Stolen credit card
What happens if my credit
card is stolen?
Odds are if someone steals your credit cards and goes on a buying
spree it won't cost you anything. Federal law limits your liability
Most card companies will tell you that while it can cost you that
$50, that fee is rarely applied.
Many card companies now offer some form of fraud
protection, but be sure it is a genuine guarantee before you accept
it. There are a lot of phony companies making phony offers of "insurance"
against someone else using your card, when in fact you are already
You are supposed to report stolen or missing cards as soon as possible,
or at least within 24 hours, for that zero-liability luxury. Once
again most, card companies admit that they rarely enforce this requirement.
However, it is the wisest practice to do just that and get on the
phone as soon as you see the card is gone or the minute you see
a bill with charges you never ran up.
Follow that call with a letter confirming the facts of the loss
or the phantom charges on your statement, and also include the details
of your call (who you spoke to, when, etc.). It's a simple "better-safe-than-sorry"
Read all of the fine print when you get your card deal because
there are always exceptions. Card companies are more liable to ask
for their money if you have done something reckless, like not reporting
the card stolen for a year or more.