What to do if you lose your credit card

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2. Check and dispute unauthorized charges

Review recent transactions on your credit card account, including pending charges, to see if there are any unauthorized charges. You can do this through your online account. If you haven’t set this up and are reporting the loss of your credit card over the phone, you can ask the representative to read you the most recent charges.

Keep an eye out for big and small purchases. Thieves often use a stolen credit card for a small fee first to see if it works. Assuming this is the case, they move on to a bigger fraud.

If you see a fraudulent transaction that you didn’t complete, dispute it. This is something else that credit card companies usually allow you to do online or over the phone. When you dispute a credit card charge, the card issuer blocks it during their investigation. You won’t need to pay for it while it’s frozen. If the card issuer confirms that this is a fraudulent charge, it will be fully deducted from your bill.

3. Activate your new card and update recurring invoices

When you receive your replacement card in the mail, you may need to activate it. If so, activation instructions will be provided with the replacement card.

After that, all you have to do is update your payment information for all the recurring bills you paid with the lost credit card like streaming services, gym, etc. The old card number is obviously no longer valid. Your new credit card will have its own card number, expiration date, and security code. You will need to replace your saved payment information with your replacement card in order for your bill payments to proceed.

Your previous billing statements can help you determine where you need to update your payment information. Don’t forget about the recurring bills that you don’t pay every month. For example, if you pay insurance premiums every six months or Amazon Prime once a year, you might not see them if you only look at last month’s billing statements.

A lost credit card is easily resolved

Losing your credit card can be a problem, but it’s not a big deal. All you need to do is report the loss and wait for a replacement card in the mail.

The possibility of a lost credit card is a good reason to consider getting at least two cards instead of just one. This way you have another card that you can use while you wait for the replacement to arrive.

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