a stupid question about credit card

• jabxvc

  1 Nov 09, 23:40

  Previously as an ebay seller, I had to deal with the risk of chargeback. If I sell something to a US customer, there is a chance he could request a chargeback when he thinks the transaction is fraudulent. This is a very good protection for US credit card holder, and very unfair to honest sellers.

  Although this sounds stupid, I want to know why here my lost/stolen card liability  is capped at S$100, provided I have not acted fradulently or with negligence or failed to report card loss to bank immediately?

• parn

  2 Nov 09, 00:50

  Originally posted by jabxvc:

  Previously as an ebay seller, I had to deal with the risk of chargeback. If I sell something to a US customer, there is a chance he could request a chargeback when he thinks the transaction is fraudulent. This is a very good protection for US credit card holder, and very unfair to honest sellers.

  Although this sounds stupid, I want to know why here my lost/stolen card liability  is capped at S$100, provided I have not acted fradulently or with negligence or failed to report card loss to bank immediately?

  
  If you weren't negligence with your credit card, then how did you managed to lose it?

  Did your credit card walked out on you?

• caleb_chiang

  2 Nov 09, 01:09

  well, better capped or none... cos in the past, it will be the full amount regardless of the reason.

• jabxvc

  2 Nov 09, 19:05

  I think it's worse than in the past!

  if the card is used before I report, it's full amount

  if the card is used after I report, max 100

   

• TrueHeart

  3 Nov 09, 16:09

  Originally posted by jabxvc:

  Previously as an ebay seller, I had to deal with the risk of chargeback. If I sell something to a US customer, there is a chance he could request a chargeback when he thinks the transaction is fraudulent. This is a very good protection for US credit card holder, and very unfair to honest sellers.

  Although this sounds stupid, I want to know why here my lost/stolen card liability  is capped at S$100, provided I have not acted fradulently or with negligence or failed to report card loss to bank immediately?

  Hi jabxvc,

  Do have a look at this article. 

  http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_425332.html

  Cheers.