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 | March 13, 2011 4:47 PM PT 5 Benefits to Credit Cards with $0 Fraud Liability
Legally, your credit card company can only hold you responsible for $50 of unauthorized purchases on your credit card. However, if you fail to report the fraud within a reasonable amount of time, you may be required to pay for all the fraudulent purchases. With credit card fraud on the rise, there are many reasons to check out cards with $0 fraud liability policies:
- You won’t have to pay a dime. This is the most obvious reason, but it’s not to be overlooked. Technically, you never should pay more than $50, but if you can get a card with no fraud liability as well as no annual fees, why wouldn’t you do it? Of course, you don’t, on the other hand, want to pay $40 a year in annual fees for a card like this. However, many annual fee free credit cards still come with no fraud liability these days, which makes it a deal worth having.
- Credit card thieves are becoming savvier and more prominent. Credit card fraud has gone up again this year, and many Americans are finding out too late about the problems with their card. Now, 37% of all credit card fraud is due to counterfeit cards, which use high tech devices to skim information off your card’s magnetic strip! 10% of all fraud takes place without the card even present, which is often a problem when you’re shopping online, and about 23% of credit card fraud is due to lost or stolen cards that can easily be used by strangers.
Since the thieves who are out to steal your money are so much more common, you need to protect yourself as best you can with $0 fraud liability on all your credit cards.
- You often get even more protection. Many times, companies that offer this type of protection on your credit card will actually help you catch fraud. Think about it. Companies who don’t make you pay for fraudulent purchases don’t want to take it out of their own pockets either, and credit card thieves are notoriously hard to catch.
 | | Razor Fence © woodleywonderworks |
Some banks and credit card companies will now automatically protect you from fraud by watching your account for you. For instance, if you make a large credit card purchase online, the credit card company may call you just to double-check that you were the one actually making the purchase. This can be really helpful, as it can help you catch the fraud earlier, too.
- Companies who offer this often have better and faster fraud resolution procedures. Sometimes, you can get the problem fixed in as little as a day. This is a sight better than it used to be, when you might have had to wait a week or more to get your credit card company to fix fraudulent charges.
- It gives you peace of mind. Of course, one of the main reasons to go with a card with $0 fraud liability is that you get more peace of mind. When you know that you’re not going to be charged if something happens to your credit card, you can breathe a little easier.
One recent survey notes that credit card fraud is the thing American fear most right now – above even terrorism. If you’re struggling with worry about all the “what ifs” attached to your credit card, find a card with no liability and a company you trust to take care of your interests when the worst happens.
Follow @CreditDonkey or write to Abigail Hall at abigail@creditdonkey.com Share this on Facebook or Twitter
$0 Fraud Liability Credit Cards
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| Intro APR (P) | Intro APR (BT) | APR as low as | 0% for 12 months | 0% for 12 months | 10.24% (Variable) | | - Up to $250 cash back bonus - $100 cash back bonus after your first purchase, plus an additional $150 after you spend $5,000 within 3 months!
- 5% cash back on the first $25,000 spent annually at office supply stores, and on cellular phone, landline, internet, and cable TV services
- 2% cash back on the first $25,000 spent annually at gas stations and restaurants
- 1% cash back on all other card purchases with no limit to the amount you can earn
- Cash back rewards do not expire
- 0% Introductory APR for 12 months
- No Annual Fee
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| Intro APR (P) | Intro APR (BT) | APR as low as | | - | - | 15.24% (Variable) | | - Earn 40,000 bonus points after you spend $3,000 in the first 3 months - that's $500 toward travel rewards!
- 2 points per dollar spent on travel and at restaurants & 1 point per dollar spent on all other purchases.
- Get 20% off airfare, hotels, car rentals and cruises when you book through Ultimate Rewards(SM)
- No foreign transaction fees
- Receive a 7% annual dividend on all new points earned - even on points already redeemed
- 1:1 point transfer to participating frequent travel programs
- Direct access to expert service advisors anytime
- No Annual Fee for your first year - A $95 value
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| Intro APR (P) | Intro APR (BT) | APR as low as | | - | - | N/A | | - 25,000 Membership Rewards® points bonus when you spend $2,000 during your first three months of Card membership
- GLOBAL Travel benefits: Access over 600 lounges worldwide with Priority Pass™ Select, no foreign transaction fees, skip U.S. customs lines with Global Entry.
- Enroll and select an airline to receive up to $200 annually in statement credits for incidental fees such as checked bags, in–flight refreshments, and change fees.*
- Receive a companion ticket for discounted travel when you purchase a qualifying First- or Business-Class international ticket. Additional charges/taxes apply.
- 24/7 Platinum Card® Concierge service for assistance with reservations, travel, gifts, and more
- FINE HOTELS & RESORTS Program: exclusive upgrades and amenities at over 700 boutique, resort, and luxury hotels worldwide
- Use Membership Rewards Pay with Points for part or all of your travel and get 20% of
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