One of Andre's seldom-used credit cards has been stolen without his knowledge. When he gets his monthly statement, he realizes that someone else has been using the card and reports it stolen. The maximum amount of the unauthorized purchases he is he liable for is:

Question

Alexis Hancock

Mathematics

3 March, 02:08

One of Andre's seldom-used credit cards has been stolen without his knowledge. When he gets his monthly statement, he realizes that someone else has been using the card and reports it stolen. The maximum amount of the unauthorized purchases he is he liable for is:

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Anton Greene · Answer 1

The maximum amount of the unauthorized purchases he is he liable for is: $50.

Step-by-step explanation:

Andre realizes that someone else has been using the card and reports it stolen.

So, the maximum amount of the unauthorized purchases he is he liable for is: $50.

There is a provision under the Truth in Lending Act, that if your card is stolen and any charges are incurred on it, and you report this to the card company, then you do not have to pay for that.

The most one will have to pay for unauthorized charges is $50, even if there is hundreds of dollars of bill.