One of the scariest moments in your credit card lifetime is losing a credit card or having it stolen. When your credit card is missing, all you can think about is whose hands it’s landed in and whether they’re out racking up charges.
You can do a lot to prevent your credit card from being lost or stolen, but unfortunately, you may be unsuccessful. The good news is, there is a course of action you can take if your credit card turns up missing.
Prepare for credit card losses before they happen.
If your credit card is missing, you need to be prepared to contact your customer service immediately. The only problem is that, with your credit card missing, you might not have the information you need to call your card issuer, e.g. your credit card number and the card issuer’s 1-800 number. Saving this information before your credit cards are lost will make it easier to contact your card issuer.
While your credit card is still safely in your possession, write down the name of your card, e.g. Citibank Platinum Visa, and your card’s customer service number. Do this for all your credit cards. You don’t have to write down your credit card number because your card issuer can look it up based on your social security number. It’s safer not to write your credit card number down because you never know who might get their hands on that piece of paper.
Once you’ve copied all the customer service numbers, put the paper in a safe place, like your file cabinet. You might also scan a copy and store it on your computer. Or, you can type the information into a document and save it. The key is to have your credit card’s customer service information available when you need it.
Note: the information you need to report your credit card lost or stolen will also appear on a credit card billing statement. You can also refer to one of those if your credit card is missing.
Report your missing credit card as soon as possible.
It’s best to report your missing credit card as soon as you notice you don’t have it. The sooner your report a lost or stolen credit card, the better.
Call your card’s customer service department and let them know your credit card has been lost or stolen. You need to know the date your credit card became missing and your last known purchase. That helps customer service figure out whether your credit card has been fraudulently used or not.
Your card issuer will likely cancel your existing credit card number and send you a new credit card with a new number.
Dispute fraudulent credit card charges.
You should always read your credit card billing statements and it’s especially important to pay attention to them if your credit card has been lost or stolen. That helps you detect fraudulent credit card charges and take care of them quickly.
If your billing statement contains charges you didn’t make, contact your customer service department to dispute the charge. You can call customer service to dispute, but you should also follow up with a letter detailing the charge you’re disputing. This helps ensure your rights are protected.
Your card issuer will do an investigation and remove the charge if it is indeed fraudulent. You’re not required to pay for credit card charges while they are being disputed.
Will you have to pay if someone uses your lost credit card?
Quickly reporting a missing credit card is important because that determines whether you’re responsible for any fraudulent charges made on your credit card. If you report your missing credit card before the thief gets the chance to use it, you won’t have to pay anything. However, if you wait to report the missing card and the thief uses it, you might have to pay up to $50 of fraudulent credit card charges. That’s the maximum amount you’re liable for under federal law, but your credit card issuer may not require you to pay anything no matter when you report the loss.
Keep your credit card safe.
It’s said that an ounce of prevention is worth a pound of cure. That means it’s easier to keep your credit card from being lost or stolen than it is to deal with a lost or stolen credit card. Taking steps to keep your credit card safe can keep you from going through the process of reporting missing credit cards.
- If you have several credit cards, only keep one or two with you at a time. That way, if your purse or wallet is stolen, you don’t lose all your credit cards.
- Always keep your purse or wallet close to your body. That makes it harder for thieves to pickpocket you. When you’re eating at a restaurant, keep your purse under your leg, not hanging on your chair where it can be easily snatched.
- Shred old credit cards rather than tossing them into the trash. This will save your old credit card from dumpster divers.
- Avoid loaning your credit cards, even to your most trusted friends and family members. You never know whether someone will be as concerned about your credit card as you.
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