This means you will not be charged for fraudulent purchases made before you report the card missing. The good news is that federal law protects consumers, making the cost to replace a credit card relatively straightforward.
Avoid Fees: Smart Credit Card Replacement Tips
Under the Fair Credit Billing Act, your liability for unauthorized charges is capped at $50. This upgrade enhances security and reduces the risk of in-person fraud.
However, if you request a replacement for an older model card, the bank will usually upgrade you to the current standard without charging a fee. You will typically receive a new card with a different number, shipped to your billing address within a few business days.
Avoid Fees: Smart Credit Card Replacement Tips
Setting up alerts for transactions helps you catch issues in real time, potentially saving you the hassle of a replacement entirely. Additionally, some store-specific co-branded cards operate under different terms, so it is always best to verify with the issuer directly.
More About How much does it cost to replace a credit card
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