One of the biggest factors limiting the growth of online shopping in South Africa is the fear among consumers that they will open themselves up to credit card fraud, and retailers that offer other payment methods are being rewarded with instant sales surges. But in choosing to pay by, for example, electronic funds transfer, you sacrifice one of the biggest benefits of using a credit card — chargeback. Chargeback is a bank-initiated refund for a credit card purchase if you do not get what you paid for, either in full or in part. Instead of having to fight with the retailer for a refund, you log a chargeback dispute with the bank which issued your credit card. Provided you can substantiate your claim, it's an effective way to get your money back from unscrupulous or inept online retailers, fraudsters, hackers or from unauthorised purchases. The efficacy of chargeback was evident a few years ago when consumers who used their credit cards were refunded for plane tickets issued by airlin...
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