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LOST your credit card? 4 immediate steps to take

Last updated on: September 20, 2012 18:22 IST

LOST your credit card? 4 immediate steps to take

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Ankit Sharma, RupeeTimes.com

Here is a quick guide to the course of action a credit card holder should take, to prevent/minimise misuse or losses.

Plastic money (credit cards) seems to be the perfect alternative to carrying a bulky wallet. They are convenient to use, sleek and purchases can be made as desired even if sufficient funds are not handy.

But, if a credit card is lost and it falls into the wrong hands, then someone else could be making merry at your expense.

Courtesy:


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Tags: LOST

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LOST your credit card? 4 immediate steps to take

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1. Inform the card issuer about the lost card

As soon as it is realised that a credit card has been lost or stolen, the customer care executives of the respective card issuer should be informed immediately. Any delay could prove to be expensive.

Usually, the contact details of the customer care executives are mentioned in the monthly credit card bills and they are also listed on the web sites of the card issuers.

Details like account number, date when the card got misplaced and amount of the last purchase made with the card should be mentioned to the card executives. These details would come in handy to detect any fraudulent transactions made with the card.


Photographs: Rediff Archives
Tags: LOST

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2. Follow it up with a letter/e-mail to the issuer

In an ideal situation, just a call to the credit card company should be enough. But, in case there is no acknowledgement from the company, a formal letter/e-mail to the company containing the cardholder's name and all the above mentioned details should be written.

This letter would serve as evidence that the loss had been reported, in case any disputes regarding this occur at a later stage.


Photographs: Rediff Archives
Tags: LOST

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3. Lodge a police complaint

A police complaint regarding the lost card should be made with the local police station where the card is suspected to have got lost. If the case appears to be of theft or robbery, the police will lodge an FIR.

If it appears that the card has simply got misplaced or lost, the police will record the statement in the daily dairy report.

Registering a complaint with the police will be helpful in case transactions of large amounts have been made using the card, as in these cases card issuers usually try to shift the liability on the customer.


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Tags: LOST , FIR

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4. Review monthly statements carefully

The card holder should monitor her/his monthly statements regularly for a couple of months after the card has been lost.

This will help identify unauthorised transactions which have taken place using the card. In case any such transaction takes place, notify the card issuer immediately.

Click NEXT to read about 'lost card liability'


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Tags: , LOST

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What does zero lost card liability mean?

Many credit cards come with a 'zero lost credit card liability' feature attached to them. It means that in case of fraudulent transactions, the customer need not pay a single penny. But, in India, this feature applies only after the cardholder notifies the bank about the loss in writing or via telephone.

Once the matter is reported to the customer care executives, they will ask few personal details to confirm that the original cardholder is reporting the matter. Following this, the card is deactivated immediately. After this only, does the zero liability feature apply on unauthorised transactions taking place from the lost card.

It should be noted that reporting a lost card is very important for maintaining one's financial health and to avoid unnecessary hassles with the credit card company later.


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Tags: LOST , India

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