$0 Major Card Fraud Liability Doesn't Seem to be true
There is a major credit card clearing house that advertises $0 fraud liability. However, in their advertisement there is a statement that says depending on your card issuers agreement. So I got out one of my card agreement and here is what the card agreement said about fraudulent charges; 1. I had two days from when the fraud was committed by using my card number to report it to the bank, 2. If the charge was found to be fraudulent then I would be responsible for the first $50 of the charge(s) per incident. If I did not report the charges in a timely manner then I would be liable up to $500 per incident. If someone used my card PIN number at an ATM there was no fraud liability protection due to not protecting my PIN.
Re: $0 Major Card Fraud Liability Doesn't Seem to be true
The terms you are referring to sound like an agreement for your debit card tied to your checking and/or savings account. These are normal terms for most debit cards that have a Visa / MC logo. The actual credit card accounts in almost all cases are 0 liability as long as the terms of the account are followed. For example I can't loan my card to a friend to charge $50 and then complain it's fraud when they make additional charges. There is also reporting time periods to challenge items but I believe most of them extend a lot longer than 48 hours.
Best financial advice I ever got: "Just imagine what an adult would do and do that." Starting Score: 500's Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle) Goal Score: 760 ALL