Credit card has become one of the important and common forms of payment in these days. People consider it easy to carry a card than carrying cash with them. But at the same time, it is easy to be misplaced or get stolen. And this is the last thing you will like to loose.
If you have high credit limit, a stolen or lost credit card is going to affect you very terribly. Your stolen or lost credit card can be used by any one. In many places they don't verify using your ID, even if it is mandatory. So by just copying the signature, anybody can use your credit card.
First Important Step - Report the Missing Credit Card
To limit your financial losses, the first step you should take is to report your missing card. Immediately after discovering that your card is missing, report to the credit card's company or issuer. Earlier you will report the missing card, sooner your account will be blocked which will stop any one from using it.
How to Report a Missing Card?
You can always find the customer service phone number on the billing statement. Generally all the customer service lines are open for 24 hours so you can use it at any time. Or you can use the website of the credit card company for the same purpose otherwise.
While reporting the missing card, following are the important points to be informed:
1. Account Number.
2. The date on which you found that your card is missing or lost.
3. If you remember, the date and amount of the last purchase through the credit card.
It is always sensible to report the missing card by a letter, even though you have reported through phone. In the letter, inform them that the card is misplaced or stolen and notify your account number, the date on which your card is lost, last transaction and also the date of first report.
Reporting loss by letter will also serve the purpose of proof that you have reported the loss, if it is needed in future.
Unauthorized Charges
After your credit card is stolen or lost, if there is any unauthorized use of it, you are protected from it under the fair Credit Billing Act (FCBA). Under this law, you are responsible for $50 maximum, if the unauthorized use is done. But you are not responsible for any charges if these fraudulent charges are made after reporting the loss of credit card. Though the unauthorized use is done before the reporting of loss, then you can be charged up to $50.
Protection benefits are provided by most of the credit card issuers. Due to which, you get rid of any liability for unauthorized charges. But then you should report the lost card within given period of time. It is always useful to ask about such benefit to your issuer if you are not aware of it.
After loss of credit card, it will be safe if you go through your billing statement. This will help you to find if any unauthorized usages are done using your card. And if you find any of such charges, report them to the credit card issuer as early as possible.
So using credit card is pretty simple but keeping them safe is difficult. If you happen to lose your credit card, do not foget these steps. These may help your from great loss.
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