The moment you realize that you’ve lost your credit card is a terrifying and heart-stopping experience. You know that anyone can now be charging purchases, stealing your identity, and ruining your credit without any regard for your wellbeing. Everything you’ve carefully protected is now at risk, while someone else is having a lot of fun with your name attached to it.
The very first step is to call and cancel the credit card. However, don’t just cancel the card. Speak to a customer service representative and explain the situation, as some credit card companies require specific forms to be filled out or have detailed procedures for this type of event. Many credit card companies now offer theft and identity protection services. Anyone who has lost a credit card before understands the value of having one with a photograph or other failsafe protection.
Credit card companies are usually understanding when it comes to the loss or theft of a credit card. However, on rare occasions, you might speak with a customer service representative who doesn’t fully grasp the gravity of the situation. If you’re not satisfied with the outcome of your conversation, don’t hesitate to ask to speak with a superior or someone with more authority. This can often lead to faster and more favorable results.
Dealing with Bank Accounts and Online Solutions
If your credit card is linked to your bank account and it’s after hours, there are often online solutions that can help you temporarily close your account until you can speak with someone who can assist you. Of course, you did opt for the online checking program when you opened your account, didn’t you?
Some banks provide emergency phone numbers for cases of lost or stolen credit cards. This information is typically included with the paperwork you received when you opened the account or when you upgraded or changed your card. Most banks also offer automated phone systems that allow you to report a stolen card. While this may not immediately shut down your account, it can help you recoup the stolen funds. However, this isn’t very helpful if it’s Saturday evening and you’re away for the weekend. Unfortunately, cards linked to bank accounts are the most vulnerable. Unless you can reach a live person, you can’t reason with technology, and by the time the bank opens on Monday morning, your checking account may be completely drained. Many banks do offer reimbursement for stolen card purchases, but their security measures don’t always allow you to immediately halt charges the same way a credit card company would.
It’s also possible to have the card in your hand and still have someone hijacking your hard-earned cash. Internet transactions can be just as devastating as losing the card itself, as you may not notice the fraudulent activity until your bank account has been emptied or your credit card is declined—even if you only have a $1,000 balance on a $20,000 card.
Once you’ve lost your credit card and navigated the hassles of canceling it and disputing both legitimate and fraudulent charges, you’ll likely seek alternative methods for handling financial transactions—especially when on vacation or a romantic weekend getaway. Traveler’s checks and other replaceable forms of currency will become much more appealing. At the very least, losing your credit card at home won’t leave you stranded somewhere without the funds to get back home.
To prevent the theft or misuse of a lost credit card, most credit card companies offer some form of protection. It’s also perfectly legal to write the words “See I.D.” on the back of your card instead of signing it. However, my own card says that, and perhaps one out of every twenty purchases does anyone actually ask to see my identification. Regardless, should my lost credit card be used, the clerk who allows the transaction to go through becomes liable for the purchases, as they clearly did not check for identification.
Knowing how to protect yourself against the loss of a credit card—or at least the misuse of a lost card—can go a long way in safeguarding your finances and credit. Once you’ve experienced the nightmare of losing a credit card, you’ll make sure you never lose one again—even if that means swimming in the ocean with it in your hand.
