If your credit card is missing or lost or stolen or you are not having any idea of what happened to your credit card? You can follow the below mentioned steps.
Freeze your credit card to prevent unauthorized usage-
Call your credit card issuer immediately and report the theft or loss of your credit card.
Usually, to call a credit card issuing bank you can check the contact number on the back of the card. Since your card is lost, that is not the right option.
Don’t worry, you can get credit card issuer contact details on the bank’s website or on your credit card statements. Once you get the details, report loss of credit card on banks website or through the app or visit your nearest branch. If the card is stolen, call helpline as it is the quickest way to report the theft.
Check Steps to follow to close your Credit Card account
To verify your identity you need to supply information such as name, address, last transaction details, and other account details.
The bank reviews your details and freezes your account. If you report your stolen or lost card before anyone misuses it, you will not be held for any transactions on the missing card.
Remember the more quickest action you take, the safer you are.
Cancel Automatic billing-
Once your card is disabled inform all the entities with whom your monthly auto-debits are scheduled, those payments won’t be successful therefore notifying ahead of time provides you to avoid fees and inconveniences.
If your Card is Stolen-
If you’re certain that a thief had stolen your credit card and you have reported bank the theft of your card. Are you thinking it’s done? No, it isn’t closed yet, one step that cardholders don’t really take up is filing a police report.
It is very important to file a police report as it could help the police gather information and recognize similar activity patterns and catch the culprit.
Lost and found your Credit Card-
In case if you had located your lost credit card and already applied for a new credit card then contact your bank and get your lost credit card activated. You can ask your bank not to issue a new card. You will not be charged for activating lost and found credit card.
Get Insurance against Credit card Misuse-
These days many banks are offering credit card fraud insurance. For example, Dubai First Bank protects against fraudulent credit card transactions. It offers protection cover only up to AED 2,386 per incident or a total of AED 6,239 a year. Read the terms and conditions and contact the bank for more details before applying for a credit card.
Check: Credit Shield for Credit Cards
Preventive measures to minimize the risk
To be well prepared in the worst-case scenarios there are a number of measures you can take to minimize your inconvenience.
- Do not carry all your cards with you, leave inessential cards at home. Carry a single card that can be used for multiple purposes and never attach your keys to purse or wallet.
- Note your card numbers, bank contact numbers and keep them in a safe place at home.
- Never save your card information, passwords, PIN numbers in your phone because if you lose your phone, there is a high risk of unauthorized card usage.
- Disable international transactions when you are not using it internationally.
- Photocopies of your personal details such as driving license, passport keep them handy at home, it will be easier for you while applying for the replacement of your credit cards.
- Make sure that you close your bag, wallet or purse properly after keeping your credit cards inside because your cards might fall out if they are not closed properly.
- If you are not using your credit cards for a long time keep them checking where you have kept.
Credit card loss or theft is a big nightmare that can happen to anyone at any time. Make sure that you report missing cards as soon as possible and take precautions to avoid such instances in the future.
About the author
Vinay Kumar Goguru is a finance professional with more than 8 years of diverse experience as a researcher, instructor and Industry work experience with both public and private entities. Prior to MyMoneySouq, he spent 6 years in Berkadia, It's a commercial mortgage banking company. He has a "Doctoral Degree in Commerce" and two master's degrees with a specialization in Finance, one as Master of Commerce and other as Master of Business Administration. He has written several articles on personal finance, published by different International journals. He loves traveling, reading and writing is his passion. He has a dream of writing a book on his favorite finance topics.
