What Is a Chargeback for Credit Cards in Colombia?
In Colombia, a chargeback--known as reversión de pagos--is a process where your credit card issuing bank reverses a transaction charged to your card. This applies to unauthorized charges or incorrect billing under specific conditions outlined in Colombian consumer protection law. The controlling rules come from Article 51 of the Estatuto del Consumidor and Decreto 587 de 2016, which regulate reversals for payments made via electronic instruments.
This differs from a merchant refund, which the seller initiates directly. Chargebacks involve your bank notifying the merchant or payment network to reverse the charge. Issuing banks like Bancolombia handle these disputes through their processes, often tied to the same legal framework.
To start, contact your issuing bank with transaction details such as date and amount. Banks then follow up with the merchant, aiming for resolution within timelines set by Decreto 587 de 2016.
The Rules Governing Credit Card Chargebacks in Colombia
Credit card chargebacks in Colombia fall under Article 51 of the Estatuto del Consumidor, which allows reversals for payments via electronic means in cases like unauthorized transactions. Decreto 587 de 2016 provides the detailed process, including how banks notify merchants.
Issuing banks implement these rules in their dispute handling. For example, Bancolombia processes reversals for reported issues. Card networks facilitate the reversal but operate within this local framework.
Company policies from banks align with the statute.
Chargebacks vs. Merchant Refunds and Other Processes
A chargeback is initiated by your issuing bank on your behalf for disputes like unrecognized charges. In contrast, a merchant refund (devolución) starts with the seller crediting your card directly.
Chargebacks also differ from the right of withdrawal (retracto) under Article 47 of the Estatuto del Consumidor, which applies to certain distance sales but follows a separate process. These do not cover debit cards, electronic funds transfers, or wire payments, which have distinct rules.
How to Request a Chargeback from Your Bank
Contact your credit card issuing bank (emisor de la tarjeta) promptly to report the issue. Provide details like the transaction date, amount, and reason, such as non-authorization.
Banks like Bancolombia require reporting unauthorized operations and issue a confirmation or reference number (radicación). The bank then notifies the merchant or acquirer to process the reversal.
Key Timelines and Process Details
Under Decreto 587 de 2016, once the bank notifies the merchant, the reversal should occur within 15 business days. Some banks, such as Bancolombia, set internal windows like 60 calendar days from the transaction for reporting unauthorized charges. Outcomes depend on evidence provided, and reversals are not automatic.
FAQ
What is the difference between a chargeback and a merchant refund in Colombia?
A chargeback (reversión de pagos) is bank-initiated for disputes; a merchant refund (devolución) is seller-initiated.
Which law regulates credit card chargebacks in Colombia?
Article 51 of the Estatuto del Consumidor and Decreto 587 de 2016.
How do I start a chargeback with my bank?
Call or contact your issuing bank with transaction details like date and amount; request a reference number.
What details do I need to provide for a chargeback request?
Transaction date, amount, and reason (e.g., unauthorized charge).
How long does a chargeback process take in Colombia?
Reversal within 15 business days after bank notifies merchant, per Decreto 587 de 2016.
Does this apply to debit cards or other payment methods?
No, these rules cover credit card electronic payments under Article 51; debit and other methods have separate processes.
Contact your issuing bank with your transaction details to begin. For further guidance, check resources from the Superintendencia Financiera de Colombia.