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Losing a credit card

Losing a credit card would be quite the nerve-wracking experience for anybody. If you do not deal with it quickly, you could lose not only your current funds, you could also fall into great debt. That is why, once you do realise you have lost a card, you have to deal with it pronto. This is not as difficult as it may seem at first. These situations occur quite often. As such, many banks and financial institutions have mechanisms in place to quickly and assuredly deal with this.

These institutions have systems in place where they notice if there is unusual spending in relation to your card. Therefore, they will be able to take note if someone else is exploiting your card, and freeze its usage. So dealing with a lost credit card is not too much cause for concern. However, even with this help, someone could still make a considerable dent in your account before you notice. Therefore, it would still be best to take the necessary measures to inform your bank of what has occurred.

Freezing your account

If you only just lost your card, and have not looked thoroughly for it yet, you should first freeze your account. This stops you from making any transactions temporarily. Therefore, you can stop anyone else who is potentially using your card from spending from your account. All you have to do is log into your account online, and with a few clicks, you can quickly freeze your account.

If you have simply misplaced your lost credit card, and find it soon, great! That means you can unfreeze your account and continue on with your life. You should keep in mind though that unfreezing your account is not exactly a fast process. Therefore, you most likely will not be able to continue spending straight away.

lost credit card

However, if you have not found your lost credit card, it would be best to contact your bank directly.

Contacting your bank about your lost credit card

If you still have not found your card, the first thing you should be doing is contacting your bank, or credit card issuer. You should be able to find their number online, on their website. Make sure that you haven’t just misplaced the card in an obvious location though, a false alarm could bring a fine. Before you call them though, make sure that you have all the necessary information. This will include your name, birthday, address, and social security number. It may also include a password that you set up with the issuer beforehand. Their website online may even inform you of all the information that you will need to prepare beforehand. They will also ask about your most recent transactions, see which ones you actually committed yourself, and which you did not.

If your lost credit card was stolen

If you know for a fact that your card was stolen, inform the police. Your bank may inform you of transactions you do not recognise, in which case you know someone is using your card. This could help the police gather further information on the suspect, and prevent this from happening in the future.

After receiving a new card

After all of this, they should send you a new credit card. This will have a new number, so you will have to change some things around. For example, anyone you make automatic payments to, like for bills, you will need to change your credit card info for. After all, they will still be using your lost credit card info. Same with online shops, like amazon or paypal, where you will have to change your card info.

Keep a close eye on your statements even after you get the card. It’s possible that the thief has your account information now, or the lost credit card wasn’t cancelled. Guard against this by making sure your account is clean, and no-one has access to it anymore. Contact your bank if you notice anything suspicious.

lost credit card

How can you prevent further losses of your credit card? First of all, keep a close eye of what is in your wallet. Do not overfill it and just keep the necessary items in it. This will make it easier to keep track of. Also make sure you know where you put your wallet, which should go without saying. Preferably in a secure place.

Before throwing away a credit card, cut it up. You never know where it may end up.

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