What is a credit card returned payment fee? This question is about Credit Cards

What is a credit card returned payment fee?

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This question is about Credit Cards

Maria Adams, Credit Cards Moderator

@m_adams • 06/01/23 This answer was first published on 04/09/21 and it was last updated on 06/01/23.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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A returned payment fee is a fee charged by a credit card issuer if you pay your bill with a check or electronic payment from an insufficiently-funded or closed account. The returned payment fee applies even if you incorrectly enter your payment information by accident, as the payment will not process correctly.

A returned payment fee could typically be as low as $25 or as high as $40, depending on the issuer. For example, Capital One’s general credit card terms say their returned payment fee is $35. The fee may also vary based on how many times you’ve had payments returned, or based on your minimum payment amount. You’ll be able to find your credit card’s returned payment fee in your card’s terms and conditions document.

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How long does a credit card refund take?

A credit card refund could take anywhere from a few minutes to several weeks, if you’re returning a purchase. But if you’re seeking a refund because you’re disputing a charge on your monthly statement, the process could take up to 150 days. The law dictates that you must notify your credit card’s issuer of the problem within 60 days. And they must resolve it within 90 days of being notified.

Here’s what decides how long a credit...

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How do I cancel a credit card transaction?

To cancel a credit card transaction, contact either the merchant on the other side of the transaction or the credit card company. Which you should contact first depends on whether or not you think the transaction is fraudulent.

When You Think the Transaction Is Fraudulent:

If you want to cancel a credit card transaction because you think it is fraudulent, the first thing you should do is search online for the name of...

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Can you overdraft a credit card?

You can’t overdraft a credit card. The term “overdraft” actually applies more to bank accounts. Credit card issuers tend to use “over limit,” since you’re spending more than your credit limit. Whatever you call it, most credit cards don’t allow the practice. So if you try to exceed your credit limit, your transaction will just be declined. And even if your card doesn’t forbid it, you still have to opt-in to be able to spend...

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