Steps To Follow If Credit Card Is Lost
In case of any event of the loss of your credit card, you must take certain actions immediately for any delay in it would increase the chances of your credit card getting misused. We will have a look at the steps you will have to take in case you lose your credit card:
- Inform the bank and get your card blocked: Once you realise that your credit card is stolen or misused, you must immediately call your bank and inform them about the loss of your credit card. The bank will then block your card which will prevent anyone from misusing it.If you don't want to go through the process of calling a customer care executive to block your credit card, you can log in to your net banking portal and use the option of getting it blocked.Once you have gotten your credit card blocked, you can apply for a duplicate credit card. The banks may generally take up to 7-14 days to get it delivered to you.
- Register an FIR: Once you have informed the bank about the loss of your credit card, it is always a good option to visit the nearest police station and register an FIR with the police regarding the loss of your credit card. This helps as you will not be held liable if there is any misuse of the card by a fraudulent party. FIR also serves as a legal proof of you losing your credit card and helps you in applying for a duplicate credit card.
- Get in touch with your credit bureau: You must contact your credit bureau and inform them about the loss of your credit card. This will allow them to put a fraud alert and ensure that your credit score does not suffer in case the card is misused by someone.You must also check your credit report and report the credit bureau if you find any wrong information.
- Keep a close eye on your credit statement: You must keep an attentive eye on your credit card statement even if you report the loss of your credit card to your bank. In case you find any transaction suspicious, you can immediately contact your bank and raise a complaint.
- Reapply only if you need the credit card: Before you reapply for a credit card, you must check if you need it or not. There are times when you may have had a credit card lying idle in your wallet. You must know that despite you blocking your credit card, it remains active which allows you to reapply. If you find that you will not be using the credit card, then it is better to close your credit card account definitively. This will help you save money as you will not be required to pay an annual or reissue fee.
Things you can do to prevent the loss of your credit card
There are certain measures you can take to prevent the loss of your credit card. Some of them are mentioned below:
- Carry the credit cards you are sure you will use regularly.
- Make sure you keep your credit card in a wallet or a purse. The chances of losing your card are greater if you place it in your pocket.
- Once you have closed your credit card account or your credit card has expired, cut the credit card before throwing it away. Make sure to cut through the credit card number.
- Keep your credit card CVV number, PIN, etc. safe. Never share your CVV number or PIN with anyone.
- Keep checking your credit statement regularly. If you find any transaction you did not make, inform the bank immediately.
- It is safer to memorise your credit card number than writing it down on a piece of paper.
- Avoid sharing your credit card number over phone calls unless the call has been made by you. The bank will never ask you for any personal details related to your credit card. Hence, if you find someone asking for the details of your credit card such as CVV number, expiry date, PIN, do not engage.
These are some measures you can take to keep your credit card safe. You must immediately inform the bank if you lose it. It is always a good idea to keep your credit card in a purse or a wallet so that you can minimise the chances of losing it in future.
Karishma VP has over a decade of experience in content writing which includes over five years specializing in personal finance. Her career in BankBazaar has given her the opportunity to write on a wide variety of financial products ranging from credit cards and home loans to insurance policies and government schemes. She believes that an understanding of personal finance is an important step to leading an independent, empowered life. This has led to her being passionate about learning more about the BFSI sector and writing about personal finance as clearly, concisely, and accurately as possible to make it accessible to a larger audience through BankBazaar.
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