losing a credit card sure sounds like a nightmare. however, you can prevent your loss from turning into a nightmare by acting swiftly and following these four steps:
just like losing your mobile phone or your car keys, losing your credit card is a troublesome thing. however, panicking about your loss is not going to help. instead, act quickly and report your loss to the relevant authorities, because the RBI limits your liability for fraud if the loss is reported promptly.
when you discover that your credit card is missing, immediately call your credit card provider to report the lost card and have it blocked. most card issuers have dedicated hotlines for missing cards, and you can find the relevant phone numbers online or on your previous card statement.
keep the following information handy when you call your credit card issuer:
once you have made the phone call, follow it up with an email stating the loss of the card with the above-mentioned information. this provides proof that you reported the loss in a timely manner, in case the question ever crops up.
if your card is missing, it is advisable to report the loss to the police if you suspect theft. it is suggested that you visit the nearest police station and lodge an FIR. don’t forget to take a copy of the report to provide to the bank as well.
once you have reported the loss of your credit card, your issuer will block the card so that no unauthorized transaction can take place. however, it is a good idea to check your credit card bill or statement in any case to ascertain if some fraudulent charges have been incurred on your card.
if you notice a transaction that was not carried out by you, inform your bank about it as soon as possible, preferably within three days of occurrence. once you report the fraud, you will no longer be liable for any unauthorized transactions. however, if the initial fraud happened due to a delay in reporting the loss on your part, your bank will decide your liability on the basis of the existing RBI guidelines.
remember, things do go awry and losing a credit card is not uncommon. however, instead of panicking or not doing anything about it, it is important to act quickly and intelligently to prevent losing your money in addition to your card.
if you are worried about living without a card, don’t be. most credit card issuers will immediately issue a new credit card once your missing card has been blocked. besides, as the new card is associated with your old account, there would be no new credit inquiry that may affect your credit score.
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