4 ms·
"I have zero liability on credit card purchases" Not quite right. Many banks make you liable for the first $50, for each occurrence of fraud. Also they typical
by mrb 10y ago
"I have zero liability on credit card purchases"
Not quite right. Many banks make you liable for the first $50, for each occurrence of fraud. Also they typically require you to notice and report a fraudulent charge within 30-90 days or else you are liable for 100% of the amount.
- jghn 10y agoThe person said they have no liability, how is saying that many banks don't refuting what they said?
- _delirium 10y agoMore specifically: U.S. law puts a $50 cap on consumer liability, but many credit cards voluntarily lower it to $0. The $50 is a ceiling, not a floor.
- shoegumfoot 10y agoIn theory, maybe. But phil21 is correct that credit card users have zero liability in practice. Most card issuers these days will proactively contact the customer to inquire about suspicious charges.
- eli 10y agoNope, if your credit card number is stolen and used online for a card-not-present transaction you have $0 liability by law.