Credit Card Refund

Credit card networks process all transactions between the credit card issuer and the merchant. The merchant will have to send your amount to the credit card issuer before the issuer can credit your account. This is why all credit card refunds generally take up to many days to process.

How Long a Credit Card Refund Takes

All return transactions need to go through credit card networks, and so it can take many days for the credit to reflect in your account. The time it takes to get the refund can differ based on the method of return. If you returned the item in-person, a few merchants will credit your account almost immediately. Usually, it takes up to 14 business days to get the refund.

The Difference Between Refunds and Chargebacks

A credit card refund happens once you make a purchase, return the item and the purchase amount is returned and credited to your account.

A credit card chargeback will reverse the original amount that has been charged to your account. This takes place if you file a dispute with the credit card issuer.

The refund process is initiated by the merchant, and for a chargeback, it is initiated by the credit card issuer.

A chargeback can take a long time as your credit card company has 90 days to resolve the dispute. It also has up to 150 days to complete the process of reversing the charge.

How to Request Credit Card Refund in the SBI Card Account 

You can contact the bank through their helpline number or by sending an email to customercare@sbicard.com in order to initiate your Credit Balance Refund request. 

It is essential to provide the beneficiary's Savings Account details in order to get the refund: 

1. Beneficiary name 
2. Bank name 
3. SBI Savings Account Number 
4. Branch name and address 

1. IFSC code 
2. Branch code 

Note: Please ensure that the beneficiary's name matches the bank's records. 

Additionally, please provide the following information: 

1. Complete registered residential address, including pin code 

1. Complete registered official address, including pin code and company name 
2. Date of Birth or mother's maiden name 
3. Registered mobile number 

If the amount exceeds Rs.49,000, the SBI bank asks that you provide a written communication, either through a registered email ID or a self-attested letter explaining the reason for the additional payment, along with the details mentioned above. 

If the Credit Balance exceeds Rs.49,000, a copy of the PAN Card is required. Please be aware that Credit Balance Refund Requests for less than Rs.500 on active accounts will not be processed. 

According to the newly approved PPRC policy, if the Credit Balance Refund amount on the account is more than Rs.1 lakh, it is mandatory for the customer to provide a cancelled cheque copy at the bank. Only after receiving this documentation can the refund be processed.