What To Do If Your Credit Card Is Lost Or Stolen

While credit cards can provide you with a high level of convenience, if they are stolen or lost you could be in a lot of trouble, especially if you don't have cash. The situation can be even worse if you are traveling in a foreign country. The first thing you want to do is quickly notify the credit card company or bank as soon as you notice your card is missing.

After you report your card missing, you will want to give the company information about your account and the date you lost it. One thing you should know about credit card companies is that they place a limit on how much they're liable for if fraudulent transactions are made on the card. If the fraudulent charges are more than this amount, you may find yourself making payments on purchases you didn't make.

This can be very frustrating, and is one reason why you should do everything you can to protect your credit card. One good thing about credit card companies is that they will not hold you responsible if you report the card missing before fraudulent transactions are made. If you don't report it quickly, you could end up paying large amounts of money. Once you have reported your card missing, keep a careful watch on your billing statement. Look for charges which are unauthorized. If you find these charges, immediately report them.

The best way to prevent your card from being stolen is to keep track of it at all times. Don't use PIN numbers which involve your social security number, date of birth, or other obvious information. Skillful thieves will automatically try these numbers when attempting to use your card. Never disclose your PIN to anyone, and only give out your number when you are dealing with a reputable company. Never give your number over the phone if you didn't make the call.

When you travel, only carry the cards you expect to use. Keep the number of the credit card company or bank handy in case your wallet is stolen. This will allow you to quickly use the number to call the fraud department if the card comes up missing. Putting the number in your wallet isn't a good idea, as it may be missing as well. Having the number handy will quickly allow you to contact the company before charges can be made.

More Information:

• Credit Card Fraud - from scambusters
• Credit card fraud - Wikipedia, the free encyclopedia
• Card Watch
• BBC - Support for You - Card Fraud