What is a credit card receipt? (with photos)

A cashier swipes a credit card before printing a receipt.

A credit card receipt is an acknowledgment given by a seller, merchant or bank to credit card holders in exchange for a payment or purchase made with a credit card. Typically, a credit card receipt is a small piece of paper that records the amount of the transaction, the day it took place, and the name or store number of the merchant or bank that accepted the payment. Credit card receipts usually include a detailed list of items that were purchased, although some vendors offer receipts that only show the total amount charged.

Credit card receipts can help people control their spending.

Retail stores and other establishments have point of sale (POS) terminals through which credit card transactions are processed. POS terminals typically produce at least two copies of a credit card receipt. The merchant keeps one copy and the second is given to the cardholder. A merchant’s copy typically contains the card number so the merchant has a record of the account number in case the customer disputes the charge. It usually takes a few days for the merchant’s bank to receive payment from the cardholder’s bank.

Retail stores have point-of-sale (POS) terminals through which credit card transactions are processed.

Online retailers often provide credit card holders with electronic credit card receipts. These receipts appear on the screen after the credit card holder makes an online purchase, and the card holder can print the credit card receipt to obtain a paper copy of the transaction details. In addition, many online merchants email a copy of the receipt to the cardholder. Electronic receipts contain the same information as paper receipts, and sometimes more.

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Banks and credit card issuers encourage cardholders to reconcile their monthly credit card statement by comparing the expenses listed on their statement to their receipts. If any charges appear on a statement that the cardholder does not remember making, the cardholder can contact the card issuer to dispute those charges. Laws in different countries limit the amount of time cardholders have to dispute credit card charges. A merchant can validate a charge by producing a copy of the original transaction receipt. In the absence of such a receipt, the merchant usually has to refund the charge because the card issuer assumes it was a fraudulent or erroneous transaction.

Businesses and individuals who deduct business expenses from their personal taxes typically keep copies of their credit card receipts to make filing their taxes easier. In most countries, tax authorities can audit individuals and businesses, and people who cannot validate tax deductions by producing sales receipts can face tax penalties. People can only use a detailed credit card receipt that details the items purchased, because receipts that only include the charge amount and not the purchased items do not provide any proof that the charges made were for deductible business expenses.

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