5 Things You Should Do If Your Credit Card Is Lost or Stolen

Losing your credit card is above even stubbing your toe on the unofficial list of the “Most Annoying Things That Can Happen to You.” Make no mistake, losing your credit card is easily one of the most stress-inducing events that can happen in your life. The moment the realization hits that the card is gone, one often experiences pangs of fear and panic. Fortunately, all is not lost. Here are five things you should do if your credit card is lost or stolen.

1. Don’t Panic

If your anything like me, the moment that you realize that you lost your credit card your instant reaction is to panic and think about the worst case scenario. But try to relax: Most credit card companies are sympathetic to those who have lost their credit cards or who have had them stolen, meaning that in most cases you won’t be charged for purchases you didn’t make. Additionally, federal laws cap your liability to just 50 dollars.

2. Call Your Bank

The moment that you realize that your credit card is lost or stolen, you should immediately call your bank. This does a couple of things for you. To begin with, most banks offer you the option to put a hold on your account. This means your credit card will be frozen so if it was stolen, it cannot be used. Secondly, the bank will give you the option to cancel your credit cards. I would recommend initially freezing your accounts as you might end up getting your credit cards back. If you do get your credit card back, it only takes a phone call to unfreeze your account.

3. File A Report With The Police

Now it might be time to give the boys and girls in blue a phone call. If you do believe that your credit card was in fact stolen it’s only right that you contact the police so justice can be served. Filing a report with the police instantly gets more people working on the case. Once your card is canceled by the credit card company and a new one is issued to you, it’s not so important if your card is eventually found. However, the police might already be working on a credit card data breach case and might even have a few suspects in mind. So to help stop this crime, put your tax dollars to good use and file a report with the police.

4. Obtain Records of Your Purchases

While you’re on the phone with your bank, be sure to obtain records of all of your credit card use! In most cases, banks offer 24/7 help lines and are more than capable of assisting you in finding information about all of your purchases. Be sure to make note of any discrepancies as they appear. Typically, most people who steal credit cards only make one or two purchases and then dump your credit card.

5. Wait

Now I know waiting is never fun, but if you have followed my advice this is the only step that’s left! If you have contacted your bank and the police, you now have people working on your case and you won’t be charged for purchases you didn’t make. Worst case scenario, have your credit card canceled and simply open a new line of credit.