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.
What does your card agreement say?
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.