What is a statement credit?

A statement credit is a type of credit that can be applied to an individual’s account balance as a result of a credit card transaction. This type of credit is usually applied to the cardholder’s account by the credit card company, rather than the merchant. In South Carolina, statement credits are covered by state law. When a cardholder receives a statement credit, the amount is adjusted from the account balance. This means that a cardholder’s balance is decreased by the amount of the statement credit. The amount of the statement credit is typically equal to the amount of purchase or credit that was made on the card. Statement credits are beneficial for cardholders because they reduce the amount of money they need to pay. This can help cardholders manage their finances better. Cardholders can also use statement credits to pay for items without having to use more cards or cash. It is important that cardholders understand the rules and regulations set forth by South Carolina law in regards to statement credits. This includes the ability to dispute charges and the process for getting refunds. Additionally, cardholders should be aware of what charges qualify for a statement credit and the amount of the credit that applies. It is also important to note that certain statement credits expire after a certain period of time.

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What is a statement credit?

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