What To Do If You Lose Your Credit Card

One of the worst things about losing a credit card is that you often don’t know it’s missing until sometime much later. If you use it ever day you may realize it immediately but most people carry more than just a couple of cards and one could be missing for a while before you notice. Of course there is the other situation where you don’t just lose one card, but you lose a purse or wallet that contains five cards. The good thing about this situation is that you probably know when your wallet or purse is gone. In either case, the most important thing is to contact the credit card company immediately upon learning that the card or cards are gone. Most card issuers print their customer service phone number on your billing statement. Locate a recent copy of your statement to find the number to reach your card issuer. When you contact your creditor, you should have your account number along with the date you noticed your card was missing. Also having the date and amount of your last purchase will help the card issuer determine if any fraudulent purchases have been made. Even after you’ve contacted the card issuer by phone, it’s wise to follow-up with a letter. The letter should state that your credit card was lost or stolen and include the account number, date of loss or theft, first date the loss was reported, and the last authorized transaction. This letter will provide proof that you reported the loss should that fact ever come into question. Alternatively, if you have online access for your credit card statement you may be able to use the website to report your missing credit card. But you don’t have to rush home to look at your latest statement. You can have someone at home look it up, or the information might be available in a store, or certainly on the internet. A quick effort to call the credit card issuer is a sure sign that you are acting responsibly and trying to prevent big problems. By Federal law you aren’t liable for more than $50 of charges that are made on your card between when it was stolen and when you report it. As soon as the credit card issuer has been informed that a card has been lost or stolen, the credit card holder is no longer responsible for any unauthorized purchases. Of course, if all six of your credit cards are gone, you are responsible for $50 times 6 cards, or $300. It also makes sense to look at your credit report after the loss or theft of a card. If your issuer erroneously says that you have missed payments on a card you have reported as missing, you would be dismayed but you probably wouldn’t be surprised. In the wake of a theft or loss you also have to deal with all of the things that your credit card is connected to. Most of us have recurring monthly charges on our card for club or web site memberships. We may refill our automatic toll paying device for freeway driving with our credit card. All of these connections and payments now need to be rearranged. Take a close look at a recent statement to see how many of these entanglements you have. It once seemed so helpful but now it’s a pain. The best way to avoid a lost or stolen credit card is to remain aware of your card’s whereabouts at all times. At any point in time, you should only carry the credit cards that you’ll need. Leave the others at home. Take the steps necessary to keep your credit cards in a safe and secure place. Avoid putting cards directly into a pocket. It’s easier for them to slip out. Make sure your cards fit snugly inside the slots of your wallet or billfold. If the slots have become loose or worn, consider purchasing a new, stiffer wallet that will hold your credit cards securely in place. Take some time now to create a contact list including the name and number of all your card issuers. Store the list in a safe place so you can easily reach your card issuers if a credit card is lost or stolen in the future.