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Question Of The Week: Visa Guarantees
Former_MSE_Penelope
Posts: 536 Forumite
Q. Hi, Just wondered if you can tell me if the Visa Electron Card has the same guarantee as a normal Visa card so if the company goes bust I am still protected by the visa guarantee? Thank, Linda by email
Martin's A: Hi Linda, if you're talking about the special 'Visa Chargeback' system this applies to all Visa credit, debit and electron cards. It means if you suspect that your card has been used fraudulently, or if the goods and services you purchased are faulty or do not arrive, contact the bank within 120 days, and via this it can try asking the bank of the company you paid for the cash back.
Yet while better than nothing, it is still a relatively week protection - use it as a last resort. Far stronger is the legal protection you ONLY get on a credit card when goods cost over £100 (so not debit or electron) called Section 75, which means the retailer's jointly liable for anything that goes . More in the Section 75 & Visa Chargeback guide.
Click reply to discuss
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Martin's A: Hi Linda, if you're talking about the special 'Visa Chargeback' system this applies to all Visa credit, debit and electron cards. It means if you suspect that your card has been used fraudulently, or if the goods and services you purchased are faulty or do not arrive, contact the bank within 120 days, and via this it can try asking the bank of the company you paid for the cash back.
Yet while better than nothing, it is still a relatively week protection - use it as a last resort. Far stronger is the legal protection you ONLY get on a credit card when goods cost over £100 (so not debit or electron) called Section 75, which means the retailer's jointly liable for anything that goes . More in the Section 75 & Visa Chargeback guide.
Click reply to discuss
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