Credit Card Theft – What To Do If You Lose Your Wallet

Credit Card Theft What To Do If You Lose Your Wallet

Having your credit card stolen can be a traumatising experience. Aside from the hassle of reissuing the new cards, you may also have concerns about unauthorised use of your cards by the thief. So what would you do if you do lose your wallet, and all your credit cards you keep there? The good news is that all reputable credit card companies have procedures and policies in place to help you when you find yourself in such a situation. Before anything bad happens to your plastic there are a few precautionary measures you can take to minimise your risks.

If you have one or more credit cards, it is advisable to take photocopies of the front and back of each card and keep them in a secure place. On each copy ensure that the card number is visible, and that the emergency phone number to contact the card issuer is listed as well. This means that when your credit card is stolen having this information on hand will allow you to report the loss quicker.

Be aware of the whereabouts of your credit cards at all times. If there is no need for you to carry all the cards with you leave them at home in a secure location. Not surprisingly a quality, new wallet can prevent your cards from slipping out of loose slots and carrying around your plastic in a pocket isn't the best idea.

In the event that your credit card is lost or stolen phone your credit card issuer as quickly as possible and even follow-up with a letter. The letter should state that your credit card was lost or stolen and include the account number, date of loss or theft, first date the loss was reported, and the last authorised transaction. This letter will provide proof that you reported the loss should that fact ever come into question. The sooner you report about the lost card, the lesser the chance of you being held liable for any transaction.

After you lose your credit card scrutinise the bills carefully for several months afterwards. Report any suspicious or unauthorised transactions immediately by writing to your credit card company. Remember to state the date when you informed the company about the loss or theft of your credit card. It's generally recommended to check all your credit cards statements regularly, especially the ones you don't use any longer or decided to clear some time ago by transferring the balance to 0% interest card.

On the list of things you would hate to lose, credit cards probably rank quite high. A lost or stolen credit card can cause a lot of damage not only to your credit limit but also to your personal finances. It is therefore crucial to know what to do and how to react when the unexpected strikes.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

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