How to Handle a Stolen Credit Card

Having your credit card stolen can send you into a panic. What if the thief maxes out your credit card before you can report the card stolen? Will your credit card issuer hold you responsible for the charges? If your credit card is ever stolen – or even just lost – don’t panic. Following a few simple steps will help you take control of your account and prevent the thief from racking up charges in your name.

Contact your credit card issuer as soon as you notice your credit card is missing. You don’t have to wait for business hours. Many credit card companies have 24-hour customer service numbers that make it convenient to report a stolen credit card anytime day or night.

Usually, you’d check the back of your credit card to find the credit card issuer’s customer service number. This obviously isn’t possible with your credit card missing. You can instead check the credit card issuer’s website or a recent billing statement for the credit card issuer’s phone number. Your card issuer will probably ask you for the last charges you made with your card to figure out whether the thief has made any purchases. You can log on to your online account to check for any fraudulent charges yourself.

If your purse or wallet was stolen and you lost multiple credit cards, you may have a hard time remembering all the credit cards you had. Your bank statement and credit report can help you list the credit cards in your name that might have been stolen.

Reporting your stolen credit card quickly is important for minimizing your liability for any fraudulent charges made on your account. By law, you’re not responsible for any fraudulent charges made to your account after you report the card stolen. However, if charges are made before you report your stolen credit card, you could be liable for up to $50 of unauthorized charges. If only your credit card information has been stolen and you still have your card in your possession, you’re not liable for any fraudulent purchases made on your account.

Once you contact your credit card issuer to let them know about the stolen credit cards, your old account will be cancelled and your credit card issuer can send a replacement credit card with a new number. Change the passwords on your online credit card accounts just to be safe. If use the old credit cards for any subscriptions or store it for one-click shopping, make sure you update with your new credit card numbers.