2/25/2024 0 Comments Credit card disputeHowever, the merchants concerned do not receive the payments directly from card-issuing banks, but from their merchant acquirers (such as banks) via the credit card associations. SA: So it’s not the responsibility of card-issuing banks to make refunds to consumers, is it?Ĭarmen: After using credit cards for purchase, consumers settle payments with their card-issuing banks. Generally speaking, where consumers use credit cards to make lump-sum payments upfront, and if the purchased service is not available because the merchant has gone out of business, or the goods do not match the description, consumers can request card-issuing banks to assist in applying for refunds of the payments. Can you please tell us briefly what this is all about?Ĭarmen: Credit card chargeback protection is a protection mechanism provided by international credit card associations to consumers. SA: Carmen, the closure of a fitness centre earlier raised consumer concerns about credit card chargeback protection again. ![]() ![]() ![]() On this occasion, she explains to our ‘Smart Ambassador’ (SA) the chargeback protection mechanism of credit cards and the measures introduced by the HKMA in recent years to enhance public awareness of chargeback protection. Ms Carmen Chu (Carmen), Executive Director (Banking Conduct) of the Hong Kong Monetary Authority (HKMA), previously shared with us some smart tips on using autopay services.
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