You are not guaranteed to win a credit card dispute. Depending on the card, it takes a great deal of your time to file the dispute and continue to submit supporting evidence down the line. You are paying 1-3% on all of your transactions for this privilege; do you really want to pay that 1-3% every time you buy coffee? On the other side of the token is the merchant. How often do they lose out from a fraudulent credit card dispute? There are many businesses that refuse Amex for this reason among others.

The blockchain and smart contracts provide interesting ways to tackle these problems with clever and transparent protocols. It is not difficult to imagine a credit score system (https://hellobloom.io/) that is based off a transaction history tied to an identity token (https://www.uport.me/). In that case, merchants and customers can choose who they want to engage with based off reputation and history.

That is one way of doing a transaction with a merchant. Another way would be to use a hashed time lock contract that allows you to get a refund on demand. In that event, the merchant has to trust you.

As both a consumer and a business owner, I am excited to see a highly diverse market of options for how we do transactions, as opposed to a market dominated by 3-4 players.