If someone uses your credit card before you have a chance to call and cancel it, your liability is $50 per card, regardless of how much is charged. However, if you call to cancel the card before the individual has a chance to use it, your liability is zero. So call and cancel as soon as you discover the loss.
Your liability is different with debit cards. If your debit card is used fraudulently, your liability is $50 during the first two business days. If you wait until the third day to report the loss, your liability jumps to $500. If you do not report the loss within 60 days of receiving a statement indicating fraudulent use, your liability is unlimited. However, many issuers are waiving the liability as long as you were not negligent or do not have a history of negligence. Call your issuer and ask about its policy.
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