What is chargeback?
Chargeback is an insurance on your bank card that provides you with the opportunity to claim a refund directly from your bank in cases where a trader owes you money. Simply put, it is the return of a card payment, usually as a response to the cardholder’s demands for a refund. A chargeback claim can be made if a product you bought is damaged or defective, in order to secure a refund after using your right of cancellation/return, or if you have other contractual claims.
Chargeback is regulated by Norwegian law when using a credit card (Norwegian Financial Contracts Act § 54b). However, when using a VISA card chargeback is not regulated by law, but through their terms and conditions. Therefore, it can often be easier to obtain a refund through chargeback if you used a credit card.
When can I get a refund from my credit provider?
You can submit a claim to your creditor when and if all of these conditions are met:
- It was a credit purchase.
- The seller was a trader (i.e. not from a private person)
- You must have a valid claim against the trader, such as having received a damaged or defective product.
- You must have attempted to resolve the matter with the trader
- You must have informed the creditor as soon as possible after becoming aware of the issue.
The creditor is typically the bank or financial institution that granted you the credit – If you have a Nordea MasterCard, then Nordea is the credit provider.
When can I get a refund from VISA?
You can submit a claim for a refund from VISA if:
- You are the victim of online fraud.
- You did not receive what you ordered.
- Your order was damaged or defective when you received it.
- You received the wrong item.
Contact your bank
We recommend that you contact your bank first to get information about the chargeback process, as this is often the fastest and easiest way to get your claim processed. Banks often operate with deadlines for claims submissions, so it is important to contact your bank as soon as you suspect that something is wrong.
If the bank rejects your claim, you have the right to submit a complaint to the Norwegian Financial Services Complaints Board (FinKN).