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Have you ever been contacted by your credit card issuer about a suspicious transaction? This typically means a "fraud alert" has been triggered and your bank needs to confirm whether the activity is legitimate. If you didn't attempt the purchase, you have likely been a victim of credit card fraud.
It's relatively easy to recover from credit card fraud — typically, your credit card issuer will refund the fraudulent charge and issue you a replacement card with a new number. Besides your card number, credit card fraud doesn't necessarily mean that your personal information has been compromised. However, if your personal information has been stolen, you have different problems to resolve.
Credit card fraud and identity theft involve the unauthorized use of your information, but they are not the same. Below, CNBC Select explains the differences between credit card fraud and identity theft and some ways you can monitor your personal information.
What we'll cover
Compare identity theft protection services
Credit card fraud vs. identity theft
Credit card fraud occurs when unauthorized charges are made using your credit card information. Some ways thieves can obtain credit card numbers include data breaches, stealing your physical card and skimming your card.
Credit card fraud is a type of identity theft. Identity theft differs in that it goes beyond only stealing your credit card number. With identity theft, someone has assumed your identity by stealing your personal information, such as your name, address, date of birth and Social Security number to fraudulently open accounts in your name.
Recovering from identity is a lot more difficult than just changing your credit card number. It can take years since you need to constantly review your credit to catch and close new fraudulent accounts that may be opened. You may also need to involve law enforcement, deal with debt collectors and replace your IDs.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Plans from $10 to $32 per month, billed annually
Protects against identity theft, fraud, spam calls and websites, viruses and malware. Offers three-credit-bureau monitoring, VPN, dark web monitoring, password manager, email aliases and instant credit lock.
On Aura's site
From $7.50 to $25.00 per month, billed annually on individual plans and $12.50 to $33.33 per month, billed annually on family plans
Up to $1 million in insurance for eligible losses from identity theft
On Identity Guard's site
Credit card fraud protections
The good news with identity theft and credit card fraud is that federal laws protect you from liability should you be victimized.
The Fair Credit Billing Act (FCBA) protects you against credit card fraud, limiting your maximum liability to $50 as long as fraudulent charges are reported within 60 days.
Credit card issuers have gone beyond the federal protections in offering zero-liability protection, which means you won't be responsible for any unauthorized charges as long as they're reported within the FCBA's 60-day window. Visa, Mastercard, American Express and Discover all have zero-liability protection. Still, you'll want to confirm that your specific card includes it and how to report any unauthorized transactions since different card issuers may have different policies.
Here are some cards that offer zero-liability protection as a benefit:
The American Express Gold Card is great for earning valuable Membership Rewards® points at restaurants worldwide and U.S. supermarkets. Membership Rewards® points transfer to many of the top airline and hotel loyalty programs, which makes this card one of the best options for earning travel rewards.
- You can earn $400+ in dining and rideshare credits every year (Enrollment required for select benefits mentioned)
- Exceptionally rewarding for eligible restaurant and U.S. supermarket purchases
- No foreign transaction fees
- Large annual fee
- Credits are more complicated, you earn them monthly or semi-annually
- Spending caps on the top bonus categories
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount – all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You'll know upfront exactly how much you'll pay.
- Updated! $120 Dining Credit: Earn up to a total of $10 in statement credits monthly when you pay with the Gold Card at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder. This can be an annual savings of up to $120. Enrollment required.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That's up to $50 in statement credits semi-annually. Enrollment required.
- $84 Dunkin' Credit: Earn up to $7 in monthly statement credits after you pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment required.
- $120 Uber Cash on Gold: Enjoy up to $120 in Uber Cash annually with your Gold Card. Just add your Card to your Uber account and you'll get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an Amex Card for your transaction.
- New! As an American Express® Gold Card Member, you can enjoy complimentary Hertz Five Star® Status. Enjoy benefits like skipping the counter at select locations, adding an additional driver at no additional cost*, and vehicle upgrades**. Benefit enrollment and Hertz Gold+ registration are required. *Additional drivers must meet standard rental qualifications and must be a spouse or domestic partner to qualify as complimentary. Other additional drivers subject to fees. **Benefits are subject to availability and vary by location. Additional Hertz program Terms and Conditions including age restrictions apply.
- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
- Book your travel through the Amex Travel App with added peace of mind – backed by American Express® service and support. Only for American Express® Card Members.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
- See Rates & Fees
Foreign transaction fee
None
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus. Plus, if you pair it with a premium Chase credit card that allows point transfers, you can convert your cash back into flexible travel rewards.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers receive an intro APR
- No annual fee
- Has a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
What makes the Citi Double Cash® Card special is that it sits near the top of its class in several categories. It is an excellent option if you want flat-rate rewards, a balance transfer intro-APR or no annual fee.
- Balance transfers get a long intro APR
- Generous flat-rate cash-back rewards structure
- Earns transferable rewards
- No annual fee
- It has a foreign transaction fee
- Intro APR only applies to balance transfer
- Points transfer ratios are reduced compared to premium cards
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, earn 5% total cash back on hotel, car rentals and attractions booked with Citi Travel.
- Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 17.49% - 27.49%, based on your creditworthiness.
- Balance Transfers do not earn cash back. Intro APR does not apply to purchases.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Balance transfer fee
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening.
Foreign transaction fee
3%
Information about Discover cards has been collected independently by CNBC Select and has not been reviewed or provided by the issuer prior to publication.
The FCBA is limited to consumer credit cards, so you'll want to check with your issuer regarding business credit cards as some have extended the zero-liability protection to those cards as well.
Identity theft protection services to consider
When it comes to identity theft, it's ideal to be aware of potential risks before any damage is done. While there's no way to guarantee that your identity won't be stolen, there are many identity theft protection services to help you monitor your personal information and you provide alerts to help prevent you from falling prey to scams and malicious websites. Many of these services also include identity theft insurance, helping you recoup out-of-pocket expenses related to restoring your identity.
CNBC Select recommends Aura if you're looking for an all-in-one identity theft protection service. It protects against financial fraud, identity theft, spam calls, online theft, phishing and scam websites, viruses and malware, as well as offering security tailored to kids and financial alerts like credit score monitoring. There are plans available specific to individuals, couples and families.
Aura
Cost
Kids: $13 per month or $10 per month billed annually; Individual: $15 per month or $12 per month billed annually; Couple: $29 per month or $22 per month billed annually; Family: $50 per month or $32 per month billed annually
Standout features
Protects against identity theft, fraud, spam calls and websites, viruses and malware. Offers three credit bureau monitoring, VPN, dark web monitoring, password manager, email aliases and instant credit lock.
Identity theft insurance
All plans include at least $1 million and white-glove fraud remediation
Terms apply.
Pros
- 14-day free trial
- Family plan includes up to 5 adults and an unlimited number of kids
- Discount if you buy an annual plan
- Up to $1 million to cover losses or expenses related to identity theft
Cons
- Doesn't monitor social media accounts
- Annual plans can only be canceled in the first 60 days for a money-back guarantee
If you're looking for a combination of credit monitoring and identity theft protection, check out PrivacyGuard. Its combined plan features a free VantageScore, credit monitoring of all three bureaus, alerts and reports, dark web scanning, public records and bank account monitoring and $1 million in identity theft insurance. Separate plans for just identity or credit protection are also available.
PrivacyGuard®
Cost
$9.99 to $24.99 per month
Identity theft insurance
Up to $1 million for Identity Protection and Total Protection plans; none for Credit Protection plan
Credit monitoring
Total Protection and Credit Protection plans both monitor your Experian, Equifax and TransUnion credit reports; Identity Protection doesn't offer credit monitoring.
Mobile app
Yes
Family plan
No
Terms apply.
Pros
- All plans include a Dedicated ID Fraud Resolution Agent
- 24/7 triple-bureau daily credit monitoring
- All plans include $1 million in ID theft insurance
- New users can try any plan for $1 for the first 14 days
Cons
- No family plan
- No identity theft insurance with Credit Protection plan
- Identity Protection plan doesn't offer triple-bureau credit monitoring
Don't miss: Best identity theft protection services
While not as comprehensive, a free credit monitoring service can provide basic protection if a paid identity theft service isn't in your budget. By keeping tabs on your credit report and statements, you can quickly spot signs of suspicious activity, such as new accounts in your name or drastic credit score changes, which could indicate identity theft.
Experian's free credit monitoring service is great because in addition to real-time alerts about your credit report, it provides a one-time dark web surveillance report upon sign-up.
Experian Dark Web Scan + Credit Monitoring
Cost
Free
Credit bureaus monitored
Experian
Credit scoring model used
FICO®
Dark web scan
Yes, one-time only
Identity insurance
No
Terms apply.
Compare credit repair options
Bottom line
While credit card fraud and identity theft are similar, identity theft has much more serious repercussions. Problems associated with identity theft can follow you for years while getting a new card is typically all it takes to rectify credit card fraud alone. Fortunately, there are ways to proactively reduce the risk of identity theft, such as using a protection service.
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For rates and fees of the American Express® Gold Card, click here.
For rates and fees of the Discover it® Miles, click here.
