Chase Canceling ID Theft Coverage

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Many of you who have one of the many Chase credit cards probably received a letter in the mail stating that as of November 1, 2013 ID Theft Coverage will be cancelled. While any additional coverage/benefit that comes along with the card is great, note that ID theft coverage is not the same as fraud protection. So this is not as bad as it appears if you assumed that fraud protection is being canceled.

With all credit cards, your maximum liability for fraudulent charges is $50. You are covered by the Truth in Lending Act (TILA) of 1968. It states, “…if a credit card is lost or stolen, the cardholder must not be held liable for more than $50 for the unauthorized use of the card.”

In my experience though, Chase has never made me liable for the $50. They have always taken off the fraudulent charge from my account and have taken care of the issue. Just want to ensure you are all aware of this change.

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


  1. Thanks for the clarification that fraud is still covered in the card benefits, but what does it mean if identity theft is no longer covered? If someone steals my identity and I am not aware of it yet, could someone rack up high charges that I am responsible to pay?

  2. Identity Theft coverage from credit card companies can be particularly misleading. According to Wise Bread, the coverage that card issuers often give you promises to limit your liability in case of fraud or identity theft, but what most card issuers don’t tell consumers is that their liability in both cases is already limited to $50 by the Truth in Lending Act of 1968 – and if you’re paying money per month for such protection, it’s worth calling up your credit card company to cancel it. In this case, Chase is doing it for you.

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