Originally Posted by
viking407rob
Many card companies have a limit on what they will cover. Depending on the laws of the state and policies of the company they will only cover losses over a certain amount too. I learned this after leaving a Visa Debit card in an ATM back in my college days. The person who retrieved it must've known what they were doing. My bank would only be liable for losses over $200. The low life thief used the card at a liquor store, gas station and a couple other establishments. All this was done within a two hour time frame before I had even noticed the card was gone. They managed to say within the limits of my liability by keeping the charges to about $190. The bank basically didn't care or try to investigate since I was the one who would be incurring a loss. I still get angry when thinking about that.
One advantage of credit cards is that many companies will cover any/all losses incurred as a result of fraud or theft.
I imagine you signed something when you applied for the card. No doubt you were told in teeny tiny print just what your liability was. On more than one occasion, I have seen recommendations for ATM cards and Credit cards vs Debit Cards. Gramma BamaVol has been fighting her bank for 3 months now over a duplicate $25 charge on her debit card at a gas station.