January 6, 2015

If you identify a $2,000 fraud on your credit card and contact the issuer within 30 days, how much money are you out?

3 thoughts on “January 6, 2015”

  1. Brennan Haag says:

    If you catch a $2,000 fraud in your credit card and contact the issuer in within 30 days you wouldn’t be out any money. Most companies will give you at least a month to report fraud on your credit card and most card companies offer zero liability protection for free.

  2. Garrett Haag says:

    You are liable for the first $50 dollars of the fraud if you report it in the allotted time frame. Most credit cards will waver this $50 if you do everything in a timely and correct manner. Do not fall for people trying to sell credit card loss insurance, it is a scam that can cost you if you fall for it.

  3. Mike Finley says:

    You two nailed this one. Well done! Let’s review.

    When you use a credit card, you are using the bank’s money, not yours. The card issuer provides you a short-term loan and you promise to pay it back at the end of the month either in full or in partial payments. Pay in full!

    When someone commits fraud on your credit card, they are stealing from the issuer, not you. This motivates the issuer to deal with fraud forcefully and quickly. As long as you report the fraud within that first 30 day window (you should always keep an eye on your credit card statement), you are only on the hook for $50 and as the Haag brothers stated, most of the time, that amount is waived. You will owe nothing.

    Educate yourself by reading the benefits form that comes with your credit cards. You don’t have it? Google it. It is available on-line for those who are willing to search for it. The future belongs to those who are informed. Get informed!

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