Credit cards are among the ruling payment methods in the modern world, and they have only risen in popularity with time. In India, the number of people who own a credit card has touched nearly 40 million.
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Given the choice of cards now available to complement different lifestyles, cardholders may have multiple cards offering unique benefits. In such a case, losing your wallet and cards can be stressful. But, if this happens to you, stay calm and take the following steps to prevent your cards from being misused.
Inform the bank and get your card blocked
If your credit card is stolen or lost, the first step is to get it blocked. Immediately contact the bank via the customer care helpline and inform them about the loss of the card. “In case of multiple credit cards, you will have to follow this step with each bank. Blocking the credit card will prevent it from being misused. You can also block the card through your net banking portal or net banking app. Apply for duplicate credit cards after your cards are blocked,” says Adhil Shetty, CEO of BankBazaar.com
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Monitor your accounts closely: Keep a close eye on your credit card account to see if your cards have been stolen. If you spot any suspicious transaction, inform the bank immediately and register a complaint.
File an FIR: You can also file a First Information Report or FIR at the nearest police station about the loss of your credit card, says Shetty. This will formally record the loss of your credit card and protect you if the cards are misused.
Contact your credit bureau: Inform the credit card bureau of the loss of your credit cards. This will ensure that your credit score is not impacted due to any misuse. Additionally, monitor your credit report and report any discrepancies to the bureau.
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Update automatic payments: When your replacement cards arrive, update all automatic payments linked with the lost credit cards to avoid service disruptions.
