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Educational Consumer Tips

Credit Cards-Liability of Consumer

Author: Better Business Bureau
Published:

The following comments provide general information for consumers and do not necessarily reflect the practices or record of any particular company.

Under federal law, if you report the loss of your credit card or your automatic banking card before the card is used, the card issuer cannot hold you responsible for any unauthorized charges. If your card(s) are used before you report them missing, the most you will owe for unauthorized charges on each card is $50. Be sure you know how to notify your credit card issuer in case you find your card(s) missing and be sure to follow your issuer's directions for reporting unauthorized charges. Make sure to read the contract carefully to check the company's obligations and any liability on your part.