Nothing quite compares to the sinking feeling you get after the sudden realization that your phone isn’t in your pocket or the shopping bag with all your new clothes in it isn’t in your hand anymore. But the worst thing that could happen would be if you were to lose your credit card. It gives someone else the opportunity to max it out.
But now that your card situation is literally out of your hands what do you do? Keep reading to find out.
What to Do When You Lose Your Credit Card
The first thing to do is to stay absolutely calm. In case of a lost or stolen credit card, the federal law limits your liability on it to a mere $50. What’s even better is that your credit card company won’t hold you accountable either – not even for a single penny. Assuming the worst happens, you’re still safe if you lose your credit card.
Now that you’ve calmed down a bit, remember that in situations like these timing is important. Report your missing credit card as soon as you realize that it is lost. This way you will not have to end up paying for someone else’s extensive shopping spree. In the off chance that you don’t realize your card is missing until the other person has made charges on it then you will only have to pay $50 for the unauthorized purchases.
Who Are You Supposed to Call
In case you lose your credit card it is important to report it to your credit issuer immediately. Most of the credit card issuers are available 24/7 to offer assistance to cardholders. Get a hold of the card issuer’s contact number through their website or your billing statement.
Before making the call, you’ll want to make sure you have any relevant documents with you such as your billing statement. You will have to tell them when you realized your card went missing and where you think you might have lost it.
Often times when you lose your credit card you will notice anomalies in your billing statement. If there are any discrepancies, be sure to tell your card issuer. Always keep records of all communications with the credit issuer to be on the safe side.
What Do You Do Now
After you’ve notified your credit issuer that your credit card is missing you’re in good hands. Your credit issuer will replace your credit card and your account won’t be cancelled either. This means that your credit score won’t be negatively affected if you lose your credit card.
If you ever lose your credit card then you know exactly what to do now. It can be a worry-some experience but it’s important that you remain calm and call the credit issuer immediately. This way you can avoid having to pay any unnecessary bills for someone else’s purchases. By following the process outlined in this article you can be sure that you get a new credit card without having to spend large sums of money.