A credit is a positive balance added to an account. For example, a credit can be made in the account of a beneficiary after of receiving payment. A credit can also be made by reversing a payment transaction. Another possibility is the reversal of a direct debit, which can be reversed by the owner of the debited account and finally credited back to his account.
When reversing a purchase, the card holder seeks credit for the amount paid. This might be cause by a fraudulent or erroneous transaction. There are two different ways to get a credit. The dealer himself might issue a refund. In this case, a previous booking is reversed, without causing the cardholder high fees. However, if the issuer is called in, there will be a chargeback. In this case, the procedure takes a few days and provokes fees between 20 and 60 euros for the merchant.
A bank credit refers to all incoming amounts on an account. This type of credit includes both incoming transfers and debit amounts. In the case of a received payment, the bank is obligated to credit the amount to the account without delay. However, this only applies on business days, excluding holidays and bank holidays.
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