2. Check for and dispute unauthorized charges
Review the recent transactions on your credit card account, including pending charges, to see if there are any unauthorized charges. You can do this through your online account. If you haven’t set that up and you’re reporting your lost credit card by phone, then you can ask the representative to read you the most recent charges.
Keep an eye out for both large and small purchases. Thieves often use a stolen credit card for a small charge first to see if it works. Assuming it does, they move on to bigger fraud.
If you see a fraudulent transaction you didn’t make, dispute it. This is something else that credit card companies typically let you do either online or over the phone. When you dispute a credit card charge, the card issuer freezes it during its investigation. You won’t need to pay it off while it’s frozen. If the card issuer confirms that it’s a fraudulent charge, then it will be taken off your bill entirely.
3. Activate your new card and update recurring bills
When you get your replacement card in the mail, you may need to activate it. If so, activation instructions will come with the replacement card.
After that, all that’s left is updating your payment information for any recurring bills you paid with the lost credit card, such as streaming services, the gym, and so on. The old card number obviously isn’t valid anymore. Your new credit card will have its own card number, expiration date, and security code. You’ll need to change your saved payment information to your replacement card so that your bill payments go through.
Your previous billing statements can help you figure out where you need to update your payment information. Don’t forget about recurring bills that you don’t pay every single month. For example, if you pay insurance premiums every six months or Amazon Prime once per year, you may not see those if you only review billing statements for the last month.
A lost credit card is easily resolved
It can be a hassle to lose your credit card, but it’s not a big problem. You just need to report the loss and wait for a replacement card in the mail.
The possibility of a lost credit card is a good reason to consider getting at least two cards instead of only one. That way, you have another card you can use while you’re waiting for the replacement to arrive.
View more information: https://www.fool.com/the-ascent/credit-cards/what-do-lost-credit-card/