Having your card stolen or losing it is something that happens to thousands of people every single day. If this happens to you, there are some steps and procedures to keep in mind.
What to do if your card is lost of stolen
The first thing to do if you suspect your card has been stolen or lost is to contact your credit card company and get your card cancelled. Even if you are not 100% sure if there is a problem with your card, it is worth taking this step as it is much better for you to have your card cancelled and receive a new one, rather than having a thief potentially running up bills for thousands of dollars on your card.
To cancel your card, simply give your credit card company a call and tell them you’d like to cancel the card as you fear it has been lost or stolen. Every credit card company will have a 24 hour emergency number for you to call if you ever need to report a problem like this.
It is always a good idea to have this number at hand, so you can cancel your card as soon as you suspect a problem. The best idea is to put the emergency number(s) in your mobile phone so you can make a quick call to your credit card company if you ever need to. Also, make sure you have the overseas emergency number with you if you are planning to go on holiday.
After you have contacted your credit card company and you have let them know that you have a lost or stolen credit card situation to report, your card will be frozen and cancelled so no one can make any purchases with your card. You will receive a new card in the post, which in some cases can take some time and there may even be a charge for a re-issue.
Some problems can occur here if you have any payments that need to be made by your credit card, such as various bills, so you’ll want to have a back-up plan just in case.
Can I get any money back if a thief does use my card?
You could be eligible to get your money back, depending on how your credit card company assess the situation. If they can prove that you acted in an irresponsible way when it comes to your finances and credit card, you may not be able to claim any money back.
However, if you can prove that you looked after your card and you were simply unlucky in being the owner of a lost or stolen credit card, then you should be able to get your money back. In order to retain the status of a responsible card holder, you should be very careful with your card; make sure you take the best care of it possible. You should also check your statements every month and make sure that there aren’t any charges on it that are unauthorised.
It’s also always a good idea to keep copies of any private documents that you might need if you were to make a claim after finding you have a lost or stolen credit card. Also, you should always shred any old statements that you no longer need to keep.
Final thought: look after your card!
The best way to avoid all of this is to treat your card with care and make sure that you don’t give anyone your card to make purchases – even in some cases, your immediate family. Sometimes you won’t be able to stop your card getting lost or stolen, but by doing your best to treat your card with care, you can help prevent such a situation occurring.
