If you have lost your credit card, ensure to report and block it. Failing to do so may negatively impact your credit score. You may also be held responsible for any fraudulent activity during the lost period. After blocking the card, you must cancel credit card auto-payments, prevent any purchases, and suspend the services of the card.
These are the steps to follow if your credit card is lost or stolen:
As mentioned earlier, blocking the credit card is the first step you must take when your credit card is lost. First, call the issuer and get the lost credit card blocked. Then, log in to your credit card net banking account and choose ‘Deactivate or Close Your Credit Card’. Then, find the same mentioned under the ‘Credit Card' section. After the officials block your credit card, you will get a notification.
Know your credit card account number, the date and the time it was stolen, when the loss was reported to the issuer, and so on.
After blocking the card, register an FIR for the missing card. This is imperative as it protects you in case your card is used for some fraudulent activity. It is also legal proof that your credit card is not with you anymore.
Though you have permanently or temporarily blocked your credit card, you must ensure to check on your credit card statement. In case of any suspicious transaction, please notify your bank.
Though the bank reaches the credit bureaus and notifies them about your credit card loss, you must also do the same. The bureau issues a credit card fraud alert to avoid affecting your credit score in case of card misuse.
Now, you can apply for a new credit card. You can also connect with the bank for the new card to be issued. Ensure to update the card details and check automated payment mandates.
Here is how you can avoid credit card loss:
If the validity of the card expires, cut the card into small pieces and then throw it away.
Always Swipe the credit card in your presence
Keep checking your credit card statements regularly
Keep contact details of the credit card customer care handy
Keep your credit card in a safe and secure location
Firstly, report and block the lost credit card. Then, send an application to the issuer to provide you with a new credit card.
The lost credit card cannot be tracked. So the only thing to do is block your card and prevent fraudulent activity.
Replacing a lost credit card or stolen credit card does not impact your credit score. The entire account information is transferred to the new one.
Depending on the issuer, some banks charge a fee of Rs. 100 plus GST in the case of replacement or reissue of the card.
The replacement credit card number does not have the same number as the lost or stolen credit card. Instead, the new card will have a new number on it.