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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

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What Should You Do if Your Credit Card is Lost or Stolen?

2008-07-01

One of the things most people would hate to lose is a credit card or a wallet full of plastics. The point is, a lost or stolen credit card may become the reason for serious financial problems.

Much to cardholders' delight, credit cards come with a thick bunch of various credit benefits. One of them is zero liability coverage. It means that when your card is lost or stolen, you are liable only for $50. It's all well and good but it's still really crucial to know what to do when your credit card is lost or stolen.

When your card is lost or stolen, especially for the first time, it may be really scary. Now that there are plenty of various credit scams, and fraudulent activities, needless to say that your lost credit card may come into wrong hands and the consequences as a rule are really harsh.

The problem is that when your plastic is stolen or lost, it remains active until you notify your credit issuer that your card is lost or stolen. Otherwise, you risk losing your money, and your credit history on top of that, as a thief could charge thousands of dollars before your bank or you realize that your card is in wrong hands.

First off, credit card companies provide a toll-free number with 24-hour support. Generally, lenders print this phone number on your credit card statements. If you've got online access to your credit account, you can use this opportunity to report a missing card. In case, you plan a trip overseas, you should take some credit precautions, i.e. you'd better have this phone number at hand in case of emergency.

When making a phone call, you should provide the following information: the number of your credit account, the date you noticed that your card is lost or stolen, and the date of the last purchase you made, if you remember. It's also a smart idea to send a letter stating the same information. This letter will come as a proof in case the loss of the card comes into question.

Fortunately enough, US cardholders are also protected by the Fair Credit Billing Act. Under this law, if the worst has happened, and someone has made unauthorized purchases with your card, your liability is limited to $50. But be careful, you have liability only if you have reported the loss before any unauthorized charges are made. That's why it's essential to report your card missing as soon as possible.

However, most credit issuers provide special protection that eliminates your liability if your card is reported missing with a certain period of time.

To prevent future loss, you should remain aware that your card is located in a safe place. It's recommended to carry only the cards you will need. As for the rest, you'd better leave them at home. It's also advised not to place your credit cards in pockets, as they can easily slip out. Creating a contact list with the name of your cards and toll-free numbers can also be helpful.

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[Sunday, December 18, 2011]
Chase Bank recently announced the redesign of its Visa credit cards - allowing more space on the front for the Chase logo. This new design is in trial mode currently but Visa has pans to roll out its new design to other financial institutions in order to increase the branding and logo visibility of the individual issuing banks.
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[Friday, October 28, 2011]
Debit and credit: they`re both plastic, why not consolidate them? The Cinncinati-based Fifth Third Bank, is the first to offer the DuoMasterCard which consolidates both a checking and a credit card account into one card.
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[Wednesday, September 21, 2011]
It really pays when you do the right thing. Take credit cards for instance, having a clean credit profile really does help. Those who managed to maintain a squeaky clean credit report during the recession can now jump with joy, as they will get some of the best deals from credit card issuers.
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