Dec 23, 2013

Points to know about claims of lost credit cards

These are some points which you   must remember about liability in the case of lost credit cards and misused.

1- There is always an insurance against credit card and the insurance company will pay the compensation in the case of card misuse.

2- For the claim to possibly be valid and made good from the card-issuing bank, the holder need to ensure that all procedures to determine genuine loss will be in place.

3- The card holder must try to notify the bank as soon as possible to minimize the loss as bank can block the card usage in time.

4- The cardholder needs to file a FIR with a local police station for the recovery against the misuse of credit card.

5- Insurance company is independent to recover the amount with the guilty.