Getting a credit card with good fraud liability protection is important because of there are a lot of identity thefts around. Without the consumer liability protection, you will be responsible for the losses if someone steal your credit card information and charge it on different expenses. All four major credit cards including Discover, MasterCard, Visa card, and American Express offers good consumer fraud protection.
Discover credit card is one of the credit card with the best fraud protection. Discover cards offer zero dollar liability for credit, debit, debit (PIN) and ATM transactions. For credit, there is no requirement on when you must report the fraud so you can get this protection regardless of when you report the fraud. You won’t be liable for any unauthorized transaction that occur on your credit card. For ATM transactions, make sure you report the fraud within a period of 180 days.
MasterCard provides zero dollar consumer liability for credit, debit and ATM transactions. There is no consumer liability protection if the transaction is not processed by MasterCard. This is because the customer don’t know which entity process the transaction. Federal laws applies to the ATM transactions. In order to claim the consumer liability protection, you must make sure to report the fraud promptly. You must also demonstrate your diligence in taking care of your card and not letting anyone unauthorized use it.
Just like MasterCard, Visa card provides consumer liability protection for all its issued cards. For Visa credit card, the consumer liability protection is 120 days starting from the time the transaction is posted on your credit card statement. If you have already send the notification to the card issuer, you will be subjected to a consumer liability protection of 60 days.
American Express offers zero dollar consumer liability for credit, debit, and ATM transactions. When you noticed a unauthorized transaction, you must quickly report it by calling the 800 number located behind the card. You should try to inform the American Express as soon as possible when you notice that there are some suspicious activities. Corporate card members will be protected against fraudulent ATM transactions if they are part of the Express Cash program.
It is important to scan your credit card statement every month in scrutiny to see if there is any unrecognized transaction. If you don’t remember making a transaction, you can call the tool free number behind the card and report the fraud transaction. As soon as you have contacted the credit card issuer, they will carry out an investigation on it. If the fraud transaction is carried out by a merchant that you recently shop with, the credit card issuer can initiate a chargeback and reverse the fraud transaction.
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