Top procedures to find lost credit card

It is true that nothing quite compares to losing a credit card. You must have had that sinking feeling when you realize that you have left behind a phone, a shopping bag full of purchases, or even dropped some cash on the floor without realizing it. While those losses can be expensive, none of those losses can become someone else’s opportunity for a high-limit shopping spree.

These are some of the best steps to take after losing your credit card.

Never panic

Thankfully, federal law caps your total liability for a stolen or lost credit card to just $50. Moreover, many credit card companies have zero-liability policies whereby you’re not on the hook for a single cent. Even in the worst case scenario, you will probably be okay.

Contact credit card company

When it comes to limiting your liability, time is of the essence. If you report that your credit card is lost before someone has a chance to use it, you won’t be liable for their expenditures. As we said before, though, if they make purchases before you report that your card is missing, you’re liable for up to $50 in unauthorized purchases on a credit card.

Do keep records

Most card issuers are available 24/7 to assist you with reporting your lost credit card. You can find your creditor’s phone numbers on the issuer’s site or on your billing statements. Be ready to tell your creditors the date and time you noticed your card was missing. If you noticed any discrepancies on your billing statement, be sure to mention that as well, and keep all relevant documents handy in case you need to answer any specific questions.

Take actions

Now that you reported your lost card, your creditor can take the necessary steps to replace it. Your account won’t be cancelled, which might be good news for your credit score, but the old card will no longer be associated with your account. Provided you pay off anything you’re liable for, your credit won’t be negatively impacted.

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