Will my credit card be cancelled?

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Nowizard
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Will my credit card be cancelled?

Post by Nowizard »

We regularly charge between $3,500-$4,000 monthly on a CC, paying it off fully with each billing cycle. There have been fraudulent charges made to the card twice in the past five years. One series of four charges was for electronics and totaled approximately $1,000. The other consisted of three charges for cosmetics totaling approximately $500. The card was cancelled, and a new one was issued in each case with investigation determining we were not responsible for the charges. There is no indication that our Internet access to the card site has been hacked, and we assume the data were taken at a retail store or restaurant where we made purchases. If this occurrs a third time, what is the probability of the CC company permanently cancelling our card? We have FICO scores in excess of 800, pay the total monthly and typically use a relatively small percentage of the $24,000 charge limit.

Tim
arsenalfan
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Re: Will my credit card be cancelled?

Post by arsenalfan »

No
Happens every 12 months on average with us. We just had it happen twice in the past 3 months.
Silver lining is you learn what you have on autopay.
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jabberwockOG
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Re: Will my credit card be cancelled?

Post by jabberwockOG »

We have had our card info stolen apprx every 2-3 years on average for 20+ years. There has been zero impact of CC standing or credit score from what I can tell. Sadly credit card companies and stores treat this situation as a cost of doing business, and long term when market conditions permit, pass on the actual cost of losses to consumers in the form of higher prices and interest costs. The consumer protection laws on credit cards are excellent in protecting consumers as long as there is no sign of negligence by the consumer.

I caution everyone to add text message alerts anytime they have any kind of credit card activity. Getting an immediate text notice for any CC activity, allows you to quickly report a problem, get the card shut down immediately, and have a new card with new account number on its way to you.
bberris
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Re: Will my credit card be cancelled?

Post by bberris »

It's not clear from your post, but those charges may not have gone through. In my case, Chase seems to have caught every fraudulent charge (and a few legitimate ones). They really can't blame you, and I suspect that most of these breaches are inside jobs.
otinkyad
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Re: Will my credit card be cancelled?

Post by otinkyad »

arsenalfan wrote: Sat Jul 11, 2020 8:23 am Silver lining is you learn what you have on autopay.
This has happened regularly to us as well. After the first few times, we moved all of our autopay charges to a dedicated card that never leaves our house. We haven’t had a problem with that one since. We are also more careful when traveling, after some suspiciously timed thefts when using cards at tour kiosks, street fairs, and the like. Finally, the frequency has gone down with chip cards. We rarely need to swipe any more.
Broken Man 1999
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Re: Will my credit card be cancelled?

Post by Broken Man 1999 »

jabberwockOG wrote: Sat Jul 11, 2020 8:42 am We have had our card info stolen apprx every 2-3 years on average for 20+ years. There has been zero impact of CC standing or credit score from what I can tell. Sadly credit card companies and stores treat this situation as a cost of doing business, and long term when market conditions permit, pass on the actual cost of losses to consumers in the form of higher prices and interest costs. The consumer protection laws on credit cards are excellent in protecting consumers as long as there is no sign of negligence by the consumer.

I caution everyone to add text message alerts anytime they have any kind of credit card activity. Getting an immediate text notice for any CC activity, allows you to quickly report a problem, get the card shut down immediately, and have a new card with new account number on its way to you.
My bold!

That is what I do also, except I get emails. I get a notice for every charge over the minimum amount, $1.00 I think.

Also get email when statement ready, when statement is near due date, and when statement has been paid.

I much prefer a credit card over a debit card, in fact I have never used a debit card. Any debit cards received are destroyed by me, and I request ATM only replacements.

Now the credit union where I have my main account tout that they cover debit cards just like credit cards. I suppose I will never know if they speak the truth.

My credit union cards have a stingy rewards program, so they are used infrequently. My credit limit on one is very high, and it is also my oldest card. So a charge every now an then is fine.

OP, don't worry. Unfortunately, credit card hacking is a not so rare event. It can be a PITA, but it is just a nuisance that comes along with the good benefits credit cards bring to us.

I think some credit card issues are really inside jobs, dishonest employees with access to customer information.

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go. " -Mark Twain
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Stinky
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Re: Will my credit card be cancelled?

Post by Stinky »

jabberwockOG wrote: Sat Jul 11, 2020 8:42 am We have had our card info stolen apprx every 2-3 years on average for 20+ years. There has been zero impact of CC standing or credit score from what I can tell. Sadly credit card companies and stores treat this situation as a cost of doing business, and long term when market conditions permit, pass on the actual cost of losses to consumers in the form of higher prices and interest costs. The consumer protection laws on credit cards are excellent in protecting consumers as long as there is no sign of negligence by the consumer.

I caution everyone to add text message alerts anytime they have any kind of credit card activity. Getting an immediate text notice for any CC activity, allows you to quickly report a problem, get the card shut down immediately, and have a new card with new account number on its way to you.
This is our experience also.

I fully agree with getting text messages or notifications on all purchases. That’s a great way of detecting fraud - instantly. Also, I check my recent transactions every day through the app.
It's a GREAT day to be alive - Travis Tritt
mhalley
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Re: Will my credit card be cancelled?

Post by mhalley »

To mitigate the inconvenience of a cc being cancelled, I would recommend having 2 or preferably 3 cc from different banks. This will decrease your utilization rate plus apeliminate any inconveniences caused by having to wait for a new cc when one gets compromised.
Mudpuppy
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Re: Will my credit card be cancelled?

Post by Mudpuppy »

mhalley wrote: Sat Jul 11, 2020 1:09 pm To mitigate the inconvenience of a cc being cancelled, I would recommend having 2 or preferably 3 cc from different banks. This will decrease your utilization rate plus apeliminate any inconveniences caused by having to wait for a new cc when one gets compromised.
Don't just get them from different banks, also get from different CC networks (e.g. don't have all Visa cards). This is useful if you end up at a small business that only accepts one or two CC networks. Many moons ago, I went to lunch with a co-worker who only had one CC. The business did not accept that network, so I had to pay for both of us. My co-worker was very embarrassed and reimbursed me the next day. That's an easy situation to avoid if you have multiple cards from multiple networks.
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Doom&Gloom
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Re: Will my credit card be cancelled?

Post by Doom&Gloom »

As others have said, no, your card won't be canceled.

As for alerts, I have set mine only for purchases outside the US, over $500, and when the card was not present. I do not want to be bothered every time I use the card.

Honestly, I think the alerts I have set are too many and unnecessary. Chase & AMEX seem to catch fraudulent transactions before I receive an alert. I am coming around to the thought that if I catch fraudulent transactions when the statement goes online, it will be soon enough for all practical purposes for me.
Mudpuppy
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Re: Will my credit card be cancelled?

Post by Mudpuppy »

Doom&Gloom wrote: Sat Jul 11, 2020 2:14 pm As for alerts, I have set mine only for purchases outside the US, over $500, and when the card was not present. I do not want to be bothered every time I use the card.

Honestly, I think the alerts I have set are too many and unnecessary. Chase & AMEX seem to catch fraudulent transactions before I receive an alert. I am coming around to the thought that if I catch fraudulent transactions when the statement goes online, it will be soon enough for all practical purposes for me.
I have similar alerts to yours. I also have an alert on balance exceeds $XYZ, where XYZ is above my typical monthly spend for the card. I've also had the credit card companies stop transactions for verification, although it's always been a legitimate transaction which I have to verify and then resubmit. That is a little annoying, particularly for the ones that I can't figure out what tripped their fraud mechanism.

I have to consider myself very lucky in that I've only had a card number stolen once, back when I was in college and merchant receipts still had all the card information printed on it. An employee decided to go on a Christmas shopping spree from the merchant receipts of the customers. That was very easy to spot on the statement, so I primarily monitor my statements these days.
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NCPE
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Re: Will my credit card be cancelled?

Post by NCPE »

From our experience you won't get cancelled provided you do all the paperwork / phone calls with the CC issuer to confirm they were fraudulent charges.

We have several cards, and there appears to be no rhyme or reason on how they get hacked. Seems like every couple of years (some times more often) we have to get a new card number issued due to some one making an unauthorized charge. We keep a Fidelity card as a back up that has never been use for any on line transactions and it has been hacked a couple of times.

+1 for setting up alerts, I have a text alert / email alert any time when there is a charge made where the card is not present. An minor annoyance but it has allowed me to catch unauthorized charges and report them in a timely manner.

NCPE
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heartwood
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Re: Will my credit card be cancelled?

Post by heartwood »

Newer post to older thread.

In my experience, they almost always cancel the card. I called a couple of months ago on an unrecognized charge that only listed an 800 number. If I disputed it I had to cancel the card. I waited a few days and we found the vendor. It was legitimate.

We did get tagged this morning. We get alerts for anything charged to our Fidelity Visa. One for $19.57 for an online/phone gaming site membership, and 2 charges ($3 and $10) for membership at a dieting/weight loss counseling site. I'm guessing they were tests to see if it worked before charging big ticket items.

Both shown as pending and submitted yesterday. Called Elan, and as expected, they cancelled the card, new card expected Wednesday.

It's our primary card that we pretty much run 80% through. I'm looking at 25 - 30 sites I'll have to update. What a homework assignment. I do have a list from several years ago, the last time this happened before Fido switched to Elan VISA from their FIA AMEX. With FIA it happened yearly, at least, and always seemed to be FIA's fault. Elan's been much better.

Curiously we just got new cards last week as the current ones expire at the end of this month. Same number, but different expirations and different CCV codes. We activated the new cards and destroyed the old ones. Maybe a dozen or less charges in that time. Seems unlikely the numbers are circulating from a data breach already, so it may be an in person or online use by us got hijacked. I had already updated the number on a dozen or so sites last week with the new exp & CCV.

What a waste of time!
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Stinky
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Re: Will my credit card be cancelled?

Post by Stinky »

heartwood wrote: Mon Sep 14, 2020 1:37 pm
It's our primary card that we pretty much run 80% through. I'm looking at 25 - 30 sites I'll have to update. What a homework assignment. I do have a list from several years ago, the last time this happened before Fido switched to Elan VISA from their FIA AMEX.
My suggestion to you - get a new credit card that is ONLY used for recurring online charges, and is never used “in the wild”. That will reduce the chances that the card that you are using on 25-30 websites will be hacked.

I’ve finally learned my lesson, and done just that. I use Citi Double Cash as my primary card, and got a second DC card for recurring charges. No problem as of yet.
It's a GREAT day to be alive - Travis Tritt
an_asker
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Re: Will my credit card be cancelled?

Post by an_asker »

Nowizard wrote: Sat Jul 11, 2020 8:22 am We regularly charge between $3,500-$4,000 monthly on a CC, paying it off fully with each billing cycle. There have been fraudulent charges made to the card twice in the past five years. One series of four charges was for electronics and totaled approximately $1,000. The other consisted of three charges for cosmetics totaling approximately $500. The card was cancelled, and a new one was issued in each case with investigation determining we were not responsible for the charges. There is no indication that our Internet access to the card site has been hacked, and we assume the data were taken at a retail store or restaurant where we made purchases. If this occurrs a third time, what is the probability of the CC company permanently cancelling our card? We have FICO scores in excess of 800, pay the total monthly and typically use a relatively small percentage of the $24,000 charge limit.

Tim
I'm curious - is this the Fidelity credit card?

We've had it happen twice over the last couple of years as well. I am wondering if it is something at their end!! :oops:

The second time it happened, I caught it because it was used for toll payments, and we don't use that credit card for toll payments!
bikesandbeers
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Re: Will my credit card be cancelled?

Post by bikesandbeers »

I am knocking on wood as a say this, but I havent had any credit card fraud in the last 2-3 years. I did have a string in 2010-2015 where I had fraud on one of my accounts every 6 months. Never any threat to permantly cancel. The companies (chase, amex, citi) were always happy to resend a new card/new number.

Perhaps the chips are making a difference? I don't know where the charges were comming from beacuse I never lost a card. One theft was a gas station skimmer for sure, but other ones were probably online.
Trism
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Re: Will my credit card be cancelled?

Post by Trism »

Your accounts aren't at risk of closure for routine fraud by a stranger. To the credit card company, it's a cost of doing business.

One of the benefits of paying with a credit card is zero liability for unauthorized use. It's my responsibility to pay for what I charge, and it's the credit card company's responsibility to detect fraud. It's their money.

I do not want a text message and/or email every time a charge is made on one of my cards, or ever, really.

On the rare occasion I've spotted fraudulent activity, I've reported it to preserve my rights and obviously to ensure the charge is reversed. My small handful of experiences in the last 15 years have each been resolved with a short phone call and the issuance of a replacement card.

For a couple of days while the new card is in transit, I just use a different card.
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