What to do if you lose your credit card?

Plastic money (credit card) is the best option instead of a big wallet. It makes it much easier to spend and buy even when you don’t have money on hand. Trouble arises if a credit card is lost or misplaced, or if someone goes to a party at your expense. Such a situation needs to be prevented.

Here’s what to look for and tactics to help ease the way.

Report a lost card to a credit card company

Whenever you find out that your credit card has been lost or stolen, call the customer care executive of the company or bank at the same time and report it. Any kind of delay in notifying the company can cost you dearly.  The customer care executive’s number is usually indicated on your credit card’s monthly bill and is also provided on the company’s website. You are also required to provide the card executive with information on the date of your last purchase, the date on which the card was lost, your account number, etc. This information can be used to find out if there have been any wrong transactions with your card.

Also inform the company by letter or e-mail

It is best to make a phone call to a credit card company, but it is also necessary to send a written request or e-mail to the company for company information. This should include the cardholder’s name and all the details mentioned above. This letter also needs proof that you have reported the loss of the card to the company if any questions arise with the company in the future.

File a complaint at the nearest police station

File a complaint with the police station near the area where your credit card is likely to be lost. If the card is stolen, the police will also register an FIR in this regard. If the card is lost, the police will write a report in the diary for that record. Complaints lodged with the police are helpful if there is ever a large transaction through your card after losing the card, as the company places all the responsibility on the cardholder customer at the time of any major transaction.

Thoroughly verify the monthly statement

For a few months after the card is lost, the cardholder is required to keep a check on his monthly bill. Doing so can reveal the transaction made by the wrong person. The card issuing company should be notified immediately if any such transaction is noticed.

What does Zero Lost Card Liability mean?

Many cards offer the option of ‘Zero Lost Credit Card Liability’. This means that the cardholder customer does not have to pay for any wrong transaction, but in our country this rule applies only when the customer informs the bank in writing or over the phone that his card has been lost Have.

Once the customer care executive is notified, he or she is asked a few private questions to identify the original cardholder. Thereafter, the card is immediately blocked. Only then will the Zero Liability option be applied to incorrect or unauthorized transactions in the lost card.

Remember, it is important to note the loss of a credit card in order to avoid future conflicts with the credit card company and to maintain financial stability.

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