A lost credit card has the potential to cause a lot of damage, especially if your card has a high credit limit. Knowing what to do when you lose a credit card is essential, to prevent you losing money and experiencing damage to your credit.
Report your Lost Credit Card Immediately
As soon as you notice your card is missing, you need to report it to the card issuer. Do not wait, the longer you leave it the more chance you have of someone using it. Your card issuer should have a dedicated number for lost and stolen cards. You can usually find this printed on the back of one of your statements. Alternatively, if you use online banking you may be able to report your lost card via the issuer’s website. It is helpful if you provide your issuer with the date you last used your card and the purchase you made. It may be prudent to follow up this report with a letter to your issuer confirming your lost card. This will prove you did report the card lost should your card issuer question it.
Unauthorized Charges on your Lost Credit Card
You are protected from fraudulent charges on your lost credit card by the Fair Credit Billing Act. If you experience fraudulent charges on your account, the maximum you are liable for is $50. If your card is charged after you have reported it stolen, you have no liability. However, if the card is charged before you report it stolen than you may be asked to pay the $50. Most card issuers offer customers protection benefit to protect them from all liability if their card is lost or stolen.
Preventing Loss
Remaining aware of where your card is at all times is the best way to prevent losing it in the future. Only ever carry the card you plan to use, any cards you do not plan on using should be left in a safe place at home. Cards should also be kept secure in your purse or wallet. Never place a card in your pocket by itself, as you risk dropping it without knowing.
Credit Card Information
Make a list of all your card issuers and their emergency numbers. Should you lose a card in the future you will save time by having the numbers to hand. This is also useful if your card is used while you are out of the country. Someone else can look on the list and report your card missing on your behalf.
