Crostini closes 丨 Credit card refund protection cake card owner may apply for refund

Crostini closes 丨 Credit card refund protection cake card owner may apply for refund

Crostini, a chain of cake shops, suddenly announced its closure, and customers who held the shop’s cake card became bitter. The Consumer Council said that it has received a number of related complaints, but since Crostini has been liquidated, the Council cannot provide assistance and can only suggest that some people who pay by credit card try to seek recovery from the card issuing company.

Customers who purchase Crostini Cake Cards with a credit card can try to apply for a refund through the credit card chargeback protection mechanism. The application will be processed and reviewed by the credit card issuer and acquirer. In addition to the cases of Crostini closing, the credit card chargeback protection mechanism can also assist in similar situations, as well as in cases where the ordered goods or services are not received, the amount/transaction currency does not match, and the unauthorized online/mail order/telephone order transactions are not authorized.

What is the credit card chargeback guarantee mechanism?

Credit card chargeback protection is a protection mechanism provided by credit card institutions such as Visa, MasterCard and UnionPay for cardholders. If the consumer pays by credit card, if the merchant fails to deliver the goods or provide services, the consumer can apply to the acquirer through the card issuer to refund the payment for the goods or services that the merchant failed to provide. In addition, transaction currencies, amounts that do not match, double-posting, or payments made by other methods are also common reasons for chargebacks.

After the card issuer reviews the consumer’s application, it will file a refund claim with the acquirer; after the acquirer approves the claim, it will refund the money to the card issuer, and then the card issuer will refund the money to the consumer. It should be noted that different card issuers have different retrospective periods, rules and procedures for applying for the credit card chargeback protection mechanism.

Credit card chargeback guarantee retroactive period

If the merchant fails to provide goods or services after the consumer pays with the credit card due to the closure of the merchant or other reasons, the Visa and MasterCard institutions stipulate that the retrospective period in this case is 540 days from the transaction date and 120 days after the merchant closes down. Within days; UnionPay International stipulates that the retrospective period for transactions in Hong Kong is within 360 days from the transaction date.

At the same time, banks generally have a deadline for refund applications. Taking Standard Chartered Bank as an example, the cardholder can still be protected even if the credit card bill balance has been paid, but the refund application must be submitted within 60 days after the monthly statement is issued; For DBS Bank, it is 120 calendar days from the date on which the ordered goods or services are expected to be received, or the date on which the cardholder becomes aware that the ordered goods or services will not be received. Consumers who need to file a refund for a disputed transaction should prepare the required documentation and apply to the card issuer as early as possible to avoid missing the deadline.

Credit Card Chargeback Procedure

Generally speaking, banks will require customers who apply for a refund through the credit card chargeback protection mechanism to complete the form and prepare supporting documents, including orders or service contracts, news of the merchant’s closure, records of disputes and attempts to negotiate with the merchant, etc. Because the refund process is complicated and involves multiple parties, it usually takes 6 to 8 weeks to complete.

How to apply for transaction disputes between banks:

1. HSBC
   Transparent phone:HSBC Premier customers: (852) 2233 3322 / Other customers: (852) 2233 3000
   By post:downloadmail the completed form together with the relevant transaction receipt or contract (if applicable) to: Transaction Dispute Handling Section, Credit Card Centre, 8/F, Tower 2 & 3, HSBC Centre, 1 Sham Mong Road, Kowloon, Hong Kong

2. Hang Seng Bank
   method 1:call
   Method 2:downloadafter completing the form, together with the relevant documents and contracts (if applicable) of the firm’s transaction, return the relevant form by email (email address: [e-mail]) or by post (to: Kowloon Central Post Office Box No. 74147)

3. Standard Chartered Bank
   method 1:AtInternet Banking or SC MobileFile a Dispute Request.
   Method 2:Call Standard Chartered Bank’s 24-hour customer service hotline (Standard Chartered 2886-4111 / MANHATTAN 2881-0888); or
   Method 3:Download and complete the “Cardholder Account Dispute Statement”email or post the form together with supporting documents to Standard Chartered Bank according to the method specified on the form.

4. Dong-a Bank
   Submit the completedand required documents/information.

5. Bank of China
   Cardholders can first call the 24-hour credit card customer service hotline [phone]) to inquire and apply for disputed transactions and refunds to the customer service staff. The customer service staff will assist the cardholder to complete the required procedures.Cardholders can also fill inselect the appropriate reason and attach the required supporting documents as required.

6. Citibank
   Call 2860 0333 as soon as possible and record the time and date you contact Citibank.submit. Please fill in the form with the time and date of contact with Citibank.Customers can choose fromUpload the completed form, or mail it to Citibank – Clearing Department, 10th Floor, Citi Tower, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.

7. DBS Bank
   complete, in order to ensure that the bank can receive the form and process it immediately, the applicant needs to call the DBS Bank hotline before submitting the form, so that the customer service representative will tell the applicant the supporting documents required for the refund. Return the form and supporting documents to the DBS address on the form.

8. Dah Sing Bank
   Make a refund request and submit relevant supporting documents, including completed and signed, transaction documents. Fax the completed and signed form and relevant information to Dah Sing Bank Credit Card Centre (2564 3703) and call Dah Sing Bank Customer Service Hotline [phone]) to confirm that Dah Sing Bank has received the relevant form and information.

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