Have you ever wondered what to do if you lost your credit card and noticed unauthorized transactions before you could get it blocked? Here’s a breakdown of lost card liability and what it means for credit card users:
- Immediate Action:
If you lose your credit card, the first step is to inform your bank or financial institution as soon as possible. - Understanding Liability:
Lost card liability refers to the financial responsibility a user faces for unauthorized transactions made with a lost or stolen credit card. - Timeframe Matters:
The liability incurred depends on how quickly you report the loss to your bank. The sooner you notify them, the lower your potential liability. - RBI Guidelines:
The amount of liability you face for unauthorized transactions on a lost card is governed by rules established by the Reserve Bank of India (RBI). - Key Takeaway:
To minimize your financial exposure, always report a lost credit card immediately. Understanding lost card liability can help you protect yourself against potential fraud.