What to Do if Your Credit Card is Lost or Stolen

Posted by: Lisa N. | Oct 16,2007

If your credit card is lost or stolen you need to take steps to protect yourself. I freaked out when I couldn’t find my ATM Visa card. Immediately going into panic mode, I assumed the card had been stolen. Retracing my steps (for the millionth time), I finally figured out what had happened. Distracted by a call on my phone while getting cash out from an ATM, I drove away without removing my card from the machine! The ATM kiosk thankfully swallowed my card to prevent theft. If you lose your credit card or debit card you have to do to protect your accounts- and your identity.

 

Immediately report your lost or stolen debit or credit card to your bank or creditor. If your debit card is stolen or lost, you’re required to contact your financial institution within two days. If you don’t report the loss within two days, you could be liable for up to $500 of money that’s withdrawn from your account. If it’s your credit card that goes missing, you’re only liable for $50 in charges against your account. If you report the lost or stolen credit card before it’s used, you won’t owe anything at all. Unlike ATM cards, there’s no timeframe for reporting a missing credit card. But it’s still to your benefit to report the loss as soon as possible.

 

Trying to clean up a credit card or ATM card theft can take weeks, months or even years. File a report as soon you find out a card is missing and avoid the hassle. Oh. And don’t take calls when you’re in the middle of a financial transaction of any kind. That’s the biggest lesson I learned. 

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