So you bought that big new 55 inch LCD TV only to have second thoughts and end up returning in the following day. The problem is that you charged the TV purchase to your credit card, the card is now maxed out because the refund process isn’t instantaneous, but you need to use that money for other purchases.

Unfortunately, after the merchant processes the refund it can take four weeks to process and be removed from your statement. The card companies even state that in some cases it can take up to two billing cycles. I’ve seen everything go through a lot quicker then this but the time it takes really varies depending on the credit card company. So if you do have a large amount of money that is being held up in the refund process, it’s usually best to call and speak to a customer service rep, to get a better idea of what their specific policies are.

If you return a product that is bought on a credit card there is really no way around this whole process. It’s required BY LAW that the merchant issue the refund to the card that you bought the product with. Unfortunately if you buy a product with a credit card, the merchant simply can’t issue you a cash refund. If you think there’s a possibility that you may be returning a product, and you don’t want the money to be held up always consider buying it in cash.