Remove any credit cards from your wallet that you do not use on a regular, consistent basis, and store them in a safe location. Or, if this is not an option, check your wallet often to ensure all your credit cards are accounted for. I mention this tip because I recently heard of an acquaintance who had a credit card stolen from her purse at her workplace. She did not know the card was missing from her wallet because she had literally not used the card herself in several years, and she did not regularly check her wallet to account for all her cards.
Consequently, several days went by and the woman received a call from her credit card company inquiring about her account because there was "an unusual amount of activity" on the account, which was not normal for this particular account's history. It was at this point that the woman, after checking her wallet, realized that the card was gone.
Unfortunately, since she did not report her card lost or stolen within a 24 to 48 hour period, the credit card company intended to hold her liable for any charges on this account, which amounted to thousands of dollars by the time the woman realized the card was gone. I never did find out if the credit card company followed through with making the woman pay the charges, but I do know that if you report a credit card lost or stolen within the stated acceptable time frame the card company permits (usually 24 to 48 hours), the credit card company can charge you for the first $50.00 in fraudulent charges, but they usually waive this completely.
It all boils down to your quick response as the card holder! And yes, this is a true story!
Tori
By ThriftMeister (Guest Post)
03/30/2006
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