When discount air carrier Zoom Airlines went out of business August 28th, some credit card companies like MasterCard and American Express were quick to issue public statements that they would refund amounts for tickets bought with their credit card. The Canadian Transportation Agency post of Oct.24th also lists some travel operators who made promises to refund.
Visa issued no such statement but I assumed that Visa would merely follow suit. It appears now that Visa's policy is different. Having applied in writing to TD Visa with all the necessary documentation within days of Zoom's demise, I have received a partial refund in mid-October. In a phone call with TD Visa's disputes department the other day to ask about the remainder, I was told by a certain "Andrea" (why does no one at these customer service lines ever have a last name?) that Visa does not promise to refund me, it only undertakes to request a refund from Zoom's bank on my behalf as a secured creditor. That has two consequences: if the collateral assets are insufficient, there won't be a full refund and; it will take a lot longer to get the money back since Visa waits till it receives funds from the bankruptcy, which can take a long time. For a card that presents itself as a premium travel card, that pretty pathetic on TD Visa's part. Beware folks, as is too often the case, the fine print and the company's behaviour don't live up to the marketing hype. It's time to look for another credit card.
In the UK, there is a useful discussion on MoneySavingExpert of experiences with various credit and debit card providers in making Zoom refunds.