If you have a credit card, then the chances are that sometime in your life you might either lose a card or have it stolen. Although this can seem like a nightmare, there are ways to sort the problem out quickly and easily without losing your ability to spend money or losing money.
Here are some tips about what to do when your card is lost or stolen, and how to prevent it happening:
Cancel ASAP
If you know your card has been lost or stolen, cancel the card at the first available opportunity. The quicker you cancel the card then the less chance someone else has to use it and the quicker you can be sent another card. You should always keep your credit card company numbers in a number of locations so that you can ring the company even if your wallet is taken.
Review your statements
If your card is stolen or not, you should regularly review your statements to check for irregularities. If someone has gotten hold of your card number or cloned your card then they could be buying things on your card even if you still have it. If you see anything suspicious then contact your card issuer immediately.
Be careful with paperwork
Any paperwork pertaining to your cards should be kept in a safe and secure place. If you are throwing out old statements, make sure that you dispose of them properly. The best way to dispose of bank information is to shred the items thoroughly so people cannot use them to get your account information.
Be careful with your PIN
Even if someone gets hold of your card, if you have a secure pin they are unlikely to be able to use the card. Make sure your PIN is not written down anywhere, especially near your cards. Also, never give your PIN to anyone, even friends and family. If you PIN is secure then your card is going to be safer.
Get insurance
One of the best ways to protect your cards is to get protection insurance. If your cards are lost or stolen, then you are covered against any loss. If you use an independent company then you can register all your cards with them and report multiple losses at once. The registration company will also request new cards for you.
Only carry what you need
Another way to stop loss or theft is to only carry out the cards you need each time. It is unlikely you will need all your cards every time you go out. If you keep them at home then they are less likely to need replacing. Just take out what you need.
Don’t panic
If you do have your card stolen or lose it, remain calm. If you follow all of these steps, then you will have a new card in around a week and you won’t lose any money from unauthorised spending.
