4 ms·
Your available credit line is not debt, and I can't recall ever hearing of anyone being held accountable for fraudulent purchases made against their account. Do
by doktrin 13y ago
Your available credit line is not debt, and I can't recall ever hearing of anyone being held accountable for fraudulent purchases made against their account. Does this happen?
- mikeash 13y agoIn the US, you have zero liability for fraudulent charges made on your card without a valid signature, by law.
- dllthomas 13y agoI wound up being held accountable for a small amount because I missed a deadline in the follow-up paperwork. So yes, it happens, but only when it doesn't matter much.
- ahonhn 13y agoCredit card terms vary from country to country. Here (Singapore) card conditions were recently changed so that you would only be liable for the first $100 of fraudulent transactions (assuming you can prove it wasn't you). I think the bank can still hold you liable for more if they find you were negligent about guarding your card details. Prior to these condition changes, I remember being told by the bank that you would be liable for all charges incurred before you had reported the card physically stolen or lost.