Question

For a business credit card, most companies that issue credit, including Visa and Mastercard, specifically state their liability policies:
Only cover the first $50.00 of liability





Cover up to $500 of liability





Are the same as their business card accounts





Do not apply to business card accounts

Answer 1

Answer: Cover up to $500 of liability

Explanation:

When one suspect that there has been unauthorized transactions in ones accounts which could be due to fraud, such business or person can make a complaint as soon as possible.

As soon as the report is made, the person is no longer in charge of the unauthorized use of such card. In a case whereby the loss is reported within two days, the liability is limited to $50 but when the report is made within 60 days after ones statement has been sent to the person or business, this may lead to a liability of $500.

Cover upto liability of $500. If the report is made within 60 days of receiving statement that shows fradulent transactions. If it is not reported within 60 days then the liability is unlimited.