Thanks to the zero liability policy offered by most credit card issuers, if your credit card is stolen youre typically only liable for a very small portion of the unauthorized purchases- if any. Even if a thief charges thousands of dollars on your credit card, a zero liability policy means you dont pay for it.
Youre not the only one affected by your stolen credit card, though. The retailers who accepted the stolen credit card (not knowing it was stolen, of course) lose price of the merchandise purchased with the credit card, and also considerable amounts of time and effort as they attempt to recover some of their costs.
Who do you think pays for the costs of credit card theft? If the cardholder of the stolen credit card is not required to pay for the unauthorized charges; and the thief is rarely caught; and the retailers are out the merchandise that was purchased with the stolen credit card- who pays for all of these financial damages? Consumers. Retailers raise their prices and credit card issuers raise their interest rates and fees to help compensate for credit card theft.
So while the cardholder of the stolen credit card doesnt pay for the...
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