Even if you’re overly protective of your finances, there may still come a time when you lose your credit card. And if that happens, you must take the right steps without delay.
Here are four things you should do:
1. Contact your credit card issuer
This is priority number one, as your credit card issuer can cancel the card and issue you a new one (with new numbers). Doing so ensures that nobody can use your credit card.
The longer you wait, the greater chance there is that somebody could fraudulently use your credit card. So, don’t assume that you’ll find your card. It’s better to be safe than sorry.
2. Review your credit card account
Review your credit card account with the idea of identifying any purchases that you did not make. Regardless of the amount, any suspicious activity should be reported to your credit card company immediately.
Continue to check your account daily for several weeks or until you have peace of mind.
3. Keep thorough records
When did you first realize that you lost your credit card? When did you report it missing to your credit card company? Who did you speak with?
Keep thorough records regarding any conversations that you have with your credit card company. Also, make note of any suspicious activity so that you can accurately report it to your issuer.
Every time you follow up with your credit card company, write down what you discussed along with the time and date. It’s also helpful to record who you spoke with and their contact information.
Tip: If losing your credit card is a regular occurrence, make changes to your daily life to avoid going down the same path in the future. For instance, unless it’s 100 percent necessary, leave your credit card at home instead of carrying it with you in your purchase or wallet. This reduces the risk of losing your card once again and being forced to manage the often time-consuming aftermath.
You hope that you never lose your credit card, but you know that this could happen at some point. Knowing what to do and how to do it will allow you to take the appropriate action should it be necessary.
Have you ever lost a credit card? Did you take the steps above? Are there any other steps that you would add?