Quote:
Originally posted by AaronM
Having spent about 3 years working for the Credit Card division of Well Fargo......I can tell you that this is your best option at this point...HOWEVER...believe it or not, even a canceled credit card can still occur charges if the initial authorization is done prior to cancellation. Yeah it sucks but it still happens. Used to see it all the time with magazine subhahahahahahaions, iBill, and I think it was DMR Internet as well.
That's my  and I do know WTF I am talking about.
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Aaron is 100% right. This is how it's seen from Visa/MC's point of view. You have/had a contract with the merchant. Visa/MC is simply a method of payment for the contract, just like cash. Visa/MC cannot refuse the transactions unless they have proof that the contract has been cancelled.
If you report your card as being lost, your credit card company can and 75% of the time, will transfer the Columbia House or whatever other charges to the new card. And if they find out you reported your card lost simply the avoid charges by a company, they can revoke your account, which would do a good bit of damage to your credit rating.