A Step by Step Guide on What to do if You Lose Your Credit card

You will be lucky if you notice immediately after your credit card is lost. But if someone with not-so-good intentions finds it, you can be in trouble very quickly. It may take only minutes to do lakhs of fraud transactions from your credit card. So our first advice will be to be alert and never lose your credit card. But if somehow you misplace or lose it, we are here to guide you on what to do if a credit card is lost.

Following is a step by step guide on things to do if you lose a credit card:-

Step 1: Keep Calm and Take Necessary Actions

Keep calm because you can delay the required steps and make your own loss if you panic. Once you are sure that you can’t find your credit card anywhere, call the bank or financial company which issued the card. Report the missing card to them as soon as possible. By reporting faster, your liability to any fraud transactions done through your card gets limited. That is an RBI rule, so never delay in reporting the loss of card.

Step 2: Get Your Card Blocked

Request the card issuer to block your card on an immediate basis. For that, call on the direct number dedicated to reporting missed cards by your service provider. You might want to keep your account number, date and time of card loss, and your last purchase handy. They will ask for these details during the call. Remember to also drop an email to your card issuer after the call. The email will make sure that you have written proof of timely reporting of the lost card.

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Step 3: Inform the Police

Whether you suspect theft or not, one of the most important things to do when you lose your credit card is to report it to the police. You can approach your nearest police station and request them to lodge an FIR. Keep one copy of the FIR with you. You might need to present it in the future if a fraudster does any transaction from your card. The time and date of FIR can free you from the liability of those transactions.

Step 4: Request for Your Credit Card Statement

Ask your credit card provider for the statement of your credit card. You are already safe by reporting your credit card loss to the authorities. This step will ensure that you won’t be getting any unexpected credit card bills in the future. If you get into a dispute later, your cibil score and credit history will get affected. It will show non-payment of credit unless you settle the dispute. Thus it is better to address any fraudster transactions early on.

Step 5: Check Your Insurance Options

You might get in trouble despite following all these steps. Thus, you need to check your insurance options. Some insurance policies cover the unwanted liabilities due to credit card theft. If you have such insurance cover, you need to pay a nominal amount only against due credit. If your credit card provider already offers such a facility, you don’t need to take any additional insurance.

Step 6: Get a New Credit Card

A credit card is a necessity because of the convenience it provides. Don’t undermine yourself by thinking you won’t be able to take care of it. If you lost it once, it doesn’t mean you will lose it again. You can request another credit card from your credit card provider after gettingyour previous card blocked. Operating a credit card is always beneficial for your credit history and credit score.

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Author Bio:

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters, and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at shiv@moneytap.com.

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