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A lost credit card is an inconvenience just about everybody deals with at some point. It usually starts with wondering why your missing credit card isn't where you thought it was. That quickly leads to worry about where it has gone and if someone is using it right now to go on a spending spree. If you can't find your credit card, don't panic. You won't be on the hook for unauthorized charges. By law, credit card issuers can only hold cardholders liable for up to $50 in fraudulent purchases. But practically all credit cards have zero-liability fraud policies. That type of policy means you aren't responsible for any purchases made on your lost or stolen card. There's also no risk of losing any money from your bank account like there is from a stolen debit card. You don't need to stress about losing money, but you should still act quickly. Here are the steps to take when you lose your credit card. 1. Report the lost credit card to the card issuerLet the card issuer know you've lost your card right away. The sooner you do, the sooner they can mail you a replacement card. Your credit card company will also cancel the old card as soon as you notify them that it's gone. If a thief has stolen your credit card, then getting it canceled promptly minimizes the chances of credit card fraud. If you want some time to look for the lost credit card first, see if you can lock it online, in the card issuer's app, or by phone. Many credit cards offer this feature, which allows you to temporarily shut down the card so that no one can use it for any purchases. There are two simple ways to report a lost credit card:
If you want to call the card issuer and you don't have the number, you can find it on your monthly statement. You could also find it online. To save you some time, here are phone numbers for the major card issuers:
Source: Card issuer websites. 2. Check for and dispute unauthorized chargesReview the recent transactions on your credit card account, including pending charges, to see if there are any unauthorized charges. You can do this through your online account. If you haven't set that up and you're reporting your lost credit card by phone, then you can ask the representative to read you the most recent charges. Keep an eye out for both large and small purchases. Thieves often use a stolen credit card for a small charge first to see if it works. Assuming it does, they move on to bigger fraud. If you see a fraudulent transaction you didn't make, dispute it. This is something else that credit card companies typically let you do either online or over the phone. When you dispute a credit card charge, the card issuer freezes it during its investigation. You won't need to pay it off while it's frozen. If the card issuer confirms that it's a fraudulent charge, then it will be taken off your bill entirely. 3. Activate your new card and update recurring billsWhen you get your replacement card in the mail, you may need to activate it. If so, activation instructions will come with the replacement card. After that, all that's left is updating your payment information for any recurring bills you paid with the lost credit card, such as streaming services, the gym, and so on. The old card number obviously isn't valid anymore. Your new credit card will have its own card number, expiration date, and security code. You'll need to change your saved payment information to your replacement card so that your bill payments go through. Your previous billing statements can help you figure out where you need to update your payment information. Don't forget about recurring bills that you don't pay every single month. For example, if you pay insurance premiums every six months or Amazon Prime once per year, you may not see those if you only review billing statements for the last month. A lost credit card is easily resolvedIt can be a hassle to lose your credit card, but it's not a big problem. You just need to report the loss and wait for a replacement card in the mail. The possibility of a lost credit card is a good reason to consider getting at least two cards instead of only one. That way, you have another card you can use while you're waiting for the replacement to arrive. Still have questions?Here are some other questions we've answered:
FAQs
Should I cancel my credit card if I lost it?Ideally, you should report the loss before any unauthorized purchase can be made. Otherwise, make sure to report it no more than 2 business days after you learn about the loss or theft. Assuming you have not also lost your cell phone, you can use it to readily access your account and lock or deactivate your card.
Can I track my credit card if I lost it?So can you track credit or debit card chips when you lose your card? Short Answer: Unfortunately, you can't track credit or debit card chips. The EMV chip or smart chip embedded on your card is simply a computer system used for security and payment verification purposes, but it's not a tracking chip.
Can I get a new credit card if I lost mine?Did you lose your credit card? If you can't find it, you should lock your card immediately and report the lost credit card to the issuer. The company can send you a replacement card with a new credit card number.
How long does it take to get a new credit card if lost?Most credit card issuers will send a new card in 10 to 14 days. If you request a special design, which some companies offer, it could take longer. You may also have an option for “rush" delivery if you pay an additional fee.
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