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5 important steps to take when your credit card goes missing

  • Highlights

  • Call up your issuer and report the loss immediately

  • Inspect your statement closely for fraudulent transactions

  • Report fraudulent transactions within three days

  • Choose secure credit cards like the SuperCard

Owning a credit card gives enormous financial power at your fingertips. You can borrow freely from your credit limit and make high-ticket purchases in moments. That being said, losing your credit card may have you worried about the safety of your financial information and fraudulent transactions made in your name. However, you need not fear damage if you are quick to notice the loss or theft of your credit card and act swiftly to remedy the situation.

Here are 5 important steps to take when your credit card goes missing.

Call up your issuer and get your credit card blocked

The first thing you should do when you realise that your credit is lost is not panic. Take action by looking up your issuer’s credit card customer care number online, and report the loss. For example, if you want to block a Bajaj Finserv RBL Bank SuperCard, you need to call 022-71190900. It’s important to note here that you must call from your registered mobile phone number. You will be asked to furnish basic details and then your card will be blocked.

Some issuers allow you to block via email and others like Bajaj Finserv, via mobile applications as well. The best way to know about all the options available to you is to view your issuers FAQs on how to block a credit card right when you sign up for the card.

Write a follow-up email documenting your conversation

Experts also recommend that you back up this conversation with an email. Emails serve as a written record and will be important for processing your request now and escalating the issue, should any complications arise, in the future. In your email must include details such as your account number and the exact date, time, and location wherein you realised your card was missing. The details of your phone conversation with your issuer and any other pertinent data should also be added.

Monitor your statement for unauthorised charges

Since not every transaction that goes through your credit card requires an OTP, keep tabs on your credit card statement to ensure there are no fraudulent charges. It could be the case that you have just realised that your card is lost, but in fact, it was stolen a few days back. In any event, if you notice any unauthorised transactions made in your name, take note of them and report them to your issuer immediately.

Additional Read: Check credit card balance

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Deal with unauthorised charges through the zero-liability cover

One other reason why you should be on your toes when you realise that your card has been stolen is because every delay increases the amount of fraud you may be liable for. As per RBI guidelines, you will not be held liable for any amount if you report the fraudulent transaction within three days of it taking place. In case you report this between the 4 to 7 day window, you will have to incur the transaction charges, or Rs.10,000, whichever is lower. Post one week, your will have to deal with unauthorised charges as per your issuer's policies.

Shopping online made easy with the SuperCard

Take measures to keep your credit card safe in the future

Once you have reported the card loss and fraudulent charges in a timely manner, the best way to protect your credit card is to prepare for the future. Here are a few tips you can use to keep your credit cards safe.

- Keep them in the same place, always.
- Place them in a secure compartment in your wallet.
- If used at a POS device, keep your credit card in sight at all times.
- Store the credit card customer care numbers of all your issuers on your mobile phone.

Now that you know what to do when your credit card is stolen or goes missing, consider that you can do all of this faster when you have an app dedicated to managing your credit card. For example, if you own a Bajaj Finserv RBL Bank SuperCard, you can block your credit card, view statements, and identify unauthorised charges with ease via the RBL MyCard App. The SuperCard also comes with a zero-fraud liability cover that mitigates your responsibility for fraudulent transactions that you report quickly. This card not only comes with air-tight security features, but also with powerful spending facilities as well.

You can use this card at an ATM and make a 50-day interest-free cash withdrawal, avail of a 90-day interest-free personal loan and make shopping easier by converting purchases over Rs.3,000 into EMIs. By using this card, you also enjoy jaw-dropping deals and discounts and can save as high as Rs.55,000 annually. The RBL SuperCard has simple eligibility criteria and offers you the chance of applying via a customised deal as well. To get this, check your pre-approved credit card offer from Bajaj Finserv. Doing so will give you instant approval and a chance to win up to 20,000 reward points as a welcome gift!

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