Credit card protection query?

"Shabs" wrote

The credit card company would "refund" to your credit card if you didn't receive the goods. No-one would refund you your cash, if you used that to pay!

You claim back the money from the credit card issuer.

Does that mean that the credit card company lose out? or do they recover it from the dubious seller? By credit card company, do you mean the bank or the likes of Visa?

"Shabs" wrote

Well they will try their hardest to recover from the dubious seller. If that's not possible, then - well, their profit just reduces a bit!

"Shabs" wrote

The bank.

Possibly they lose out, they would try and reclaim but it depends what happens, ie is it a disputed transaction or dis the dodgy seller do a bunk? In the latter case, the cc company take the hit. Whats 'the bank' in the context of your question, how are they involved? Its just a credit card company..they might be a bank, or perhaps not, does it matter?

If they can the credit card company will recover the money from whoever took payment from your card, otherwise they will take the loss. "credit card company" means the bank or your card issuer.

"Tumbleweed" wrote

I'm trying to think of a cc company which is *not* a bank, but having trouble. Care to name any?

Even if you are a supermarket (eg sainsburys) you just add the word "bank" after your name and hey presto you're a bank!

Do you mean owned by, or 'are' a bank. Is barclaycard a bank? or a credit card company owned by a bank? (Or more likely a wholly owned subsidiary ofa comapny owned by a subdivision of another company owned by the offshoot partner company of a.....) .

It's run by the Bank of Scotland.

Vanquis - owned by Provident Financial? I don't think anyone here is in their target market.

John Lewis Financial Services? They do a 0% credit card not run by anyone else for them, and are not, AFAIK, a bank.

"John Redman" wrote

Quoting from their literature :-

"... John Lewis Financial Services Limited, which is a member of the HSBC Group, ..."

"Adrian Boliston" wrote

It's not quite *that* simple!

Banks have a lot more regulation to deal with than supermarkets ...