Credit Card 101: What to Know About Credit Cards

5 Immediate Steps to Take If Your Credit Card Is Lost or Stolen

Losing a credit card is damning, especially if it still has some good amount of change left. The idea of someone picking it and draining you of your money or entirely compromising you financially can drive you haywire. Worse still, if someone steals it from you, it should ring clear to you that the perpetrator intends to humble you to the ground financially. Luckily, your credit card issuer operates under the PCI compliance guidelines, and they’ll offer you immediate help to prevent further losses. If you lose your credit card or someone else steals it, be proactive by following these quick steps.

Losing a credit card can be devastating. And to make it even worse, costly fraudulent transactions can bring you down to the ground. If you lose your credit card or it gets stolen, be proactive in protecting it from it to prevent fraudulent transactions that could cost you more on FCBA fines. With the stern PCI compliance guidelines, your credit card provider will consider helping you out in no time.

1. Give your credit card issuer a prompt call

Once it rings on you that your card isn’t in your possession anymore, ascertain that it’s lost or stolen before making an immediate call to your card’s issuer. If you’re unsure of the number, you should contact them, check in your credit card statement, or search for it online. Any delays give your stealer or anyone picking it the chance to make bogus transactions or borrowing credit on your card. It can be devastating if fraudsters cripple you financially if you delay.

2. Give out accurate information to your credit card issuer

Wavering answers raise suspicion, and your credit card issuer may have to ask more for verification, which can be mind-numbing for you. Therefore it’s good to provide accurate information immediately the card issuer asks for them. This information includes your address, name, and social security number. Besides, the card issuer will review recent payments to ensure that your perpetrator hasn’t made any transaction before they cancel your account. Afterward, they provide you with a new credit card that has a unique credit card number.

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3. Update your mobile wallet

If your lost card includes the credit card as a means of payment, ensure that you immediately update the wallet. And if you make automatic payments through the lost card, provide your vendors with the new credit card information. Ensure that you manually make your payments so that you don’t build up a bad credit report on late payments as you sort out the issue.

4. Keep on checking the progress

If your perpetrator made any transactions on your card, be sure to follow up with your credit card statement to check if you’ve received a refund. It’s essential that you also report the problem to your credit card issuer before it records any fraudulent transactions. Otherwise, you’ll pay up to $50 as liability for unauthorized charges.

5. Keep safe

Once you receive a new credit card, ensure that you entirely change all your mobile wallet’s log-in details and keep on monitoring your credit card accounts to detect fraudulent activities on the go. You can also sign up for transaction alerts and employ credit monitoring services such as CreditWise and Identity Force to provide you with punctual fraudulent reports. Be sure to also put your credit card in secure bags or wallets to prevent future losses.