One of the reasons consumers use credit cards and other similar credit arrangements is that they have consumer protection built in. In certain situations, you can cancel a credit transaction without any negative consequences. While you cannot always cancel for any reason, you may be able to discontinue the transaction for legitimate reasons.
Item Not As Described
One of the most common legitimate reasons for canceling a credit transaction is that the item you purchased is not as it was described by the seller -- for example, you buy a toaster online and when you get it in the mail, it is actually a toaster oven. If the item is unlike what you paid for, your credit card company should allow you to charge the item back and send it back to the seller.
Fraud
One of the best reasons to cancel a credit transaction is if it is fraudulent. If someone gets your credit card information and makes a purchase, you have the right to cancel that transaction. Most credit card companies will allow you to cancel the transaction and refund any money you were charged. At that point, the credit card company should send you a new card and cancel the old one so that the thief cannot use it again.
Defective
If the item you received is defective, you can return it and cancel the transaction. For example, if you purchased something online and when it is shipped to you, it arrives broken, you do not have to pay for it. As soon as you receive the item in the mail, check that its condition is usable. If it has a manufacturing defect or is not functioning in some other way, send it back and cancel the charge.
Duplicate Charge
In some situations, sellers will charge your card more than once for the same transaction. For example, you buy a blender online for $30 and then you check your credit card statement only to find two $30 transactions from the seller. When this happens, you can contact the credit card company and get one of the charges removed without any problems. You may need to show a receipt for the one purchase and contact the seller as well.
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