Tips You Can Use If Your Credit Card is Lost or Stolen
Nowadays, it has become common for wallets or purses to be stolen or lost. Important items such as identification cards, ATM cards and credit cards are kept in wallets and purses.
So what would you do if you do lose your wallet or purse, and all your credit cards are there? The good news is that all reputable credit card companies have procedures and policies in place to help you when you do find yourself in such a situation. These companies offer protection against credit card loss or theft.
File a report with Your credit card Company
The first rule in any emergency, including losing your credit card or having it stolen, is: don't panic. Your credit card company has a toll free number that you can call to report a lost or stolen credit card. The first step you should take as soon as you discover that you've lost your credit card or that it was stolen is to file a report with your credit card company.
You need not worry about paying for fraudulent transactions after your credit card is lost or stolen. Based on a federal law, you are only liable for the first $50 of any fraudulent charges made on your credit card. However, you still need to report that your credit card has been lost or stolen even if you won't be taking a significant loss.
If you report loss or theft of your credit card before any unauthorized transaction is carried, you do not have to pay $50. Nowadays, many credit card companies are even flexible with the $50 exposure, so make sure that you know what the terms are for your credit card.
Check Your Bill
After you lose your credit card, go over your latest bills with a sharp eye. If you recognize transactions that you didn't make, immediately write to your credit card company. In the letter, include the date when you informed the company about the loss or theft of your credit card. Address your letter to the company's billing errors department.
Bigger Risks with Debit cards
If your card happens to be a debit card, you have bigger risks if it gets lost or stolen. The sooner you report about the lost card, the lesser the chance of you being held liable for any transaction. If you file a report before your debit card has been used, you will not be held responsible for any fraudulent charges. However, if you delay in filing a report, you stand of risk of being charged as high as $500 for any unauthorized transactions carried out using your lost card.
Track Your cards
Keeping track of your cards is the best way to prevent your cards from getting lost or stolen. Know where you keep your credit cards. Don't give out your PINs. Use a different PIN for each card and make sure that you choose a PIN that is hard to guess. Avoid using your date of birth, phone number or Social Security digits for PINs. It's also good practice to change your PIN once every 60 days or so.
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