When you open your wallet, and you can’t find your card, thoughts like ‘Where did I use my card last?’ And ‘Is someone making unauthorized charges?” quickly come to mind. Don’t panic. It’s true a lost or stolen credit card can cause a lot of damage, but knowing what to do and acting fast can course correct.
Report Your Lost or Stolen Credit Card
The moment you realize your card is missing, report it to your card issuer. Usually, the phone number for the card issuer is on the back of the credit card, but since that isn’t an option, look at your last credit card statement. If your missing card is set up with online banking, you might be able to report it online. You’ll need specific information for the creditor like:
- Credit card account number
- Date your card went missing
- Date and amount of your last purchase
Keep an Eye on Your Statements
Fortunately, the maximum amount for unauthorized charges you could be liable for, under federal law, is $50. If charges are made after you report your lost or stolen credit card, you have no liability. This is why it is so important to report your missing card immediately. Keep an eye on your credit card statements to catch any unauthorized charges. If you see anything unusual, that you know you didn’t make, report them right away.
Preventing Future Mishaps
Getting your new, shiny piece of plastic usually takes about seven to ten business days. Once you authorize it, make sure it fits securely in your wallet. It is important to stay watchful even after you get a replacement card. Continue to check your credit card statements and look through your credit reports.
Getting fraud protection isn’t a bad idea, as it could help avoid going through this process all over again. Don’t forget to contact your creditor before you head out on vacation to avoid a mistaken fraudulent shutdown of your new card — an alternative is to use a visa prepaid card.
Find a credit card that offers benefits and features you can’t find anywhere else — no junk fees is a plus. If you have questions about your financial goals or want to open a credit card, feel free to contact DEXSTA, we are here to help.