Credit Card Glossary: Terms and Definitions
Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.
- Zero liability policy
- Major credit card issuers, concerned about public reactions to identity theft and fraud, have voluntarily adopted zero liability policies to product consumers. Zero liability policies go beyond the requirements of federal law, which limit individuals' out-of-pocket expenses to $50 if a credit card is lost or stolen and then used fraudulently. As the name implies, zero liability policies mean that consumers pay nothing if their cards or account information are stolen and used fraudulently.