I Lost My Credit Card - Now What?
Most of us have been there - you lost your credit card. What should your first step be to make sure you don’t lose money or your identity?
Losing a card or any kind of money or identifying information can be scary. What can you do in the moment to stop anything bad from happening.
Lost or Stolen?
When you notice you card is missing do you think it was lost or was it stolen? If you have been using your card all day and it has been in and out of your wallet chances are you’ve lost it. But if someone else had any time with or access to your wallet you may have had it stolen. Depending on whether it was lost or stolen will inform how you proceed.
You Think It Was Stolen
If you think your card was stolen acting fast is wise. Since someone had intentionally grabbed you card they probably have malicious intent and may have even already used it.
Your first step is to call your credit card company and freeze the account and cancel the card. If you are concerned the card may have already been used or your information stolen place a freeze on all of your credit so new cards and accounts cannot be opened up in your name. Your bank should have experience doing this.
Next you should report the theft to other credit card bureaus so that all three are notified of possible illicit activity in your accounts. After that you should file a police report about the incident and give them as much information as possible so they can find the thief.
You Think It Was Lost
The first thing you should do the moment you can’t find your card is retrace your steps. More often than not you will find the card on the ground in the car or on the counter of the last place you used it.
If you can find it promptly you won’t have to put any kind of freeze on your account and can go about your life. If you still can’t find it then you need to call the bank and have the card cancelled and get a new card issued.
A step people forget to take when they have to cancel a card is to make sure all of your auto-payments are moved to a different account so you don’t default on any bills.
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