If a card is either lost or stolen, the cardholder needs to pay. It is similar to carrying cash with you. Say, someone takes a personal loan from the bank and loses the cash, it is not the bank's responsibility
Most private banks do not restrict card usage if the person is nearing the credit limit. There is afine between Rs 500 – 750 if a person breaches the sanctioned credit line. The reason: Usually, customers do not cross their credit limit except for emergencies. In some cases, customers with a good track-record may use the card for big purchase and cross the credit limit; but they pay back on time
Some public sector banks (PSB), on the other hand, do not allow payments if the transaction breaches the credit limit. "For any such purchase, the customer needs to call up the bank in advance. An officer checks the payment track record and accordingly sanctions or denies it
However, if the same things happen to you and someone misuses the card online, there is little chance of getting the money back.
According to him, if a card is misused, the liability falls on different parties under different circumstances. If the card is lost or misused after a person has received it from the credit card company, the cardholder will be liable for the misuse up to the sanctioned limit.
Anything beyond the credit line is the company's responsibility. A limit on the card means that it is the maximum amount a company However, if burglars Gai also pointed out that most customers did not prefer to take the credit card company to a consumer court in such cases, as they preferred to opt for settlement issuer offers.
Being aware of available options does help if you lose a credit card, but the primary responsibility does remain with the cardholder to protect it.