Not really. Lots of people in this thread explain why not:
- it's not foolproof as many of those cards will allow the merchant to override
- their claim can get sent to collections and hurt your credit score
- you can get canceled
Seriously, if you cancel payment on a company, they'll never do business with you again, and when it's a large and difficult-to-do-without company it can hurt.
Telling people to cancel payment to cancel is just bad advice that will hurt them.
We really need strong regulation here. There is no substitute.
Not really. Lots of people in this thread explain why not:
- it's not foolproof as many of those cards will allow the merchant to override
- their claim can get sent to collections and hurt your credit score
- you can get canceled
Seriously, if you cancel payment on a company, they'll never do business with you again, and when it's a large and difficult-to-do-without company it can hurt.
Telling people to cancel payment to cancel is just bad advice that will hurt them.
We really need strong regulation here. There is no substitute.