Monday, January 29, 2007

Your Credit Card is Stolen and You May Not Know

By Burgess Xavier

Your biggest concern about your credit cards is that they have gone missing. If and when this happens, what is your plan of action? do you have one? Well, you should.

It is important to come up with a credit card action plan and it is not as daunting as it may appear. All reputable credit card companies have a set policy that helps to protect you against loss or theft. You just need to know how to get this policy to work in your favor.

You fear you credit card may have been stolen? never fear, help is here!

You first step should be to report that your card was stolen to the credit card company as soon as it is humanly possible. Fortunately for you, federal law dictates that you are only liable for the first $50.00 of any fraudulent charges made on a charge card.

However, you are required by law to report a lost of stolen card when it occurs. You are not going to take a huge hit because of the federal regulations, but you must report it. Even if it is only for the fact that if you report the card stolen before any unauthorized charges were made, you won't even be liable for that $50.00 minimum. Also, as an incentive to get their card in your hands, many card issuers are waiving the minimum liability when they make their credit card offer to you.

When the card is stolen, it is important that you monitor your credit card bills for any unauthorized charges. Further, you need to inform the credit card provider about these charges in writing. In this letter, you should ensure that you quote the date you reported the card stolen. Mail the letter separately, do not include it with your payment, it will get lost in processing

Finally, the best way to avoid stolen or lost cards is to keep track of them. Know where they are at all times and keep your pin number a secret. Also, don't use a pin number that is easy to figure out such as your birth date or phone number. Make it a number that only makes sense to you and keep it that way.

Burgess Xavier is a freelance writer. Protect yourself from credit card fraud and identity theft - browse his website where the most effective ways to protect yourself are revealed. They work , and they work fast. Visit the site now Check out the Credit Card resource to protect your money and your indentity

1 comment:

Jim said...

Know what is happening around you. The number of identity theft victims is growing every year. The good news is that support and resources for victims of identity theft are also on the rise.

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