Lost your credit card? Here is what you should do immediately

Credit cards have become an important mode of payment, especially in suburban and urban areas. And, it’s not surprising as credit cards come with their set of benefits giving customers several offers and deals. This is probably the reason why a lot of people carry more than one credit card. But, it can be a hassle and a losing a credit card could be a nightmare because there is a high risk of someone misusing it.

If at any point, you end up losing your credit card, then you need to act immediately. First of all, you need to reach out to the card issuer and inform them about the lost card. By doing this you ensure that you’re not held responsible for further expenditures made from your card. 

You can reach out to the insurer by looking at any of your credit card statements. You will find the card issuer’s phone number there. While contacting your creditor, make sure you have your account number, date of theft, date and amount of last authorised transaction and other details ready.

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The next step should be to block your credit card and ensure that it is not misused by anyone. Most companies allow customers to freeze their card through their mobile app or website or even through a phone call. Until the card is blocked or frozen, keep a sharp eye on the card statement and report any unauthorized transaction immediately to your bank and credit card issuer.

The final step is to get a replacement. The card insurer will cancel the old card and issue you a new one. Customers should know that their Credit Score will not be affected if they are able to pay the pending amount. 

Also, companies offer a Card Protection Plan (CPP) which protect your cards from loss, theft or frauds.