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How to Address Credit Card Loss?

A credit card is an effective and empowering financial tool that offers the freedom to borrow money, within the available credit limit, whenever you need it. It also helps you build a positive credit history which improves your chances of securing credit, in the form of loans. However, if this powerful tool gets lost or stolen and falls into the wrong hands, it can cause severe damage to your financial health.

What Happens if Your Credit Card is Lost or Stolen?

As soon as you notice your credit card is lost or stolen you need to report it. If you fail to do so immediately, and it is used by someone else, your credit score can get negatively affected. You might be charged for fraudulent activity too on the lost or stolen credit card as well as suffer legal liabilities. Also, post blocking you would need to cancel all your auto-payments as your purchases can get declined and services suspended if the blocked credit card is used.

What to Do if Your Credit Card is Lost or Stolen?

‘I lost my credit card, what do I do now?’ This is the first question that you are likely to ask yourself in a state of panic. Well, there are a few critical things that you need to do. Here is a list of all such necessary things.

Get your credit card blocked-

Blocking is the first step to consider when you know about the loss of your credit card. But how to block the credit card? The process is simple and can be done in two ways. You can either call on the customer helpline number of the bank and request the executive to block the card. Alternatively, you can log in to your net banking account and under the ‘credit card’ section select the option to close your credit card. Once the credit card has been permanently blocked, you will be notified by the bank.

Register an FIR with the police-

You may think, ‘I blocked my credit card, now it’s okay.’ No, you still have a few things that you need to do. Begin with registering an FIR at the nearest police station. This will prevent you from being held liable for any frauds or misuse of your card post reporting. It will also serve the purpose of being legal proof for credit card loss and help you with the process of getting a duplicate card too.

Check your Credit Statement-

Even after you have put a permanent or a temporary block on your credit card, you need to keep a check on your credit card statement. If you notice any suspicious transactions on your card that you did not make, you need to immediately notify your bank.

Contact the Credit Bureau-

Like your bank, you must also reach out to the credit bureau to notify them that your credit card is lost and blocked. The bureau would then issue a fraud alert against your card so that any misuse doesn’t affect your credit score. You must also inform the credit bureau in case you notice any incorrect information in your credit report.

Apply for a New Credit Card-

After all the above processes are complete you can initiate the application process for a new card in place of the old one. You can contact your bank and request the same.

What to Do if Your Credit Card is Lost While Travelling Abroad?

If you are travelling abroad and happen to have your credit card lost and stolen, here is how to block your credit card. First, lookup for the international service portals your bank has in the place you are visiting and get the specific numbers you can reach out on. It might be useful to keep it handy before your departure so that you can reach out instantly in case of an emergency. Dial the number and request the blocking of your credit card. You would need to provide your credit card number to the executive to initiate the request.

What to Do in the Case of Fraudulent Transactions on Your Stolen Credit Card?

If your credit card has been stolen, it is likely to be used for fraudulent transactions. To prevent this it is wise to opt for a credit card that offers zero lost card liability. This feature steers you clear of the responsibility of any transaction made on your lost or stolen credit card after it has been reported. Such transactions, if any, are then covered by the bank. It is therefore critical to report and block your credit card as soon as you were aware of it. In the event you notice such a transaction, post informing the bank about the loss of your credit card, you can raise a complaint by sending an email to the customer service team of the bank or by visiting the nearest bank branch with a copy of the credit card statement.

What to Do to Prevent the Loss of Your Credit Card?

To prevent your credit card from getting lost in the future here are a few things you can do-

  • Never share your credit card CVV or credit card PIN with anyone.
  • Do not share the transaction OTPs with anyone
  • Ensure that your credit card is always swiped in your presence
  • Check your credit card statements every month without fail
  • Keep a note of the credit card helpline numbers so that you can reach them immediately
  • Carry only the active credit cards that you use most often
  • Keep your credit cards in a safe and secure place
  • Cut your cancelled credit cards before disposing

Frequently Asked Questions

  • ✔️What are the steps to follow if your credit card is lost?

    As soon as you realise that your credit card is lost, you need to get your credit card blocked by contacting your bank. Once blocked you need to register an FIR with the police and inform the credit bureau about the loss. You must also keep a close watch on your credit statement for suspicious transactions. When everything is in place, you can apply for a credit card.

  • ✔️How to deal with unauthorised charges on a credit card?

    Keep a check on your credit card statement. If you notice any suspicious transactions on your card that you did not make, you need to immediately notify your bank.

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