In case of any event of the loss of your credit card, you must take certain actions immediately for any delay in it would increase the chances of your credit card getting misused. We will have a look at the steps you will have to take in case you lose your credit card:
Once you realise that your credit card is stolen or misused, you must immediately call your bank and inform them about the loss of your credit card. The bank will then block your card which will prevent anyone from misusing it.
If you don’t want to go through the process of calling a customer care executive to block your credit card, you can log in to your net banking portal and use the option of getting it blocked.
Once you have gotten your credit card blocked, you can apply for a duplicate credit card. The banks may generally take up to 7-14 days to get it delivered to you.
Once you have informed the bank about the loss of your credit card, it is always a good option to visit the nearest police station and register an FIR with the police regarding the loss of your credit card. This helps as you will not be held liable if there is any misuse of the card by a fraudulent party. FIR also serves as a legal proof of you losing your credit card and helps you in applying for a duplicate credit card.
You must contact your credit bureau and inform them about the loss of your credit card. This will allow them to put a fraud alert and ensure that your credit score does not suffer in case the card is misused by someone.
You must also check your credit report and report the credit bureau if you find any wrong information.
You must keep an attentive eye on your credit card statement even if you report the loss of your credit card to your bank. In case you find any transaction suspicious, you can immediately contact your bank and raise a complaint.
Before you reapply for a credit card, you must check if you need it or not. There are times when you may have had a credit card lying idle in your wallet. You must know that despite you blocking your credit card, it remains active which allows you to reapply. If you find that you will not be using the credit card, then it is better to close your credit card account definitively. This will help you save money as you will not be required to pay an annual or reissue fee.
There are certain measures you can take to prevent the loss of your credit card. Some of them are mentioned below:
These are some measures you can take to keep your credit card safe. You must immediately inform the bank if you lose it. It is always a good idea to keep your credit card in a purse or a wallet so that you can minimise the chances of losing it in future.
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