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Measures to take if your credit card is lost or stolen

You look in your wallet and find that your credit card is not there. When you realize that your credit card is lost or stolen, the feeling of panic can bubble up.

Losing your credit card is a situation that no one wants to end up in. Unfortunately, in the midst of growing crimes, stolen credit cards are rather common and can cause a lot. stress and anxiety for cardholders.

If you lose your credit card, the first thing you should do is calm yourself. Then follow a series of steps to reduce fraudulent charges, protect your identity, and replace any missing items. Let us examine these steps in more detail.

What steps should I take if I lose my credit card?

  • Follow your steps: When you are stressed, you may forget this obvious step. However, it can potentially help you avoid fraudulent charges. Think about when and where you last used your credit card. Sometimes credit cards are usually left in the pockets of clothes, cars, sofas or the last store you visited.

If you can not find your credit card where it was last used, you should proceed to the next step.

  • Contact the issuing company : After loss or theft of your credit card, call the card provider immediately and report the incident. Many credit cards offer no liability to their users and thus provide protection against all unauthorized purchases. Make sure you report the incident to your provider within two business days to prevent someone else from taking unauthorized charges on your card.

If you have a mobile app for your credit card, you can virtually lock the card and prevent unauthorized access to it. If you eventually find the card, reactivate it with your phone and make sure that no transactions occurred while the card was lost.

  • Search for a replacement card: your card. They will cancel or deactivate your current credit card number and give you a new number. It usually takes between three and seven business days to receive a replacement card in the mail.

In some cases, you may request a faster delivery of your credit card. Travelers can request a fast delivery of a credit card if they need a change quickly. Some credit card providers also provide free overnight delivery.

  • Update automatic payment information: Once you have received your new credit card, update your recurring invoice payments with the replacement card number. Organize your credit card payments by identifying which payment is billed to which credit card. You can find the list of recurring payments on your lost card by checking the credit card statements for the previous months.

Updating your payment information will help prevent late payment fees, service outages and damage to your credit score. Sometimes your recurring payments can be transferred without any action on your part. However, it is best to personally check the payment processes only after you have replaced your credit card.

  • Review your credit score: Losing a credit card and replacing it afterwards will not damage your credit score as the account information is transferred to a new account. As long as you are proactive in taking appropriate action to replace your missing card, your credit score will remain the same. You can further protect your credit by monitoring your credit information regularly and making all payments on time.
  • Make a police report if your wallet was stolen: If your wallet containing the credit card was stolen, be sure to file a report a policereport. With some exceptions, most credit cards offer no liability coverage for cases involving stolen cards. Although the police may not be able to find your purse, a report gives you future protection against liability for any unauthorized debits of your card.

»Read more: Is life insurance protected from bankruptcy and creditors?

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