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Credit cards play an important role in the day to day transactions and are one of the best cash alternatives in the modern era. They not only offer ease of use and repayment but also help to improve your credit score. However, in an unfortunate event, if you lose your credit card , you need to act immediately and report your lost card. The slower you act, the more you have to pay if somebody uses your card fraudulently. In this below article, we have covered all the important steps that you need to follow if your card is stolen or lost:
Step 1: Call your credit card issuer :
Contact your bank immediately if your card is lost or stolen. You have online access to your bank account, and a bank statement can come handy which has your card issuer’s number on it. Logging into your account online will also help you to check if anybody has used the card since you lost it. Also, there are a few banks that allow you to disable your card immediately using their app.
Step 2: Get prepped with information :
When you call your credit card issuer, you will need to provide some personal information to prove your identity such as full name, address, social security number or date of birth. The customer care representative will also want to know when your card was lost or stolen and if there are any unauthorized charges, you want to report as fraudulent. They may review recent transactions with you to see if any of them appear to be fraudulent. Also, don’t forget to update your mobile wallet if it includes the lost card as a means of payment. Your issuer will cancel your account and issue you a new credit card. The bank may levy some charges for issuing a new card.
Step 3: Check your credit card statement :
Remember to closely review your credit card statement after you’ve reported your card lost. If you see any fraudulent or unfamiliar activity, call your credit card company as soon as possible.
Step 4: Check your insurance coverage :
Usually, credit cards have a zero liability clause that covers fraudulent transactions incurred on the card from the date and time of reporting loss of the card to the bank. This means you’re not liable for any purchases someone else may make with it. So, it’s important to check insurance coverage with your bank.
Step 5: Update your recurring payment information :
If your card is lost or stolen and you have automatic payments set up with that card such as your cable or mobile bills, you’ll need to update each account with your new credit card number. Once you get your new card, log in to your online accounts, or call the merchant to give them your new information. Also, don’t forget recurring charges that are infrequent, including semi-annual premiums for car insurance and annual membership fees.
Things to do to prevent future lost or stolen credit cards:
There’s no foolproof way to prevent ever losing a credit card again, but there are some things you can do to reduce the chances:
Use a mobile payment wallet :
Mobile payment wallets like Apple Pay, Google Pay, and Samsung Pay eliminate the need to carry a credit card everywhere you go. Plus, your transactions are more secure if you swipe your credit card.
Keep your cards in one place :
Every time you use your credit card, put it back in your purse or wallet when you’re done.
Make sure your cards are secure :
If you have an old wallet, there are chances that the slots may be worn and loose, allowing your cards to fall out if you’re not careful. So, it’s better to buy a new wallet.
Keep your cards close to you :
Keeping cards close to you will help prevent others from stealing your credit cards. This will help to limit the danger.
Keep a list of contact numbers for your card issuers :
and recurring charges in case your card gets lost.
Conclusion: If you lose a credit card and someone else uses it, there are chances that you may not lose any money. But you will have to deal with the stress and inconvenience of contacting the card issuer and merchants. So take proactive steps to prevent a lost credit card.