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 Buzz

Six Easy Steps to Applying for a Credit Card for the First T - If you?ve never applied for a credit card, the whole process can seem quite daunting. And with so many companies offering different deals, there are lots of things to consider. Some entice customers with reward deals, while others offer interest free rates for an introductory period. The truth is, there?s no one single card that tops the list! [Read More...]

Compare Online Credit Cards - Find out for yourself which credit cards are best suited for your needs. Find your card and click on the description link for full details. Then apply now for you new card.Over a dozen cashback bonus cards. Looking for Travel rewards? How about student cards? Any one need credit repair services? WE HAVE IT ALL! Compare and find your card. [Read More...]

Compare Credit Cards Online - The first place to look for Credit Card Comparisons. Choose the card that is right for you. Over 100 cards to choose. Auto, Gas, Travel, Rewards, Student, Visa, Mastercard, Discover. [Read More...]

Review - American Express Blue Sky - The American Express Blue Sky Credit Card has the potential to earn you points in a great rewards program while not costing you a cent. [Read More...]

Online Credit Cards - Get the best credit card deals online for Kotak Credit Cards. It?s time to get the best rewards from your credit card. Apply for free online credit cards available offered by Kotak? [Read More...]

Review - Citibank Citibusiness Gold - I Want a Credit Card - The Citibusiness Gold is a solid card with an above-average rewards program that's sure to be popular with many small business owners. [Read More...]