Lost Your Credit Card? Here’s What You Can Do

By Medha Roy Chowdhury | April 21, 2019

Have you lost your Credit Card? Don’t panic. We’re here to help you act quickly before it can hamper your finances.

To be honest, a Credit Card is quite easy to lose. After all, it’s a tiny plastic card that is easy to overlook. However, losing your plastic buddy may be nothing short of a nightmare.

After noticing that the card has gone, you must act quickly. If you’ve lost your Credit Card recently, this article is for you. All is not lost when it comes to a lost Credit Card and we’ll tell you why.

Contact your card issuer immediately

Report your lost card before someone has a chance to use it so that you’re not held responsible for further expenditures. This is the first thing you should do when your Credit Card goes missing.

If you have trouble finding your card issuer’s phone number, just take a look at any of your Credit Card statements.

While contacting your creditor, make sure you have the following information at hand:

  • Your account number

  • Date of theft

  • Date and amount of last authorised transaction

Additional Reading: Be Wise And Prevent Credit Card Fraud With These Tips

Locking your card

If you’ve lost your Credit Card, don’t panic. Without further ado, you need to lock your Card and prevent it from being misused.

Did you know that most card issuers allow you to block or freeze your card through a mobile app or Website. This is the first thing you must do if you’ve lost your card.

Until the card is frozen, you are to keep a sharp eye on the card statement.

Additional Reading: Deactivate Lost Credit Cards Immediately

What happens next?

After you report your card missing and lock it, your card issuer will look into the matter and take measures to replace your card. The good news is that your account will not be cancelled.

Ideally, under such circumstances, your card issuer will cancel the old card and issue you a new one.

It’s important to remember here that as long as you pay off any amount you’re liable for, your Credit Score will not be affected. We understand that losing your Credit Card is quite an upsetting experience, but quick action can save your finances from taking a hit due to unsanctioned purchases.

Prevention is better than cure, right? So, let’s take look at a couple of safe practices when it comes to Credit Cards!

Additional Reading: How To Protect Your Credit Card From Skimming

Update your information

Notify your bank if you shift house or move to a different city. This will make sure that your Credit Card statements and associated documents will reach your new address and won’t end up in the wrong hands.

Keep reviewing your account information frequently and report any unusual activity.

Additional Reading: How To Read A Credit Card Statement

Maintain confidentiality

Remember to keep your security credentials such as your account number and PIN private and safe. This is sensitive information. So, think twice before sharing it with someone.

An easy way to keep track of your Credit Card activity is to sign up for fraud alerts using your cell phone number. And remember, don’t pay heed to emails that ask for your account number or personal information!

Additional Reading: What To Do When Your Financial Data is Stolen

Set geographic limits

Did you know that banks allow you to set geographic limits on your Credit Card? This way you can use it only within the limit.

Technology has really come a long way and now you can even use apps to conveniently block and unblock your card to prevent any misuse.

Additional Reading: Avoid Credit Card fraud damage with the ‘Autopay & everyday’ technique

Choose a strong password

How will you know if your password is strong? Well, a good password is complex, often combining letters, numbers, and special characters.

It’s also wise to choose a longer password. Remember, change your passwords from time to time and don’t use the same password for all your accounts.

Additional Reading: Be Wise And Prevent Credit Card Fraud With These Tips

With these tips and tricks at hand, your Credit Card is sure to be safe!

Are you looking for a second Credit Card that comes with zero annual fee, discounts on shopping and restaurants, airlines miles, cashback and more? You have plenty of options to choose from along with a range of other financial products such as Personal Loans and Fixed Deposits.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Credit Cards UCN
Medha Roy Chowdhury

About Medha Roy Chowdhury

Square peg in a round hole, Medha reads whenever she gets the chance to. She is happiest when travelling and dreads having to choose between the hills and the sea. Dog lover at heart, she is in pursuit of adopting a few canine friends someday. Weird as it may be, she bakes when stressed. Previously a Market Research Editor by profession, she takes a keen interest in finance. When she is not reading, you’re sure to find her with her ukulele.

Leave a Reply

Your email address will not be published. Required fields are marked *