Even if people practice all of the safest credit card habits and keep track of their card whenever it leaves their hands sometimes the worst can happen. We are all only human, so mistakes are bound to us no matter how good our track record is or how cautious we are. Besides, if someone snatches your purse right out of your hands you certainly can’t take any responsibility anyway.
No matter whether your credit card was lost or stolen the steps are basically the same to ensuring your safety. Even if you just lost the card there is still a possibility someone with poor character could find it and use it as if they had stolen it from you directly.
Losing or having your credit card stolen can be very frightening and you may begin to panic. If someone else gets their hands on your credit card and they choose to use it it is possible that they could end up destroying your credit, and the higher your credit limit the worse it could be. Fortunately most credit card companies are keen on protecting their customers and have a system designed exactly for such a situation.
Tips for a Lost Credit Card
There are ways to save your credit, the most important thing is to nip the problem in the bud before it even begins, if possible. If you keep track of your credit cards and notice as soon as one of them goes missing you can take the actions necessary to counter and block anyone’s adverse attempts.
Before you do anything else, the very minute you notice your credit card has been lost or taken, report it to the card issuer. Most of them have a toll-free hotline which is open 24 hours for emergencies just like yours. To find this number you could ask a friend with the same card, read it off the monthly bill, or simply go online.
They will want to know exactly when the card was lost, what your last transaction was, and your account number. They will also be able to provide you with sound advice that can keep you protected. To be even more safe you could even send a letter explaining the details of your lost card. This letter will provide sufficient proof that you reported the lost or stolen card when it happened, and this can be important.
Steps to Take if Your Card was Taken or Lost
Next, call and review your credit card statement and be wary of any undue charges. Carefully monitor the charges for a while and if you notice anything that isn’t yours call again and notify them. Then you should close the stolen account number as soon as possible and begin the process of getting a new card.
You may also want to ask the credit report agencies to attach a fraudulent alert to your card. If any charges are made unto your credit card after you have already reported it you can assume no liability, and the maximum liability is only 50 dollars if those charges weren’t reported beforehand.