Ever Receive A Credit Card In The Mail
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Ever Receive a Credit Card in the Mail?
Have you ever unexpectedly received a credit card in the mail? Here's what you should know and what steps to take.
Summary
What should you do if a credit card shows up in your mailbox without you requesting it?
Federal Regulations
By law, credit card issuers cannot send you a card without your request. However, they may send you renewal or replacement cards. You might receive applications or solicitations, and if you accept one over the phone, they can send you a card.
Cardholder Protections
Prompt Payment Credit
You are entitled to have your payments credited the day they're received, provided you meet the creditor's instructions. If you don’t, crediting could be delayed, though not if it incurs a charge. Always follow mailing instructions to avoid finance charges, and if you lose your payment envelope, refer to your billing statement or contact the issuer.
Refunds of Credit Balances
Overpay your bill or return a purchase? You can keep the credit on your account or request a refund if it's over a dollar. Issuers must issue refunds within seven business days of your request. If a credit stays on your account for six months, they should make an effort to send you a refund.
Billing Errors
Issuers are required to correct billing errors promptly. Upon opening an account, and yearly thereafter, you'll receive a statement of your rights. If you find a mistake, you can dispute it and withhold payment on that amount while it's being investigated. Pay any undisputed amounts, including finance charges.
Disputing a Charge:
- Write to the issuer’s billing inquiries address with your details and error description.
- Send your letter within 60 days of receiving the erroneous bill.
- The issuer must acknowledge your complaint within 30 days and resolve it within two billing cycles, not exceeding 90 days.
Unauthorized Charges
If someone uses your card without permission, you could be liable for up to $50 per card. Reporting the loss before use means you're not responsible for unauthorized charges. If the card is used before reporting, liability caps at $50. Minimize your risk by reporting losses promptly and following up with a letter including your account details and dates of loss and report.
Disputes Over Goods or Services
You can dispute charges for unsatisfactory goods or services if:
- The purchase was in your state or within 100 miles of your billing address, and over $50.
- You’ve made a good faith effort to resolve the issue with the seller.
If these conditions aren't met, consider small claims court.
Shopping Tips
- Compare plans to find what suits your needs.
- Understand the terms before accepting a card.
- Save receipts to verify charges against your bill.
- Protect your cards and account numbers to prevent unauthorized use. Destroy carbons and draw lines through blank spaces on slips.
- Keep a record of your account details and issuer contact numbers separate from your cards.
- Only carry the cards you intend to use.
Keep these guidelines in mind to manage and secure your credit cards effectively.
You can find the original non-AI version of this article here: Ever Receive A Credit Card In The Mail .
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