Refunds from e-commerce companies, airlines, railways for online transactions
Many times, it has been seen that the e-commerce companies are taking a longer time to make refunds to the consumers due to failed transactions, order cancellations, etc.
Recently two cases closely monitored indicate that the companies delayed inordinately refunds back to the credit cards. Both these refunds were credited to the credit account holders on the very next day of the due date of the statement. As per procedure as informed by credit card issuers, the amount received from merchants as refunds after the statement is generated but before pay by date, the credit card holder is still required to make the payment for the credit card amount shown in the statement irrespective of whether the said amount is received by the credit card issuer before pay by date of the credit card statement. The issue has already been raised through RTI. Meanwhile, I seek the opinion of the members whether they have also faced a similar situation. The basic question arises as to why such amounts that have been credited to the account can not be taken as payment irrespective of who has paid i.e the CC holder or the merchants.
Your feedback on the issue shall be of great help to me in raising the issue to the stakeholders. more
Recently two cases closely monitored indicate that the companies delayed inordinately refunds back to the credit cards. Both these refunds were credited to the credit account holders on the very next day of the due date of the statement. As per procedure as informed by credit card issuers, the amount received from merchants as refunds after the statement is generated but before pay by date, the credit card holder is still required to make the payment for the credit card amount shown in the statement irrespective of whether the said amount is received by the credit card issuer before pay by date of the credit card statement. The issue has already been raised through RTI. Meanwhile, I seek the opinion of the members whether they have also faced a similar situation. The basic question arises as to why such amounts that have been credited to the account can not be taken as payment irrespective of who has paid i.e the CC holder or the merchants.
Your feedback on the issue shall be of great help to me in raising the issue to the stakeholders. more
Viewed by 818
View all 16 comments Below 16 comments
I was referring to the Forum in Visakhapatnam. Overall, it is working better than in many other cities. more
Aug 02
It is with ref. To the Forum in Visakhapatnam. Overall, it is functioning better than in many other cities. more
Aug 01
If you hv infrmn that the credit card issuing bank has recd the amt, reduce that amount and pay your bill statement. more
Jul 17
Sir, I have been informed that ICICI Bank has written that the merchant refunds received after statement generation shall not be treated as payment to the CC dues. HDFC has also given in writing that the merchant's refunds received after the statement date shall not be reduced from the dues while making payments. SBI imposed financial charges when the merchant refund received on the next date of statement date was reduced from the due amount. Hence, the policy need to be found out and get amended to avoid unnecessary disputes. more
Jul 17
Try to overcome the fear of filing a case. I filed 43 cases. Won about 38 and 5 are pending! No use complaining otherwise. The merchants think that they can get away with any crime, because customers will not have the inclination to file cases in the Forum. more
Jul 10
Which Forum you are referring more
Aug 01
Normally online companies advise refund will take a week or so for crediting the credit card account which was debited. Normally if the refund is received by the credit card issuer before the pay by date, they credit the account reducing the outstanding as and when received. This can be verified by the intimation received from the card issuing companies that the refund is received and credited to the account. Balance amount of the statement can be paid by you before pay by date. If the credit card issuer intentionally keeps the amount lying in their suspense account without valid reason, then they need to be pulled up by taking to consumer courts, banking ombudsman etc for compensation more
Jul 09
Sir, as stated the credit card companies don't take refunds as payment to the credit card dues. They always says the amount shall be adjusted only in next statement. HDFC has given in writing and SBI has imposed financial charges and interest to the consumer who adjusted refunds while making payment for credit card dues. more
Jul 09
