It’s hard to imagine our daily lives without the use of credit cards. They make our purchases more convenient, help in case of a shortage of our own funds with the help of an open credit limit, and help to build our credit rating. However, the number of credit card thefts is growing every year and each of us runs the risk of being in a similar situation. In addition, no one is immune from the usual loss or risk of forgetting somewhere their things. Then the question immediately arises of what to do if lost a credit card in order to prevent the use of your money and your credit line by third parties?
Lost credit cards can cause serious problems for you and your family if attackers take advantage of your credit and create large debts that you will have to pay back later, if you will be able do it at all. Some credit card holders became victims of such circumstances and found themselves in a situation that could lead them to bankruptcy. This is especially true for those people who are already experiencing financial difficulties at the moment for various reasons.
In addition, attackers can seize your personal data and then use it in their criminal activities against you or on your behalf against other people. All this can cause big trouble for you. So find out right now what to do if lost a credit card.
First of all, try to prevent the loss of credit cards
Let’s see what can be done so as not to get into such a nuisance and then not fight with its consequences. If you manage to prevent the loss of one or more of your credit cards, then you will not be exposed to the risks described above and severe stress associated with them. A few simple precautions will help you to avoid losing or stealing your credit cards.
- Keep your credit cards, which you are not currently using, in a safe place. It is advisable that this be a safe or another place that only you will have access to. Do not tell other people where your credit cards are stored. Keep the ones that you use now in your wallet and keep an eye on it, especially in crowded places, so as not to run into the question of what to do if lost a credit card. Not following these basic precautions is a sure way to lose your credit cards, especially if you are walking, relaxing and not thinking about it.
- Take with you only the card with which you are going to make purchases or payments now. Whether you are planning to use all of your credit cards at the same time? If you are going on a trip, then bring along the card that will be most advantageous when traveling with a miles rewards and with no fee for international transactions. It may be worth taking another card with you on a long trip just in case, but keep these cards in different safe places, for example, put one in a purse and leave the other in a safe in the hotel room where you are staying. This will reduce the chance of losing other credit cards while you use one.
- Do not provide your credit card details by phone or on unknown unverified websites on the Internet, especially keep in safe your CVV code written on the back of the card. If you need to provide your credit card number, then you must be sure who you are transferring your card details to.
- Close those bank cards that you do not use at all. However, it is worth considering if this will not affect your credit history. To determine this, think if this is the card that you have been using for a very long time and is much older than all your other credit cards? When you close such a card, your credit history becomes shorter, which may lower your credit score. In this case, leave the oldest credit card, but think about closing newer ones that are idle to reduce the likelihood of your cards getting into the wrong hands.
- Destroy old credit cards before discarding them. Although they no longer work, today’s cyber criminals can use the information that is recorded on it. Just cut off the old credit card with scissors to prevent parsing data from the card.
Use such simple precautions, and then most likely the question of what to do if lost a credit card does not arise before you. However, life is rich in a variety of surprises and suddenness es, so you cannot completely exclude the possibility that your credit cards may be lost.
Fortunately, not everything is as bad as it might seem at a first peek, because even if you lose one or more of your cards, the right actions will help you avoid serious financial damage and other bad consequences of the loss. Next, find out what to do if lost a credit card and about the necessary actions that need to be taken as soon as possible when you found out a disappearance .
First of all, report the loss of the card to the issuer
No matter how much time has really passed since the disappearance of your credit card, you must immediately call or otherwise inform the issuer about the incident as soon as you find out about it. The sooner you do this, the less likely it is that someone will have time to use your card and thereby harm you. After your message, the issuer will block your credit card and make it impossible for future attackers to use it.
Your prompt notification to the issuer about the loss of your credit card from your control field relieves you of liability for any subsequent damage caused by third parties. In this way, ensure the safety of your finances. You will need to answer a few questions that the issuer’s representatives usually ask in such cases to make sure that you are the real card holder, as well as about the circumstances of the loss of the card. Remember the last incoming and outgoing transactions made on the card to answer these questions.
You can report a loss or theft not only by phone, but also through the application on your smartphone, if available, via the messenger or in another way on the Internet, as well as by visiting the issuer’s office of your credit card directly if it is not far from you. Remember that time plays a very important role here, so choose the fastest way.
- Be aware of what is happening after your message about the disappearing of the card
One of the most important recommendations that can be made when answering the question of what to do if lost a credit card will be the following: record the time of each event and action associated with your credit card after its loss. Write down the time when you discovered the loss, the time when you informed your issuer about it and it is advisable to record the conversation with the creditor itself in order to be sure in the future that you will not be liable for possible damage caused by intruders.
- Also keep in one place all correspondence with the bank that issued the lost credit card, both electronic and paper. This can help you prove your case if you and your card issuer disagree about your responsibility for the cost of a lost credit card.
- If someone else can still use your money or a credit limit, file a complaint with the police to have one more weighty argument against trying to make you responsible for such expenses.
Check your credit reports to ensure that potential damage has not been recorded in your account. Make sure that all credit transactions recorded there were made by you before the disappearance of your card. If you find any other loans on this card in your report, then immediately inform the issuer and insist on relieving you of responsibility for these transactions, because they were committed by third parties, having absolutely no right to do so.
Some lost credit cards can lead to damage and disputes with the issuer, but most often, if you do everything as we described above, problems can be avoided even if fraudsters manage to use your card.
Keep calm and act
If you suddenly detect that your credit card is no longer with you, then do not panic. Pull yourself together and start acting according to what you learned in response to the question of what to do if lost a credit card. Do not postpone these steps for later, take them as quickly as possible, but at the same time keep calm so as not to forget or confuse anything.
So you prevent confusion and disarray associated with stress and can also prevent all undesirable consequences from falling into the wrong hands of your credit card. Block your credit card as quickly as possible by informing the issuer of its loss and monitor the further development of events.
Do not store your cards in unsafe places, do not carry a whole pack of credit cards with you if you do not need them all at once, and do not leave them anywhere without supervision. So you will be able to keep your money and your data safe, and your mood at high altitude. Also, do not forget to control the changes in your credit in order to detect unauthorized activity in time.
Learn more about credit cards and how to handle them, about different types of loans and about managing personal finances in our blog. You can also get advice and apply for financial support in any situation.