How Holdbacks Brought Down Frontier Airlines

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by Felix Salmon

Apr 15, 2008

On Friday I got a bit confused about something called credit card holdbacks, and how they could be used to drive an airline into bankruptcy.

It turns out that it all goes back to something known as the Fair Credit Billing Act of 1978. The insurance you receive when you buy something on a credit card is not a perk the card companies offer out of the goodness of their own hearts; it's the law. If you charge something on a credit card and it isn't delivered as agreed, then the credit card has a legal obligation under the act to refund your money.

...

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