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Budgeting & Saving

I Lost my Credit Card, What Do I Do Now?

Have you ever been somewhere, travelling or even in your own hometown, when you lost your credit card or even your entire wallet?

The moment of panic that ensues while you search frantically for your card is not fun to experience, but this may happen to you at some point or another.

With any luck you will come across your lost card or wallet because it’s simply misplaced. But once in a while, it’s truly lost. When this happens there are some immediate steps you need to take to ensure that your identity and financial information do not fall into the wrong hands.

Call the Credit Card Company ASAP

The first thing you need to do is call your credit card company. Unfortunately, most of us don’t have that number memorized or readily available since it’s usually listed on the back of the card you just lost. Some experts suggest writing down the phone number and storing it somewhere separately from where you keep your card.

But often we are not near that safe storage place when we lose our wallets or credit cards. My suggestion is to store it as a contact in your cell phone.

discover freezeitIf you are a Discover customer you can simply use Freeze ItSM an on/off switch that you can access on your mobile app and online to prevent new purchases, cash advances and balance transfers in seconds if you misplace your card.

Another option is to use the internet to search for the phone number you need, or to ask a friend or family member for the phone number if they have the same type of credit card.

Request a Hold or Account Freeze

Credit card companies act very quickly when you report a card lost or stolen. They will ask you about your last transaction and then put a hold on your account so nothing else goes through on your card. This will prevent a thief from using your credit card and racking up fraudulent charges.
Sometimes when you lose your credit card it’s gone for several hours, or even days, before you notice it. When this happens you still need to call the credit card company right away. As a Discover customer, the $0 fraud liability guarantee means you are never responsible for unauthorized transactions on your Discover card account. However, you must request an account freeze if your card is lost or stolen.

Document Your Calls

Occasionally mistakes occur and your card does not get cancelled or a hold does not get placed on your account. Whenever you report a card lost or stolen you should keep a written record of when you lost it, when you called the credit card company, and more.

It’s also a good idea to follow up with a written letter to your credit card company as soon as possible so they also have a written record of the activity on your account and they have written confirmation that you want your account frozen or cancelled. If you send a written letter, be sure to follow up to make sure it reached them.

Of course, if you simply use Discover Freeze ItSM, you can immediately verify the account freeze you have requested via your mobile device.
Hopefully you’ll never have to deal with the loss of your wallet or credit card, but chances are it will happen to you at some point in your life. At least with these tips you’ll know exactly what to do when you lose your credit card.

This post was created as part of the Discover partnership program.

Originally posted 2015-06-19 10:36:51.

By Young Finances

LaTisha is the founder of Young Finances, which teaches simple finance for millennials. She is a millennial lifestyle and money expert helping clients take an existing skill and turn it into an online business.

What started as a financial blog to hold herself accountable while she paid off debt of over $32,000, transformed into a self-development journey allowing her to create a life by design and not by default.
She encourages her audience to blend smart money habits with a dash of the royal treatment as she believes nothing should be too lavish. Her work has been featured in notable publications including Forbes, Fast Company, and Business Insider.