MasterCard Extends Zero Liability to Business Credit Cards
MasterCard International announced today that it is extending its zero liability policy to holders of MasterCard business credit cards. The zero liability policy, which exempts cardholders from paying any fraudulent charges due to their cards being lost or stolen, has existed for consumer credit cards since 1994. According to a company press release, the zero liability policy will go into effect September 1st for all Mastercard business credit card and business debit card users, as long as cardholders meet “certain conditions including having exercised reasonable care in safeguarding their cards and notifying their issuing bank of the loss, theft and/or unauthorized use of their cards.” Exactly what activities encompass “reasonable care” were not detailed, nor were any exact notification timeframes offered.
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