Am I liable for the charges if my credit card is stolen? What is the law on lost card liability?
Generally, the terms and conditions of the Cardmember’s Agreement would determine the extent of the cardholder’s liability in the event that his credit card goes missing and is misused.
Usually, once you make a report with the credit card company about the loss of the card, all charges incurred thereafter are waived. However, the exact extent of your liability will depend on the Cardmember’s Agreement.
Most card providers also provide a Cardmembers Agreement that affords a S$100 liability cap before the loss is reported by cardmembers. However, this liability cap only applies to cardmembers who have not acted fraudulently, negligently, or have not failed to report the loss of the card in a timely fashion.
For most banks, acting negligently denotes negligent behaviour, such as leaving your card or wallet lying around unattended in a public place.
The most important thing to do is to check with your card provider and find out the exact terms and conditions with respect to loss card liability.
A criminal who misuses a lost or stolen credit card is usually required to make full restitution of the ill-gotten goods to compensate the victim as far as possible if he is successfully apprehended.
- Price Transparency Guidelines by CCCS (With Examples)
- Your Consumer Rights in Singapore and How to Get Recourse
- Can silence amount to acceptance of a contract?
- Unfair Contract Terms Act: UCTA in Singapore
- When Can I Void a Contract For Misrepresentation?
- Making Lemon Law Claims for Defective Items in Singapore
- How Does the Hire-Purchase Act Protect Consumers in Singapore?
- Repossession for Failure to Pay Instalments in Singapore
- Is It Legal to Own Gold Bars or Bullions in Singapore?
- Victim of Hard Selling Sales Tactics in Singapore: What to Do
- What If a Shop Vendor Sells Me a Grossly Overpriced Piece of Merchandise?
- What Can You Do if You Were Sold a Defective Product in Singapore?
- Counterfeit Goods: Is it Illegal to Sell or Buy Them in Singapore?
- How to Get Back Your Money from a Company That’s Closing Down in Singapore
- Is Ticket Scalping Legal in Singapore? Risks Faced by Buyers/Sellers
- Am I liable for the charges if my credit card is stolen? What is the law on lost card liability?
- Is it illegal to jailbreak your iPhone, iPad, Android, or to modify your Playstation, Wii or Xbox in Singapore?
- I pawned a piece of jewellery to a pawnshop. What are my rights as a pawner?