Credit cards always help us by providing convenience in various ways, but later when you look at the bill or the statement, there are also various terms used within charge descriptions which tend to confuse you P1*Fitch is one such trending as there are also various reports from various cardholders worried about these charges. Well, this is what our research team does over here at ChargeDecoder, and helps our readers to simplify what otherwise seems to them as an encrypted message from the military.
Fitch is the name of a rating agency known as Fitch Ratings and is one of the Big Three credit rating agencies, along with Moody’s and Standard & Poor’s. Fitch Ratings is known for evaluating the creditworthiness of many companies and governments by assigning credit ratings depending on their financial health and ability to meet debt obligations. But what are the chances of charges from this agency to incur on your credit card is discussed in this post.
This guide will help you understand the P1*Fitch charges, what they mean, and how they are showing on your credit card statement. Well, scammers also use such legit known names from the industry to confuse the card holder, I will let you know the ways to ascertain P1*Fitch’s legitimacy and how to deal with them.
What Does P1*Fitch Charge Mean?
The charge description saying P1*FITCH on your credit card statement is potentially referring to a transaction with a company or some other service named as Fitch, or a related entity.
It’s mostly associated with payments made to some businesses or services by using payment processing shorthands.
The ratings for the companies and governments provided by Fitch are then used by investors, creditors, and governments to assess the risk factors and make informed decisions about lending or investing.
It’s possible but unlikely that a “P1*FITCH” charge on your credit card could be directly related to Fitch Ratings. Fitch Ratings is a credit rating agency that primarily deals with only financial institutions, governments, and large corporations, and it definitely doesn’t engage in transactions that would appear on an individual consumer credit card statement like you.
What Does P1*Fitch Charge Indicate?
Fitch Ratings is a credit evaluating/rating agency providing ratings for companies and governments only and they don’t typically charge individuals directly for any of their services.
You must understand and shall not believe the speculations around the internet that any such charges would only be incurred by the entities being rated, not consumers.
The “P1” prefix and the asterisk (*) included in the charge description indicate an internal coding system that is usually used by a company or financial institution.
The prefix P1* in a charge description as per our research team could indicate the first installment of a payment plan. Some merchants and financial institutions have been observed using codes like this to denote the sequence of payments.
Below is a simple breakdown of Fitch Ratings;
- A leading credit rating agency, one of the “Big Three” along with Moody’s and Standard & Poor’s.
- Offers services for ratings for governments, corporations, and other entities, assessing their creditworthiness.
- Their ratings further help investor decisions and market trends.
Possibilities: Why is P1*Fitch Charge On Credit Card
I have formed some of the highly possible scenarios for P1*Fitch charges to appear on your credit card, it is highly possible that Fitch in your credit card statement is for a smaller trader or business rather than a well-known Fitch Ratings agency. Below is a scenario where this could be the case:
- Local or Small Business: There might be a local or small business named Fitch that operates only offline. This business might sell products or services and provide customers the option to pay in simple installments or through an EMI (Equated Monthly Installment) plan.
- Payment Processing System: When you have made a purchase from this business, they must have set up an installment payment plan. The payment processor further or the business itself uses the “P1*” prefix to indicate the first payment for your installment plan on your credit card statement.
- Mislabelling: Maybe the name you know the trader by is different from their registered name and they will use the registered one for processing transactions, this might confuse you.
- Transaction Code: The charge “P1*FITCH” would then show the first installment payment for a purchase from this smaller trader with Fitch as the name of the business and “P1” here indicating the first payment in the sequence.
Example Scenario
- Purchase: You have bought a product from a local electronics store called Fitch Electronics.
- Installment Plan: The store provides a payment plan where you can pay the total amount in easy monthly installments.
- First Payment: The first installment will then later appear on your credit card statement as “P1*FITCH,” where P1 represents the first installment and “Fitch” is the business name.
Some other common scenarios;
1. Subscription Service
- Description: You have signed up for a subscription service (e.g., magazine, online content, or software) that bills you periodically.
- Example: Fitch might be a subscription-based service, and “P1*” represents the first payment of the subscription period.
2. Membership Fee
- Description: You have joined a club, association, or fitness center that charges a recurring subscription/membership fee.
- Example: Fitch might be the name of some fitness center or club, with “P1*” indicating the first payment.
3. Educational Course or Program
- Description: You have enrolled in some online course, workshop, or educational program on installment payments.
- Example: Fitch might be an educational platform or institution, and “P1*” is denoting the first installment of your course fee.
4. Product Purchase with Financing
- Description: You have purchased a product (e.g., electronics, furniture, or appliances) with a financing plan that splits the total cost into installments.
- Example: Fitch is a store or financing company, with P1* as the first installment for the product buy.
5. Service Agreement
- Description: You have entered into some service agreement (e.g., home repair, legal services, or consulting) that is being paid in installments.
- Example: Fitch might be a service provider, and “P1*” represents the first payment in the service agreement.
6. Utility or Subscription Installment
- Description: You have agreed to pay a large utility bill or a long-term membership in smaller, more convenient installments.
- Example: Fitc might be the utility provider or some company that offers a long-term subscription, and “P1*” is the first installment.
7. Scam
It’s also likely to happen, let’s understand how a charge like “P1*FITCH” could be a potential scam:
Unauthorized Transactions
- Unfamiliar Merchant: If the term Fitch does not correspond to any legitimate purchase or service you recognize.
- Unexpected Charges: You have noticed charges appearing regularly under this name but without your consent or knowledge.
Fraudulent Practices
- False Representation: Scammers could also use names similar to well-known businesses or services to confuse consumers.
- Phishing: They could also trick you into revealing personal or financial information under false messages.
Unauthorized Subscriptions or Services
- Subscription Scam: Scammers could also trick you into signing up for fake subscriptions or services without your permission.
- Hidden Terms: They may impersonate the legit terms in fine print that commit you to recurring payments.
- Legitimate Name Use: For tricking cardholders and making unauthorized charges less noticeable, scammers could also bring in the use of many well-known names of companies. This tactic helps them a chance for avoiding immediate detection, as many among you know such names commonly and would tend to believe.
How Do P1*Fitch Charges Appear On Credit Card?
Most of the merchants might use different charge descriptions which depend upon the payment and billing platform they are using, location, items, services, type of transaction, and mode you accessed the services from, see below some different ones
- P1FITCH POS 5621*3487**
- P1FITCH 4719****2840 DEBIT
- P1FITCH AUTH 7890****2315
- P1FITCH POS 9934****6751
- P1FITCH 2345****7812 CHARGE
- P1FITCH 6718****3429 TXN
- P1FITCH POS 7896****3412
- P1FITCH 5637****8201 PAYMENT
- P1FITCH 9821****2345 SALE
- P1FITCH POS 1248****6572
- P1FITCH 7459****3208 TRAN
- P1FITCH POS 8346****9182
- P1FITCH 3429****7814 AUTH
- P1FITCH 9876****3410 DEBIT
- P1FITCH POS 2841****6739
- P1FITCH 5632****9824 PAYMENT
- P1FITCH POS 7719****3045
- P1FITCH 8945****1023 CHG
- P1FITCH 4512****7396 TRAN
- P1FITCH POS 9823****1764
- P1FITCH 6251****4398 SALE
- P1FITCH 3847****9021 DEBIT
- P1FITCH POS 7493****1802
- P1FITCH 2634****5879 AUTH
- P1FITCH POS 8172****3946
What To Do When You See P1*Fitch Charges On Your Credit Card?
You must understand that Fitch is not a company apart from an agency Fitch ratings and that can’t charge you directly under any circumstances, hence you shall determine the nature and origin of the P1*Fitch charges;
1. Check Your Recent Purchases
Check if you recently signed up for a subscription or have made a purchase followed by installment payments, the charge with the prefix “P1*” could then indeed relate to the first installment of that payment plan. Many merchants use such prefixes for differentiating between different stages of payments, specifically for recurring or installment-based services.
To confirm this:
- Review Your Recent Purchases: Check if you’ve made any purchases or subscriptions that involve installment payments.
- Check Communication: Go through your emails or any receipts from the merchant. They mostly provide dates and details about payment schedules and installment plans.
Look for Correspondence
- Search Emails and Receipts: Check your email inbox thoroughly for receipts or order confirmations relating to purchases or subscriptions. Review any emails from merchants that mention installment plans or payments.
Understand the Charge Descriptor
- Transaction Details: The term P1*FITCH in the description suggests that it’s the first installment payment with a merchant named FITCH. Make sure if you’ve recently made any such purchase or have subscribed to some service on an installment basis.
Identify the Merchant
- Merchant Name: Note down any merchant names associated with the charge. Sometimes, the merchant descriptor may be abbreviated or unfamiliar, so try to match it with recent purchases or subscriptions.
Contact the Merchant
- Customer Service: Check for any contact information provided on receipts to reach out. Ask them to verify if they use P1* for denoting their first installment payment and confirming the charge.
Contact Your Credit Card Issuer
- Customer Service: Immediately also reach out to your credit card issuer or bank by dialing the number on the back of your credit card. Provide them all the transaction details (date, amount, and descriptor) and enquire for clarification.
Verify Payment Plans or Subscriptions
- Review Agreements: If you later discover that the charge is related to a subscription or some similar payment plan, review the agreements or terms you have agreed to when signing up.
Monitor Your Account
Keep a close watch on your credit card statements and every account activity for any such further unauthorized charges.
Request a New Card
I would also suggest you request your bank or credit card issuer to issue you a new card with a different number, in order to prevent further unauthorized transactions.
Update Your Autopayments
Once you receive a new card, remember to update your card information for any recurring payments or subscriptions to continue as earlier.
Conclusion
Managing finances is somewhat tough for many and securing them is a challenge in different ways nowadays.
If you are following all the advice from your bank or credit card issuer, you are less likely to succumb to any such fraud, but still, some of the tactics that scammers make use of are creating troubles for financial bodies and are somehow unavoidable.
The best suggestion is to keep changing your passwords and never share your account details.
Frequently Asked Questions
Why Is There A $1.00 Charge On My Credit Card?
Usually, the $1.00 is an authorization and not a charge for verifying the card information and in most cases is voided seconds after it is authorized. Remember that banks do not have to process the void immediately and so sometimes the void is not processed for a few days.
How To Stop Credit Card Charges?
To cancel a pending transaction, call the merchant or retailer on your statement. If you suspect fraud, call your issuer or bank immediately. To avoid transaction errors and fraud, regularly review your statement and shop only with secure websites, among taking other precautions.
Can Someone Charge Your Card Without Permission?
A business can never charge your card without your permission. It would always require getting your authorization first. This is also the same whether you’re paying with your smartphone or for any other online card-not-present transaction.
Also Read – What Is The Select Media LLC Charge
