase account, find the transaction, choose the arrow and follow the instructions to start a dispute. We'll investigate on your behalf. Is the charge still pending? For credit card charges, please wait 1-3 business days until they post.
Use cash where you can
The easiest way to avoid card surcharges is to pay by cash. While businesses can charge a surcharge for paying by debit or credit cards, they can't charge a surcharge for paying by cash.
What do credit card companies make the most profit from?
- Credit card companies make the bulk of their money from three things: interest, fees charged to cardholders, and transaction fees paid by businesses that accept credit cards.
- Use credit cards wisely, and you can minimize the amount of money that credit card companies make off of you.
Credit Card swipe charges can vary but typically amount to around 2% of the transaction value for physical card transactions and 2.3-2.5% for online transactions.
To avoid charges when withdrawing money from a credit card, use it only in emergencies, repay the amount as quickly as possible to minimise interest, seek cards with low cash advance fees, and consider alternatives like personal loans or overdraft protection which might offer lower costs.
Is it Legal to Surcharge Credit Card Transactions in California? Effective July 1, 2024, it's illegal to surcharge credit card transactions in California.
If you overpay your credit card by more than $1 and request a refund, your credit card company must send you a refund within seven business days of getting your written request. The refund may come in the form of a bank account deposit, cash, a check or a money order.
