Put Travel on Credit Cards to Defend Against Losing Your Money
From rising gas prices to just plain bad management, there has been a lot of trouble in the travel industry in the past year or so. Many companies are obviously struggling. Others have given up the fight and closed their doors, after losing too much money to keep in operation. While this is just the way of the world, if you were one of the customers who were holding tickets when an airline closed down, you may now be out hundreds or even thousands of dollars, holding useless tickets.
What now?
Do you just give up on that trip you had been planning to take and consider your money gone? That is going to partially depend on how you paid for your airline tickets. If you were smart, you put the tickets on a credit card. This way you have some way to try and get your money back.
The best credit cards have what is called a chargeback policy. This policy means that if you have paid for something, either a service or an item, and did not get it, you can call the credit card company and ask them to put a chargeback on the purchase. The best credit card companies will then immediately put the money that you had spent back in your account while they go after the company that you have placed the chargeback against.
Even though a company has closed its doors does not mean there is not money that can be gotten back from the company. All companies have bank accounts and assets. This is where the credit card company will go as they try to recoup the money that you spent and told them about when you made a call requesting a chargeback.
The other option is to go after the company yourself. This is not the best route to choose, unless you have no choice. While there is nothing to say you are not personally able to go after the company for your losses, you will have to be very patient if you take this route. Once a company closes down, it can be months or even years before their assets are used to pay restitution to those who lost money to them. If you have spent thousands on airfare you may not want to wait that long to see your money returned.
If you haven't been a victim of this kind of travel nightmare, consider yourself lucky and learn from those who have. The best defense you have is to put your travel on a credit card so you will have a large institution (the credit card company) to back you up if something goes wrong.
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Stephen Sikes is the owner of the credit card comparison site
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