Did you have a dream night welcoming in the new year only to wake up to the nightmare that your credit card is missing?
Knowing you’ve lost your credit card is bound to give you that uneasy feeling in your stomach, but there’s no need to panic. Your lender will be able to issue you a new card.
My credit card is missing!
With Metro bank revealing that 500,000 Brits are predicted to lose, misplace or have their debit or credit card stolen over the Christmas holidays, it’s important you know what to do should you find yourself in this unfortunate position.
If your credit card is missing, speak to your lender straight away. Delaying this can put your account at risk of fraudulent activity. By letting your lender know, they can block your credit card to avoid it being used.
Your lender should issue a replacement card. It may take a few days for the card to arrive, especially if you have lost it over the festive period.
While you wait, you should make sure you’re not without cash. If a contactless payment, like Apple pay, is linked to your credit card, you may still be able to use this payment method until your replacement card arrives. But this ultimately depends on your lender.
While waiting for your replacement card to arrive, don’t let your credit card payments slip. This way you can be sure that everything is correct and there are no signs of fraud on your account. If you get a credit card statement, you should clear as much of the balance as possible to keep the interest you’re charged to a minimum.
Check your statement
Even though you have the comfort of knowing your card has been cancelled, regularly check your statement. It’s worth logging into your online banking or mobile app. Alternatively, you can always give your lender a call if you have suspicions about any of the activity you see on your statement.
Any transactions that you don’t recognise, report to your lender straight away. If the transaction has happened after you’ve reported your card to be lost or stolen, your lender should refund you.
Are your details safe?
To protect yourself from fraudsters, there’re a few tips to bear in mind. Perhaps the most obvious is to make sure that you sign the signature strip on the back of your new card as soon as it arrives.
"You should be the only person who knows your PIN Number."
If you do find your old card after you’ve reported it missing, or it’s returned to you, cut it up. The best way of doing this is by cutting through the magnetic chip and PIN.
You should be the only person who knows your PIN number. Never write it down or give it to somebody else.
If you’re hopeless at remembering your PIN number, change it to something that triggers your memory. However, make sure it’s a random sequence - things like a birth date can be easily worked out by a thief.
Remember, if your wallet is stolen and a fraudster gets their hands on your PIN number because it’s noted down on a piece of paper hidden inside, lenders may argue that you’ve been careless. This could result in you being refused a refund of any money taken from your account.
For more tips on how to use your credit card safely, check back in with our blog soon.
Disclaimer: All information and links are correct at the time of publishing.