Here Are The Things You Need To Do When Your Credit Card Got Stolen
A credit card is a powerful financial utility. When used correctly, it can uplift your financial standing, allowing you to maximize its perks without being drowned in debt.
Once a card has been issued to you, it automatically means that its full responsibility falls to your hands. Now, do you know what to do if the credit card got stolen from you?
At this point, you should know that time is an essential factor. You have to do the right steps before the thief or fraudster uses the credit in your card at your expense.
Here are some of the things that you should do before once your credit card is stolen or lost from you.
Contact Your Credit Card Issuer
This is the first move you should do if you deem that your credit card is no longer in your possession. Call your credit card issuer right after you notice that your card is stolen or missing.
It is a prudent move that you save your card issuer’s contact numbers even before any incident occurs. In this way, you will be able to call them right away whenever there are urgent issues like this. But if you don’t have their numbers, you can check their respective website and look for these details.
You can also report the loss directly to the local branch of your card issuer. This method will give you the quickest route to locking your account.
If you can report the incident before anyone uses your credit card, you will not be charged for unauthorized transactions. But if someone has used it already, the federal law will penalize you from authorized purchases. The biggest amount you can pay is $50. But it is always better if you can resolve this matter right away.
Prepare The Essential Information
Of course, your credit card issuer will verify whether or not you are the real owner of the card you are reporting. Therefore, it is better that you bring essential information and documents with you, such as your ID, address, and social security number.
The issuer would also want to learn when the card got stolen or lost. It is also probable that the bank will ask you when is the last time you used your credit card for any transaction. They can even show you your transaction history and let you identify which transaction seems fraudulent.
Once you are able to verify your ownership, the credit card issuer will immediately cancel your account. After a few days or weeks, a letter containing a new credit card and account number will come to you.
Don’t forget to change or update any mobile applications that use the lost or stolen credit card for payments.
Keep in mind that stolen credit cards will not have an effect on your overall credit score. You just have to update the merchants that automatically charges your lost credit card with the new card number given to you. Settle for manual payments in the meantime. After all, you should never forget your monetary liabilities.
It is completely alright if you are going to make regular follow-ups to your credit card issuer. By doing this, the processing of your new credit card will be fast-tracked.
The appropriate follow-up should be in the form of an email or letter. There’s no real need for you to call or visit the local branch of your bank. In the letter, here are the things that should be present:
- The account number
- The date when you learned that your card was lost or stolen
- The date when you reported the incident to your credit card issuer
Don’t forget to make a note before you send the letter. Of course, it would be better if you have a copy of the letter.
Always Monitor Your Credit Card Statement
Even after you have reported your lost or stolen credit card, it is still crucial that you monitor your credit card statement from time to time. You should pay attention to it so that you will be able to spot any changes in the figure.
For instance, if a new transaction pops up even if you do not have your card, you should contact your credit card issuer right away. This would allow them to make immediate interventions so that fraudulent charges will not happen again.
Review Your Insurances
There are certain insurance policies (such as renter’s and homeowner’s policies) that provide coverage for credit card loss or theft. While the maximum that you need to pay is only at $50, it is still crucial that you can check if your current insurance policies can shoulder that amount.
Since you have already experienced losing a card, it is just proper if you add coverage for this matter–if such a service is available. But if your credit card issuer ensures that you have no liabilities, then you don’t need to pump up your insurance.