Credit cards empower cardholders with a sense of financial freedom as they can borrow from their available credit limit whenever required.
Safeguarding this payment tool is, thus, essential to prevent unauthorised access and financial setback. A stolen or lost credit card can cause a lot of damage and inconvenience, especially if it holds adequate available credit or a high credit limit.
Risks involved with a lost credit card
Lost or stolen credit cards are vulnerable to frauds and cyber threats, which can lead to:
- Fraudulent transactions in your name
- Identity theft
- Misuse of your financial information
- Illegal activities and more
To prevent such happenings, you must quickly take necessary actions as soon as you realise that you’ve lost your credit card.
Additional read: What is CVV number?
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What to do in case of credit card loss?
You can follow the below steps in case of RBL credit card loss:
Step 1: Get in touch with the issuer
The first step is to report the loss of your credit card via a phone call and request for card blocking. Ensure to make the call from your registered mobile number so that the company can trace your details easily. You may need to provide some basic information to block the card.
In the case of Bajaj Finserv RBL Bank SuperCard , contact the customer care at 022 – 71190900. You can also choose to block your card via the mobile application per your convenience.
Step 2: Elaborate the details via e-mail
It is always recommended to write an e-mail with details of the lost card and your verbal conversation. The e-mail must contain the time and date of loss, location, how it happened and other such information. This documentation is crucial for processing your request and for future reference.
Additional read: Check Credit Card balance
While the abovementioned procedure will block your credit card to prevent misuse, you must recheck for unauthorised charges on your monthly statement. If you find any such issue, report it to your card provider at the earliest. Additionally, if you have a card protection plan, claim for your insurance coverage within 3 days or per policy terms.
Some essential facts to note
Lodge your ‘lost my credit card’ report within 3 days to legally avoid liabilities for fraudulent transactions.
If you report within 4 - 7 days of card loss, you shall be liable to pay Rs. 10,000 or the transaction charges, whichever is less.
Your liability for unauthorised charges depends on your card provider’s terms and conditions. Bajaj Finserv offers nominal rates and fees for more affordability. Contact the customer care beforehand for any assistance or queries – like, ‘Can I track my credit card if I lose it?’ to deal with such mishaps effectively.
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