What to do when you lose your credit card
EVER lost a wallet before? Imagine losing your valid identification cards, spare cash and credit cards. Of all the things you’ve lost, your credit card has the greatest potential to bury you under a huge mountain of debt, provided you didn’t handle the situation well. Learn more about the importance of this matter and find out what you can do if you do lose it.
I lost my credit card, so what?
Losing your credit card is a serious matter. While it’s true that the card itself doesn’t contain your money, an unscrupulous user can increase your debt without your knowledge. Whoever got your lost credit card can basically buy whatever he or she wants at your expense. Ignore this problem and you’ll be greeted with a credit card bill that could force you to sell your kidney.
This is because, typically, you will shoulder any purchase made with a credit card with your name on it. Even worse, fraudsters don’t even need the physical card to use it. All they need is access to your credit card information, like card number, expiry date and the card verification code on the back of the card.
What should I do after losing my credit card?
If you lose your credit card, the most important thing to do is to act fast without panicking. Once you notice that your card is lost, report it immediately to your credit card provider. Most banks have a 24/7 hotline for credit card emergencies, so save these numbers on your phone if you haven’t. It would come in handy when you lose your card.
From there, your bank can help you freeze your card to prevent unauthorized purchases. In case an unauthorized purchase was already made, you can negotiate with your bank to remove it from your bill. Prepare some evidence of unauthorized activity on your credit card, like police reports, receipts and other documents to strengthen your case.
Some banks have even introduced a lock-and-unlock feature in their mobile banking apps for their respective credit and debit cards. This allows you to freeze your cards yourself with just a few taps. Just download your bank’s official mobile app and check if this feature exists. Make sure to update your banking apps for more credit card security features.
Can I recover my lost credit card?
If you lose your physical card, probably not. And even if you recover it, you have to assume that someone else had taken the information embedded on it. So it’s really imperative to notify your bank of your lost card. Once you do, they can help you replace it with a new set of credit card information. If you’ve learned your lesson, don’t lose it next time.
What should I do to protect my credit card?
Don’t want to lose your credit card? Don’t wait for something unfortunate to happen to you. Take these precautions to protect your physical card and personal information, wherever you are:
– Keep your wallet with you at all times. When you’re outside, always be wary of where your wallet is. Don’t keep it in your back pocket or any area where it’s easily snatched. You also don’t want to lose your cash and other IDs in the process.
– TURN OFF THE AUTOfiLL FEATURE ON your browser. Don’t save your credit card information on your internet browser, especially if you share your devices with other people. If you end up shopping online in an unprotected and shady webpage, hackers on the other side can then scan all of your saved data, including your credit card information.
– Don’t let anyone borrow your credit card. Even if you completely trust the person, don’t give them your credit card for any reason. It’s not about distrusting the people you love, but about minimizing the risks of you losing your credit card.
– Save your credit card provider’s hotline numbers. If possible, add these hotlines to your speed dial. You don’t want to search frantically online for the numbers once you lose your credit card, do you?
It’s important to treat your credit card like cash because, in theory, it is as valuable as the money in your pocket. Remember all the precautions by heart to protect your finances. Don’t let anyone else enjoy the fruit of your hard work by being careless. And remember, swipe responsibly.