When your credit card is stolen, it requires immediate action. You will need to take steps to protect yourself, and your finances, from being taken advantage of.
A missing credit card in the wrong hands can wrack up thousands of dollars in charges and could leave you on the hook to pay it all back. This is why it’s so important to keep your card safe.
If you credit card was stolen, here are the first 5 steps you should immediately take.
1. Call Your Card Issuer
The moment you realize that your credit card is missing, you should call your card issuer immediately. Check your credit card statement or your issuer’s website, to find the number to call. You can even visit the nearest branch if that is easier for you.
The critical point is to act as fast as possible. This is because you want to stop anyone from making and transactions without your consent. If you report the theft of your credit card before anyone uses it, you will not incur any unauthorized charges.
2. Prepare Information to Confirm Your Identity
Your card issuer will need to verify your identity, which will involve you sharing necessary information such as your address, name, and Social Security number. They might also want to know the details of when the card was stolen and when your last transaction was made. Also, they might have to check their system to confirm if there are any fraudulent transactions made from the time your card was stolen.
The next thing they will have to do is to cancel your credit card account and create a new card that has a new account number. Typically, replacing your card should not have any effects on your credit score or credit report. However, it may take some time for your new card to arrive.
3. Ensure You Follow Up
After reporting your credit card, it is crucial to follow up. You can either call your issuer or send them an email and include information such as your name and address, account number, date when your card was stolen, and how the case was reported. Also, be sure to keep any records and information for future reference.
4. Check Your Card Statement
After you have reported your case, regularly check your credit card statements. This will help you to see if there are any unfamiliar transactions. If there are unauthorized charges, call your issuer as soon as possible to report them.
5. Check With Your Insurance
Some insurance policies cover credit card theft. If yours does, consider contacting them. In the case of replacing your credit card, you might need to pay up to $50. Your insurance policy may cover this so check with them and read the fine print of your policy.
Bottom Line
It’s always crucial to know what to do when you lose your credit card. The last thing you want is to find your statement ridden with fraudulent transactions. You can avoid this by taking the above steps should you ever find yourself in such a situation.