Basically, the answer is no.

Federal law – the Fair Credit Billing Act (FCBA) – limits your liability for unauthorized charges made on your credit card.

If you notify the card issuer within a reasonable time after you discover the loss or theft (up to 30 days), you are not responsible for the charges made after the notification AND you are only liable for the first $50 of charges made before you notified the card issuer. (Many credit card issuers don’t even charge the $50.)

To be able to quickly report a lost or stolen credit card, keep a record of your credit issuers’ customer service numbers handy. Among other places, I keep theses phone numbers in my mobile phone for quick access.

Alternatively, you can report the loss online if you have online access to your account.

In case you are wondering, your potential loss from fraudulent use of debit cards is greater than with credit cards. If you report a lost or stolen debit card within 2 days, you maximum liability is $50 for charges made before the report. If you report the loss after 2 days but before 60 days, your maximum loss is $500. If you do not report the loss for more than 60 days, you are liable for all of the fraudulent losses.

**These questions and answers are designed to provide helpful information that can be read quickly. They are neither a full explanation of the subject nor legal advice. To learn more, and to receive legal advice on which you can rely, contact me or another lawyer.

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