MEXC Card Transaction FAQ: Authorization, Settlement, and Refunds Explained
Key Takeaways:
- MEXC Card transactions go through two stages: authorization and settlement. Settlement typically takes 1–3 business days.
- The final amount charged may differ from the amount displayed at the time of purchase due to settlement exchange rates, cross-border fees, or adjustments made by the merchant.
- Cashback is credited only after a transaction has been settled. Transactions involving ineligible merchant categories or flagged by risk controls will not qualify for cashback.
- Refunds issued before settlement are free of charge. Refunds issued after settlement may incur fees depending on the card type.
- Disputes must be filed within the applicable time limit. Repeated transaction failures or suspicious activity may result in card termination.
1. MEXC Card Authorization and Settlement
1.1 When is a card transaction considered complete?
After you make a purchase with your MEXC Card, the transaction first enters the authorization stage. During this stage, the card issuer confirms that your account has sufficient funds or available credit and places a hold on the corresponding amount. However, the funds have not yet been transferred to the merchant.
The transaction is considered complete only after the merchant submits it for settlement and its status changes to settled.
1.2 What is the difference between authorization and settlement?
Authorization: When you make a purchase, the system verifies that sufficient funds or credit are available and places a hold on the corresponding amount. The funds have not yet been transferred to the merchant.
Settlement: The merchant submits the transaction details through its acquiring institution and the card network for clearing and reconciliation. The held funds are then transferred to the merchant, and the transaction status changes from authorized to settled.
1.3 How long does settlement take?
Settlement usually takes 1–3 business days, depending on the processing time of the merchant, acquiring institution, and card network. In exceptional cases, it may take up to 30 days.
1.4 When will held funds be released if an authorization fails or is reversed?
If an authorized transaction is not settled because the authorization fails, is reversed by the merchant, or expires, the held amount will automatically be released back to your available balance. No manual action is required. The funds are usually returned within 1–3 business days.
2. Exchange Rates and Amounts Charged
2.1 Why is the final amount charged higher than the amount displayed at the time of purchase?
Common reasons include:
1) Foreign-currency transactions are calculated using the exchange rate at settlement, which may differ from the estimated rate used at authorization.
2) Cross-border or foreign exchange fees may apply.
3) The merchant may adjust the final amount during settlement, such as by adding a service charge or tip.
2.2 Is the transaction calculated using the exchange rate at authorization or settlement?
The amount displayed during authorization is converted using an estimated exchange rate at the time of purchase and is provided for reference only. The final amount charged is based on the actual exchange rate at settlement and may therefore differ from the authorized amount.
2.3 Why does one purchase generate two transaction records?
If the exchange rate at settlement differs from the rate used at authorization, an additional transaction record may be generated for the difference. MEXC plans to address this issue gradually in future updates.
3. Cashback
3.1 Why have I not received cashback for my purchase?
This may occur for any of the following reasons:
1) The MCC is not eligible for cashback: The transaction's Merchant Category Code is excluded from the cashback program. For details, see MEXC Card Merchant Categories Not Eligible for Cashback
2) The transaction has not been settled: Cashback is calculated and credited only after the transaction has been settled. Transactions that remain in the authorization stage are not yet eligible.
3) Risk controls were triggered: Your account or transaction may have been flagged by MEXC's risk control system, preventing cashback from being credited. Please contact MEXC Customer Service for assistance.
3.2 Will cashback be reversed if a transaction is refunded?
Yes. If a transaction for which cashback has already been credited is subsequently reversed or refunded, the corresponding cashback amount will be deducted.
3.3 Which MCCs are not eligible for cashback?
For details, see MEXC Card Merchant Categories Not Eligible for Cashback.
4. Failed and Declined Transactions
4.1 What are the common reasons for a declined transaction?
Common reasons include:
- Insufficient account balance or available credit
- A frozen or restricted card
- An unsupported merchant category
- Risk control restrictions
- Temporary network or merchant issues
Please first check your account balance and card status. If the issue persists after you have ruled out the causes above, contact MEXC Customer Service for assistance.
4.2 Why is MEXC Customer Service unable to identify the reason for a failed transaction shown on the merchant's payment page?
If a transaction is declined directly on the merchant's payment page and no corresponding record appears in your MEXC transaction history, the transaction was rejected on the merchant's side. In this case, MEXC cannot access the specific reason for the decline.
Please try another payment method, contact the merchant for clarification, or attempt the transaction again.
5. Refunds
5.1 Are fees charged for refunds?
This depends on whether the transaction has been settled:
1) Refund before settlement: No fee is charged.
2) Refund after settlement:
MEXC Card: A 1% foreign exchange fee applies to refunds for non-USD transactions.
MEXC Global Card: No standard refund fee applies. However, if your refund rate is excessively high, a fee of USD 0.50 may be charged for each refund.
5.2 How long does a refund take?
Refunds generally take 1–7 days to arrive. For e-commerce, airline, hotel, and travel-related transactions, processing may take up to 30 days.
6. Transaction Disputes
6.1 How can I dispute an unrecognized or disputed transaction?
Locate the relevant transaction under Transaction History and contact MEXC Customer Service. You will need to provide the reason for the dispute and supporting documents, such as your correspondence with the merchant, order records, or proof of refund.
MEXC will begin reviewing the case after your submission. We recommend contacting the merchant first. If the merchant cannot resolve the issue or communication is unsuccessful, you may then file a formal dispute through MEXC.
6.2 Is there a time limit for filing a dispute?
Yes. Disputes generally must be filed within 60–120 days of the transaction. Requests submitted after the applicable deadline cannot be accepted, so we recommend filing as early as possible.
The specific time limits are:
1) Duplicate charges: Within 90 days
2) Suspected fraudulent transactions: Within 120 days
3) Goods not received or not as described: Within 120 days of the expected or actual delivery date
6.3 Will I be charged a fee if my dispute is unsuccessful?
If a dispute is rejected due to incomplete information or insufficient evidence, MEXC may charge a review fee. Please refer to the fee schedule applicable to your card product for details.
7. Card Termination and Security Verification
7.1 What may result in card termination?
Ten consecutive failed transactions will trigger MEXC's risk-control system and may result in automatic card termination. Suspicious activity, including unauthorized use or attempts to exploit the card program, may also trigger risk controls and result in termination.
Please use your card responsibly and avoid unusual or prohibited activity.
7.2 When is additional security verification required?
3-D Secure, or 3DS, verification may be required in the following circumstances:
- The transaction is considered high risk
- The transaction is cross-border
- It is your first card transaction
- The amount exceeds the contactless or authentication-free limit
- Local regulations, such as the EU's PSD2 requirements, require additional authentication
You must complete the additional identity verification before the payment can proceed.