Why do you charge for reporting the loss of credit cards?
Credit card loss reporting charges are mainly due to the guarantee services provided by banks. During the period before the loss of the credit card is reported, the losses caused by others fraudulently using the credit card shall be borne by the bank.
Banks such as Bank of China, Bank of Communications, China Merchants Bank, China Guangfa Bank, China Everbright Bank, Huaxia Bank, Bank of East Asia, China CITIC Bank and Industrial Bank have all opened the card loss protection.
Different banks have different time and amount of lost card protection services. There are three banks here.
1) China Merchants Bank:
It provides protection 48 hours before reporting the loss. The cumulative maximum amount of compensation for card loss protection per household each year depends on the card type, of which the maximum amount for Puka and American Express green card holders is 1 10,000 yuan; Gold card and American Express gold card holders are up to 10000 yuan; Platinum card holders have the highest credit limit.
2) Industrial Bank:
Provide 48-hour protection and 72-hour protection before loss reporting.
1)48-hour card loss guarantee, unlimited times, with a guarantee amount of 50,000 yuan/card/insurance period;
2)72-hour card loss guarantee, the maximum amount of a single card is100000 yuan, and the maximum amount of a single payment is100000 yuan, and the cumulative payment times of the same cardholder in the same natural year shall not exceed 5 times. The maximum compensation limit for the same card issuer and the same cardholder in the same natural year is 6,543,800 yuan.
3. Guangfa Bank:
It provides a 48-hour guarantee before reporting the loss. The maximum guaranteed amount of each card is the consumption amount of the card on the day of fraudulent transaction, including permanent consumption amount, temporary consumption amount and floating amount, but excluding overpayment amount.