What To Do If Your Card Is Stolen

Your wallet has been stolen. Your purse is missing.

In addition to your driver's license, personal pictures, and cash, you've lost something else.

Your credit cards.

Credit card theft is a common crime. If you were to be victimized, would you know what to do? The first thing you should do is call the credit card issuer and report it. Almost all companies have toll-free lines that are open 24 hours a day. Then follow up in writing. Give them as many details as possible: when you last saw your card, when you noticed it was missing, when you first called to report the loss, etc.

The big question is how much of he fraudulent charges can you be held liable for? Under federal law your maximum liability for unauthorized use of your card is only $50. And that is only if a thief uses the card before you report it to the credit card company. If you realize your card is missing and you act quickly you can report it stolen before the thief has a chance to use it. In that case, you will not be liable for any unauthorized charges.

If the thief stole only your credit card number and you still have the card itself, you can not be held liable for unauthorized use.

Do the same rules apply for debit cards? No. Debit cards work a little differently. Under federal law your liabilty for unauthorized use of your debit card depends on how quickly you report it.

If you report the theft before the thief has a chance to use your card you have zero liability. The card issuer can not hold you responsible for any unauthorized use. But the longer you wait, the more you stand to lose.

If the thief uses the card before you report it missing, you could lose a lot more than $50. If you report the loss within two business days your maximum liability is only $50. But if you don't report it within two business days you could lose up to $500.

And if you do not report the loss until 60 days after you receive a bank statement showing fraudulent activity, there is no limit to your loss. You could quickly find your bank account empty with no way to get it back.

So if you do find yourself a victim a of credit card theft, limit your losses by reporting the theft as quickly as you can.

Recent Credit Card News

Rupeetalk Credit Card Glossary :Cashback - Cashback ? It is a type of rewards programme in which a cardholder receives cash rebate equal to a specified percentage of the amount charged to the card on an annual basis or otherwise as mentioned in the credit card clause. [Read More...]

CardZ.com is the best site for finding Cash Back Cards - In this troubled financial economy I'm looking for each and every way to save money. Since i use credit cards for purchases i decided to find the greatest and newest credit card deals out there. Cardz.com provided just that! I can compare the best credit card offers and find the one that suits my spending habits. Give me my REWARDS! [Read More...]

Microsoft Paying People to Search in a New Manner - Microsoft's latest effort to get people to use its search service is something called SearchPerks, which gives people points for using the search engine that can later be redeemed for prizes, and it works very much like a credit card reward program... [Read More...]

Credit Card Applications - Compare credit cards by rates, annual fees, rewards. Credit Card offers with features like 0% intro APR, 0% on balance transfers, no annual fees, or credit ratings. [Read More...]

Conquer Azeroth, Get Low Monthly APR With World of Warcraft - Themed credit cards are nothing new, but the First National Bank of Omaha has come up with an interesting new twist aimed squarely at gamers - a card that offers World of Warcraft game time rewards. [Read More...]

Balance Transer Credit Cards - The Chase Platinum Visa® and Union Plus® MasterCard® credit cards are new great balance transfer credit cards. Both offer balance transfers with a 0% APR for up to 12 months based on your application and credit history. With no annual fee for either card, both cards also offer rewards points for every dollar spent. [Read More...]