What is a statement credit?

A statement credit is a type of credit offered by credit card companies to their customers. It is a refund of money that is applied to a cardholder’s account balance after they make a purchase with their credit card. The amount credited can either be a fixed amount or a percentage of the purchase amount depending on the terms of the cardholder’s credit card agreement. In Hawaii, statement credit is regulated by the Consumer Credit Card Act (CCCA). The CCCA requires credit card companies to provide clear information to consumers about their rights and responsibilities regarding statement credit. It also outlines the process for resolving disputes and errors related to statement credit. Additionally, the CCCA states that all statement credits must be released within a certain period of time and all associated fees must be clearly disclosed. In short, a statement credit is a type of credit offered by credit card companies to their customers that refunds money applied to their account balance after a purchase. Its regulation is outlined in the Consumer Credit Card Act to ensure that cardholders are provided with accurate information and rights.

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What is a statement credit?

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