What To Do When You Lose Your Credit Card

Most banks around the world, including major credit card providers, have made quantum leaps in credit card services that when unfortunate events happen like a lost or stolen credit card, you can go on with your activities no matter where you are. Of course, the first thing you'd want to avoid is the financial damage it can do to your credit at someone else's hand, especially if you have a high credit limit.

Here are 4 quick steps you can do to prevent that:

1. Report the Loss

Don't waste your time looking for your wallet or credit card, especially if you suspect that someone may have stolen it. Immediately call the issuing bank's 24 hour emergency contact. It’s a good idea to keep your credit card number and the issuing bank hotline in safe note apart from your purse and smartphones. Ask the bank to block your card. After the report, you are no longer responsible for any purchases made with the card.

2. Get a Replacement Card

Once you have reported the lost or stolen card, you should ask the Customer Service officer to transfer you to a credit card specialist. The person will then assist you in getting a replacement card. The card will normally be sent to your hotel or address where you are staying, usually within 24 hours or less. They will need to verify the address and you will need to give them the name of the person that will take delivery of your replacement card.

3. Ask for a Reference Number of Your Report

Always ask for a log or reference number of your report, as well as the Toll Free number, so that you can call back in case there is some delay.

4. Use the Replacement Card Wisely

When using a replacement card for payments, you may experience slight problems when a salesperson tries to swipe the card. Just ask them to key in the numbers of the card instead.

Losing your credit card can be quite distressing, especially if you're abroad. Your primary objective is avoid financial loss from an unsecured loan that someone who picks up your card might decide to misuse. You are liable to pay huge amounts to the bank if you fail to report it as soon as possible, so it is better to be safe than sorry. 

Did you ever lose your credit card? What were its consequences? Was the thief ever caught? Tell us how you handled the situation.

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