No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
In the last week the U.S. Court of Appeals for the 10th Circuit decided the case of Hasan vs. American Express and Hasan vs. Chase Bank.
Dr. Malik Hasan paid $1 million for wine from Premier Cru Fine Wines in Berkeley, California. He charged the purchases to American Express and Chase credit cards. Premier Cru went out of business without shipping these purchases. Neither American Express nor Chase fully honored his charge back request, and he sued under the Fair Credit Billing Act.
My only comment...
a million dollars in wine?
really?
And, according to CNBC's "American Greed", it was ultimately a scam perpetrated from the very beginning...
@Anonymous@Anonymous wrote:And, according to CNBC's "American Greed", it was ultimately a scam perpetrated from the very beginning...
Yeah, I watched that episode. Premier Cru was a ponzi scheme.
Back to the case, I wonder what effect, if any, will result from this ruling. The ruling basically was that because Hasan paid the bills in full, he had no recourse. Had he not paid his bill in full, then he could have asserted his rights under the FCBA since the wording in the law says that he has a claim only against "credit outstanding." Does this mean banks might start not honoring charge backs if you pay your bills in full???
@onstarwrote:
@Anonymous@Anonymous wrote:And, according to CNBC's "American Greed", it was ultimately a scam perpetrated from the very beginning...
Yeah, I watched that episode. Premier Cru was a ponzi scheme.
Back to the case, I wonder what effect, if any, will result from this ruling. The ruling basically was that because Hasan paid the bills in full, he had no recourse. Had he not paid his bill in full, then he could have asserted his rights under the FCBA since the wording in the law says that he has a claim only against "credit outstanding." Does this mean banks might start not honoring charge backs if you pay your bills in full???
To be honest, everyone should know their dispute rights.
It clearly states in the disputing agreement that you are not obligated to pay a portion of the balance you're disputing, without interest while the investigation is occuring.
If you lose the dispute, however, you're required to pay the balance and back interest charges due.
I'm not even sure why anyone would pay back the balance before receiving the items, that's just stupidity. The idea of using a credit card online is for protection, one of those being you have the option of not officially paying for the item(s) until you receive them.
That only counts if the CCC acknowledges your dispute. I disputed a charge on my BoA and sent two letters according to the how to dispute with BoA on my statement. BoA did not respond. I continued to pay down my statement. It was only after I had paid part of the item (the only thing still on my charge and sent a third letter CMRR that BoA finally got involved. The first thing they did was report me late, charge me a late fee, more interest. BoA finally took off the charge, credited me back most of the interest, refused to remove the reporting me late, and then closed out the CC.
@Anonymouswrote:
@onstarwrote:
@Anonymous@Anonymous wrote:And, according to CNBC's "American Greed", it was ultimately a scam perpetrated from the very beginning...
Yeah, I watched that episode. Premier Cru was a ponzi scheme.
Back to the case, I wonder what effect, if any, will result from this ruling. The ruling basically was that because Hasan paid the bills in full, he had no recourse. Had he not paid his bill in full, then he could have asserted his rights under the FCBA since the wording in the law says that he has a claim only against "credit outstanding." Does this mean banks might start not honoring charge backs if you pay your bills in full???
To be honest, everyone should know their dispute rights.
It clearly states in the disputing agreement that you are not obligated to pay a portion of the balance you're disputing, without interest while the investigation is occuring.
If you lose the dispute, however, you're required to pay the balance and back interest charges due.
I'm not even sure why anyone would pay back the balance before receiving the items, that's just stupidity. The idea of using a credit card online is for protection, one of those being you have the option of not officially paying for the item(s) until you receive them.
After reading the fine print your correct so I usually pay a quarter or half of the purchase or in some cases... Just the minimum amount due on zero percent intro's.