With the popularity of credit cards, their security issues have also attracted attention. In order to prevent the risk of loss and theft of credit cards, major banks have also continuously launched various credit card services, including card loss protection services. So, what is credit card loss protection? Is the credit card loss reporting guarantee reliable?

What is credit card loss protection?

While providing free credit card loss protection service, the bank upgraded paid credit card protection. Customers can spend about 3-8 yuan per month to repay the financial losses incurred during the period when their credit cards are lost or stolen.

Simply put, the cardholder can still recover part of the compensation through the bank after the lost card is stolen. It is worth mentioning that the premise of the lost card protection business is that the lost or stolen credit card has no consumption password.

Is the credit card loss reporting guarantee reliable?

In almost all banks, the scope of credit card loss insurance service is limited to signature consumption, and password consumption is not covered. Therefore, the so-called lost card protection service does not mean that the bank compensates for all losses, but depends on who is at fault.

Generally speaking, after a credit card is lost or stolen, the cardholder can apply to the bank for compensation for fraudulent use within 48 hours before reporting the loss. This kind of transaction usually does not include funds traded with consumer passwords, and the amount of protection is also low. Generally speaking, this kind of guarantee is also unreliable.