What you’ll have to pay for charges made on a stolen credit card.
Getting a credit card stolen can be a bother. However, you need to act quickly and take swift action so as to reduce your liability for the charges made on a stolen credit card as much as possible. Report to the stolen card to the creditor by calling up the customer care cell as soon as possible.
Your liability for stolen credit card
If you report the credit card as a stolen before the thief has the chance to make fraudulent charge when you not be held liable many charges. However if the thief is you to make a charge before you can report the credit card is stolen and you can be held liable of dollars. The liabilities, responsibilities and the governance of the rules for student credit cards is laid on by the Fair Credit Billing Act Also Known as the FCBA.
If fraudulent charges are made on your credit card using your credit card number and not actual physical credit card then you won’t be available for any of those for charges.
Precautions for a stolen Credit Card
Sometimes it’s not your physical credit card that gets stolen. Sometimes fraudulent charges can be made with just the credit card number. In order to prevent theft keep checking your account frequently either over the phone or online to make sure that no unauthorized charges have been made to your credit card.
Report a Stolen Credit Card
If you notice that your credit card has been stolen all there are unauthorized charges on your credit card you should contact your creditor as soon as possible. Let them know about the stolen credit card or/and details of the fraudulent transactions. You should follow this information by sending them a letter with the date the credit card was stolen, the date you informed credit card company and the rest of the unauthorized charges made on your credit card. Send this letter through certified mail with return receipt requested to the credit cards fraud handling customer cell. This address is usually different from the address that you send the credit card payment to so you first need to come from the correct address to send your letter to a customer service executive over the telephone.
You should always record and keep your credit card number along with the number of the customer care cell somewhere you can access it quickly such as your mobile phone so that you can quickly contact your creditor in case your credit card is stolen.