It has happened to all of us. When you lose your credit card, it’s pretty unnerving. Thoughts of potential fraud, inconvenience, hassle, and more swarm through my head when this has happened to me. Not only that, but since I try to remember my credit card numbers, having to learn a new a sequence of 16 digits is a huge pain.
There are a few things to know, though, if and when you lose your credit card to lessen the burden of getting back on your feet. First, relax. According to consumer protection benefits offered by many credit card issuers, such as Visa, MasterCard, American Express, and Discover, you typically will be out $0 for any unauthorized use of the card. This has been a standard practice for years, and for obvious reasons, it encourages consumers to continue to favor credit cards over cash, which cannot be replaced if lost. Second, getting a new card reissued is pretty painless. Simply call the issuer and describe the scenario to them. After answering a few questions, they will typically express mail a replacement card to you within a few days. Third, if you haven’t done so, be sure you alert all of your recurring billers, such as cable and mobile phone providers, so that they don’t keep charging a card that no longer is valid. While it’s hard enough to deal with the lost card, the last thing you want is a company to think you are a deadbeat, too.