What if one morning you don’t find your credit card? You don’t remember if it is at home or if you left it at some store. Do you know what to do in case of such a nightmare? Do you know the right way to report a lost credit card?
Here are the steps to take if you lose your credit card to minimize your damages:
Step-1: Contact your credit card issuer
The first thing you need to do is contact your credit card provider and report the loss of your credit card. The credit card customer care number is generally given at the back of your card. However, in such a case, you can find the contact from your credit card statement or online. You can even report the loss at the nearest branch or at the official website.
Please note it is best to report as soon as possible to avoid paying for transactions you did not commit. If you report the loss before any transaction is carried out, you are not liable to pay anything.
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Step-2: Verify your account and provide all relevant information
Once you contact the credit card provider, you will be asked to validate your account. So, make sure you have your name, address and credit card number at hand. After validation, the customer care representative would ask you questions regarding the loss of card such as
→ When did you notice your card was lost?
→ What was your last transaction?
The representative will then instantly block your credit card and send you a confirmation receipt on your email address. You will be given a new card number within a few days of reporting. Do not forget to update the details on any of your digital wallets. Moreover, you should inform your vendor(if any) about this and update your details.
Step-3: Follow up
It is advisable to follow up with a letter or an email stating your card was lost. Include every detail possible such as the credit card number, the speculated date of the loss, the date of reporting the theft and your last authorized transaction. This will act as proof if your report ever comes into question. You can also keep a copy with you if you’re not sending an email for any future purposes.
Step-4: Review your credit score and credit card statement
Thereafter, don’t forget to check your free credit score online to see if the loss has affected your credit score in any way possible. Although, loss of a credit card does not have a direct impact on your credit score. Check if you have any fraudulent charges or transactions that seem unfamiliar and report the same to your credit card provider.
Step-5: Check your insurance policy
Nowadays, credit cards come with insurance coverage that covers any fraudulent activities or unfamiliar charges. Generally, you are not liable for any transaction carried out after the report of your credit card loss. However, if there happens to be any transaction before the report, you can check if it is covered under the insurance policy.
Additional Reading: How To Pay Off Credit Card Debt When You Have No Money In Six Months
Common Questions on Credit Card Loss
Now that you know the steps to take when your credit card is lost, here are the answers to the common credit card questions:
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Question: How will I know if my credit card is blocked?
Answer: After you successfully submit your credit card block your request, you will be given a confirmation message via SMS and email on your mobile number and email address respectively. In a case, if you don’t receive the text, you should contact the customer care again and discuss the same.
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Question: Will there be fees to replace /reissue a card?
Answer: Generally, there is a fee associated with the replacement/reissue of a credit card. This depends on lender-to-lender.
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Question: Will my reward points earned go in waste?
Answer: The account number and credit card number are different and cannot be the same. The reward points you earn are accumulated in your account and therefore any reissue/replacement of a credit card will not affect your current reward points.
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Steps To Protect Your Credit Card From Getting Lost In Future
There are certain steps that can be taken to protect your credit cards from getting lost in the future.
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Keep track of your credit cards
Keep a specific place for your credit cards and know where you have kept your cards. Only carry cards that you will be using and keep the rest at home.
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Cut your credit card(s) through your account number
If you block or cancel any credit card, always cut your credit cards through the account number to be completely safe.
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Check your credit card statements
Check your credit card statements when you receive them. This will help you keep a track of any fraudulent charges(if any).
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Keep a record of your credit card information
Take note of your credit card details such as the name and contact of your credit card provider to ease your process if you ever lose your card again.
In a case of credit card loss, always remember acting quickly is the key to damage control!
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