What If I Lose My Credit Card?
Keywords: credit cards, balance transfers, cash back, advice, purchases, news, credit cards uk, visa, mastercard
Report the loss immediately. Those four words are probably the most important words you can remember should you lose your credit card. Let’s look at this a bit more closely.
There is no debate that in the US more people are carrying credit cards and debit cards than ever before. The simple fact is that with millions and millions of credit cards being carried around on a daily basis some are bound to be lost. It should be noted that in this article the word lost can also be synonymous with stolen.
Two pieces of literature that you should be aware of are the FCBA, which is the Fair Credit Billing Act, and the EFTA, which is the Electronic Funds Transfer Act. These two documents along with the credit card company policy will give you a lot of solid information to use should you lose your credit card.
Here are some of the more important procedures that you should take as soon as you realize your card is gone.
In order to limit your loss should the card be used by someone, you must report the loss (credit card or debit card) to the card issuer as soon as possible. The vast majority of companies have a toll-free number for you to use for this purpose. This number should be on your billing statements. Call this number as soon as you can. There is a reason for this urgency which we will explore in a moment.
After you have made the initial call, you should also write the company a letter. Write the pertinent information about your account as well as the date that you noticed the card was missing. If you reported the card missing to the police, mention that also.
Under the FCBA, your maximum liability for unauthorized use of your credit card is $50. However, if you report the loss before your credit card is actually used, the credit card company will not hold you responsible for any unauthorized charges. Keep in mind that if your loss involves only the number of your card and not the card itself, will not be held liable for unauthorized use as long as you report the use as quickly as possible.
There is a difference if the loss involves a debit card. These rules fall under the Electronic Funds Transfer Act or EFTA. Under federal law your liability for unauthorized use of your debit card or ATM card depends on how soon you notify the company of the loss.
The EFTA states that you cannot be held responsible for its use if you report an ATM or debit card missing before it is used. This is why it is imperative that you report the loss immediately. On the other hand, it is just as important to understand that if the debit or ATM card is used before you report it lost, your liability under federal law will often depend on when you notify the card issuer.
For example, when you notify the bank or card issuer within two business days of the loss, you are liable for only up to $50 if the card is used. However, if you do not report the loss within two business days, you could be responsible for up to $500.
If you do not report the loss within 60 days, you can be held responsible for unlimited loss. The thinking is you should have noticed the unauthorized charges on your billing statements by that time. When this happens you risk losing the funds that you have in your bank account as well as any unused portion of your credit line that has been established for overdrafts.
For any unauthorized transfers involving only your debit card number not the loss of the actual card you are liable only for transfers that occur after 60 days following the mailing of your bank statement containing the unauthorized use and before you report the loss.
In other words, when unauthorized transfers appear on your bank statement you should immediately notify the company. Once you have reported the loss, you cannot be held liable for additional unauthorized transfers that occur after that time.
It is a good idea to make it a habit to physically check your credit cards and debit cards to make sure you still have them. Do this once a week and you avoid many problems if you happen to lose your credit card.
Peter Kenny is a writer for The Thrifty Scot, please visit us at www.thriftyscot.co.uk and www.thriftyscot.co.uk
Previous Articles Highlighter:
Online Day Trading: The Risks (1)
If you are buying only small-caps over a long period of time then chances are you will be making losses. Most small-caps fail to show profits and it would be difficult just to pick those ones that grow.
Commodities Trading - Basic Risk Management - Hedging (2)
Although it's important to guess correctly whether prices are going to move up or down, you also have to know when you should get in and when you should get out.
Commodities Trading - Basic Risk Management - Order Types (3)
Visit www.123onlinetrading.com to find more great information about commodity trading. Besides a large selection of free educational articles you can also find powerful books about online trading in general.
Your Guide To Structured Settlement Payments (4)
It is important to understand all the issues involving settlements before you choose such a payment plan. There are many state and federal laws that cover the institution of the structured settlement payment plan that allows for the repayment and record keeping throughout the life of a settlement payment plan.
Market Your Listings For Maximum Exposure (5)
When buyers learn that a listing has been sitting for awhile they assume something must be amiss with the property. Buyers may be mistaken in their assumptions but this usually makes it less likely that your seller will get their asking price.
Promote Your Virtual Assistant Business (6)
The only limits on the success you can achieve as a real estate VA are the ones you place on yourself. You can limit yourself by not dreaming big enough and by not doing everything you can to see those big dreams of business success come true.
For Sale By Owner Risks (7)
Selling your home for sale by owner is one of these types of situations. Thorough preparations must be made in order to minimize cost and to ensure as smooth a transaction as possible.
Motorists 'Fail To Do Financial Homework When Buying A Car' (8)
Earlier this year, Lloyd East, director of personal loans for AA, claimed that too many drivers are opting for a forecourt finance deal instead of a low-rate personal loan due to convenience - a move he claimed is costing them millions of pounds.
Tips On How To Get A Home Equity Loan (9)
In the United States, residential properties are most commonly bought through a mortgage. The mortgage amount can be paid over quite a long stretch of time. After you clear the entire mortgage amount, the property belongs to you.
Making The Best Use Of Your Home Equity Line Of Credit (10)
Thus, home equity credit enables you to make long-term investments. The cost of higher education is becoming increasingly expensive. In the absence of an education fund it has become nearly impossible to cover this huge expense for your children.
6 Tips To Help Your Home Refinancing Decision (11)
Consider all the alternatives to find the most suitable credit institution. Compare Loans Never settle on a particular loan product that initially grabs your attention first. Different products come with different features, terms and conditions, and interest rates.
Protect Yourself With Travel Insurance Policy (12)
After all, a trip once a year rejuvenates you physically and mentally and prepares you to withstand the stress of everyday life through the whole year ahead. But all your excitement and all the meticulous planning can go astray if something unpleasant and unexpected happens during your vacation.
How To Bargain For The Best Interest Rate? (13)
Here are a few tips to help you seal the best loan package with a good interest rate: Explore the terms and conditions offered by various loan sources like banks, brokers and other credit institutions.
Short-Term Medical Insurance - Best Option For Young Adults (14)
So as you can see, having a short term medical insurance is extremely important as it helps you on your way to becoming self sufficient. For more details on Medical Insurance visit www.medicalinsuranceplan.info and www.medicalinsuranceplan.info Also visit www.mynicheblog.info for more articles on Medical Insurance.
Home Equity Loan - Factors To Consider (15)
Referrals from friends are also an effective way of locating the good home equity loan provider. Looking for a loan with low interest rates? Visit www.great-interest-rates.info and www.great-interest-rates.info For more articles on loans and interest rates go to www.mynicheblog.info.
Which Travel Insurance Should You Purchase? (16)
The family travel policies come with different types of premium. Some policies set their premium amount according to the number of children in the family or other factors such as whether the family is a single parent family etc.
Top Asset Protection Strategies (17)
Or are you the owner or boss of a company? If you happen to fall under any of the above mentioned categories, you need to consider planning for asset protection right away.
Is Home Refinancing The Right Decision For You? (18)
If you had enough foresight of taking an adjustable rate mortgage (ARM), you can take advantage of the current lower interest rates by refinancing your home today. On the basis of the current lower rates, you can then opt for a fixed rate mortgage to lock in the lower rates.
How To Make Best Use Of Your Medical Insurance Policy? (19)
As a policy holder you are entitled to get copies of your medical test results and other information. You can also request to change your primary care doctor if you do not like the treatments or care received.
Travel Insurance For Peace Of Mind During Your Travels (20)
Keywords: travel insurance, travel medical insurance.international travel insurance, travel health insurance Vacationing at least once in a year has become an integral part of many people's lifestyle and as such the travel insurance has gained in importance like never before.
Newer Articles Highlighter:
Speculate For Growth, Not For Income (1)
I expect the dividend will be cut because no stock can yield 20% for long. Carry this thought through to the equity income funds you own or are considering and remember: the higher the current income, the greater the risk that it's unlikely to continue.
Stock Market Rallies - Press Depressed! (2)
The best they could do was refer to it as a "triple-digit-gain." I remember when a stock market rally was a positive event. It used to be everyone would be happy for those who were invested in the market when it rallied.
Five Essential Ways To Manage Your Taxes (3)
There are many different types of Tax professionals, but the term generally refers to Enrolled agents and Certified Public Accountants. An enrolled agent is licensed by the federal government, and is sometimes a former IRS employee.
7 Steps To Build Your Personalized Investment Plan (4)
Setup time can be as little as ten minutes. You can update and monitor your portfolio once a week or once a month. Your investments can be in one portfolio (for example, your retirement fund) or many (say, your retirement fund, an emergency fund, and your children's college fund).
5 Reasons Why You Should Invest In Real Estate (5)
Some banks or brokerage houses will lend you half of the money to buy stock, but you will still have to come up with the other half. During my first several years of real estate investing, I knew of only one way to make money in real estate-buying and holding; that is, buying and renting property, and collecting rents.
Tampa Real Estate Foreclosures - Is Now The Right Time To Buy? (6)
Keywords: tampa, real estate, foreclosures, deals, home, buyer At no time since the 1970s has the state of the real estate market made the news so often than it is occurring at the present time.
Understanding Real Estate Lease Option (7)
In general, the lease option technique is one of the quickest and least expensive methods available to investors for buying and selling real property. There are several advantages to using the lease option technique.
How To Use Real Estate Options For Maximum Gains (8)
Adrien Brody (propertysmarty.com) is a full-time real estate investor. He has been researching investment strategies and make his own living. You can learn more about lease purchase strategies at leasepurchaseinvestment.com
Benefits Of Offshore Companies (9)
On procurement of these rights, an offshore company has rights either to enter into license or franchise companies with those companies that are interested in utilizing these rights. To summarize, offshore benefits provides a host of benefits such as: - Trading on international level - Tax benefits from treaties through intermediary holding companies - Utmost confidentialty and wealth management - Personal security - Enables for property and land ownership - Professional services - Royalty and patent as well as copyright holding - Listings on stock market - Expertise on capital raising - Tremendous savings on the reduction payroll and travel expenses - Enhanced profit via franchising, licensing, and intellectual property rights However, the aforesaid benefits can be derived only if you choose right jurisdiction for your business requirements.
4 Debts You Want To Keep (10)
- Taxes. Taxes may be put off for awhile if necessary, and we show you how to do so later on in the book, but if the IRS is about to take your paycheck, bank account, house, or other property, you should set up a repayment plan immediately.
What Every Parent Should Know About The College Student Credit Card (11)
So what are the best options for a college student credit card for your child? You may start on those credit cards with modest spending limit. Keep in mind that you will be the one to pay for their credit balances anyway, thus it is ideal if you will provide them college student credit cards with minimum credit limit.
Are You Falling Into These 4 Frugality Traps? (12)
There are times where being frugal means spending more rather than less. Think about how long you are going to be using the item. If you're buying generic rather than name brand foods, in most cases that makes good sense, especially since sometimes the two are made by the same company.
Choosing The Best Mortgage : What Works For You? (13)
Only by understanding your mortgage options and everything else involved with these finances can you truly make the best choice for you and your housing situation. Stephen C Campbell (MBA, MSc, MCIM) is a Business Consultant & Internet Marketer, he has produced a wide range of topical subjects In Audio including this one at www.informationinaudio.com
The Benefits Of The 15 Year Loan (14)
Another factor in paying less each month is that most lenders will give you a better interest rate for a 15 year loan over a 30 year loan. In our examples, the Compass interest rates were 6.375% for a 15 year and 6.75% for a 30 year.
Credit Card Fraud: How To Protect Yourself (15)
Tight Lips: Never give your card number out over the phone unless you are certain you know who you are talking to or ordering from. The best advice for phone orders is that you make the call.
New Generation Real Estate Marketing (16)
Below are a few other strategies that have changed the way agents market real estate. Stepping Outside the Box Internet marketing has morphed into content based raltor websites, sequential autoresponders, newsletters and the like.
Average Household Income Down! Recession? Depression? Worse? (17)
In 2005, it was $37,532. GDP per capita tells a story different from the one being told to us by average annual household income. How can this be?
How Do You Know If Your Debt Is Good Or Bad Debt? (18)
Loss of services. You could lose your insurance or your utility services if you avoid paying those bills. Yet, as much as you have been avoiding the problem, the truth is that your debts are neither crushing nor hopeless.
A Brief Guide To Final Expense Insurance (19)
What factors should I consider when purchasing final expense insurance? Your state's laws and regulations concerning final expense, burial, preneed insurance. The wishes, concerns, and recommendations of your family, your financial planner, and your attorney.
Real Estate Investing: The Three Levels Of Success (20)
Keywords: real estate investing tips, real estate investing course, real estate investing information If you have been investing in real estate for any length of time, then you have undoubtedly faced frustration, hit some highs and then crashed into some lows!