Lost or Stolen Credit Card? Follow This Step-by-Step Guide

Ever reached for your wallet and found your credit card missing? Yes, that sinking feeling is the worst. But don’t stress! Acting fast can really save the day. This guide has all the steps you need to lock down your account and get a replacement card quickly. 

Let’s walk through what to do so that you can rest easy.

1. Block your card

If you ever suspect that your credit card is stolen or misplaced, immediately block it. You can either visit your bank branch or do it yourself online through a net banking site or mobile banking app. You just need to select the card you want to block.

Note: When you block a card, you only prevent new transactions. The existing automatic payments will still go through.   

2. File a compliant 

If you feel your card has been stolen, report it to the local police and lodge an FIR (First Information Report). This is important for dealing with creditors and identity theft. It provides official documentation of the theft and can help with investigations if necessary. 

When filing an FIR, try to include as much information as possible, such as the last known location of your card and any unusual activity on your credit card bill. 

3. Check your credit card statement

When you lose your credit card, you should keep a check on your credit card statement and SMS notifications to see if any unauthorised transactions occur. Although it is unusual that a transaction occurs on a reported card, it is preferable to be cautious than regret it later. You can immediately report any questionable transactions to the credit card issuer.

Once you receive your credit card statement, you should review the specifics of each transaction, such as the merchant, purchase amount, and date, as well as your total balance and any payments. 

4. Update auto-pay transactions

If you have allowed autopay requests on your credit card bills, you should disable them immediately. This could be subscription services, monthly bills and memberships. This way, you won’t have to repay for the unauthorised transaction that occurred after reporting the loss of your credit card. 

After you receive your new card, do not forget to update your payment information. This will ensure you settle all payments and avoid late fees. 

5. Reapply for a new card

Many banks may instantly issue a new credit card if your card has been blocked due to loss or theft. However, in most circumstances, you will have to reapply for a new card. It is best to reapply for a credit card only if you require it. If you currently have several credit cards and the lost one is not your primary card, reconsider applying for a new one. It is advisable to close any unused credit card accounts. 

Steps to get your credit card replaced

If you have lost your credit card, react quickly by deactivating and reporting it. You can then apply for a new credit card in the following ways:

1. Customer care: You can contact the customer care of the credit card issuer to ask for a new card. The processing time is nearly 7 to 10 days from application to delivery. 

2. Net banking/mobile banking: First, use your credentials to log in to your bank account. For instance, if you have a Kotak811 account, visit the official site or download the mobile app. Go to the cards section and discover service requests. Here, you will find an option to reissue or replace the card. 

General measures to keep your credit cards safe: 

• Keep them in one place 

• Make sure the credit card fits your wallet

• Set up alerts for every transaction

• Set a smaller spending limit on your credit card

• Do not share your credit card details  

• Consider a credit card insurance

Endnote

If you recover your lost credit card, immediately notify your card issuer. They will advise you on the next steps, which may include destroying the card if a replacement has already been dispatched to your address. This will confirm the security of your account as you transition to using the new card. Follow these instructions promptly to protect your financial information and prevent unauthorised use.