![]() ![]() For some consumers, a free trial is a great way to test out a new product and get comfortable with it before making a purchasing decision."Īt a time when digital subscriptions are the norm rather than the exception, this policy seems a bit shortsighted. "No one wants to be unsatisfied with a physical product after paying for it. The catch? It only applies to physical products, not digital services such as streaming. In 2019, Mastercard created a policy to protect consumers after free trials ended. Related reading: The best Amex cards of 2020 Mastercard policy However, unlike Visa, it appears Amex doesn't require a merchant to remind consumers - either through email or text - about a trial period ending before billing begins. "We work to ensure that the cancellation process for recurring billing is simple and fast for our card members," the Amex spokesperson stated. Finally, Amex requires that merchant contact details are included and they act to cancel requests immediately. The issuer asserts that merchants must obtain consent before submitting recurring billing and provide notification that cardholders can, in fact, cancel. An Amex spokesperson also told TPG that the company has had "long-standing rules aimed at ensuring merchants provide proper notice to our card members of recurring charges on their cards." However, there is a huge caveat for Mastercard purchases.Īmex has been known for siding with its cardholders when disputes with merchants arise. ![]() Each network's policy differs somewhat, but the general takeaway is that you need to be notified or give consent before being billed for recurring transactions. The major credit card networks - Visa, Mastercard, and Amex - have policies to protect consumers from unscrupulous subscription tactics. Related reading: Chase adds limited-time bonuses on streaming, other categories The credit card policies However, if you happen to forget that last step, the card that you used might have your back. Subscribe, binge that one series and then cancel. That's not a surprise, since nearly a quarter of subscribers said that "a free or discounted rate" was a significant factor in choosing a paid streaming video service. However, even more telling is that Millennials - who average 17 subscriptions - were said to be "overwhelmed" by the number of subscription services they manage, with 43% intending to reduce them. consumer had 12 paid entertainment subscriptions. (Photo by Phil Barker/Future Publishing via Getty Images)Ī recent study from Deloitte highlighted just how prevalent streaming and subscriptions have become - and perhaps how it's reaching a saturation point for users. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |