Owning a credit card gives enormous financial power to your fingertips. You can borrow freely from your credit limit and make high-ticket purchases in minutes. That being said, losing your credit card may have you worried about the safety of your financial information and the possibility of fraudulent transactions made in your name. However, you can save yourself from long-term damage if you quickly 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 step to take when you lose your credit card is not to panic. Take action by looking up your issuer’s credit card customer care number online and reporting 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 that you must call from your registered mobile phone number. You will be asked to share basic details, and your card will be blocked.
Some issuers allow you to block via e-mail, while others, like Bajaj Finserv, allow this via mobile applications as well. The best way to know about all the options available to you is to view your issuer's FAQs on how to block a credit card right when you sign up for the card.
Write a follow-up e-mail documenting your conversation
Experts also recommend that you back up this conversation with an e-mail. E-mails 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. Your e-mail must include 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 related 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
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 that every delay increases the amount of fraud you may be liable for. 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. If you report this charge between 4 to 7-days you will have to incur the transaction charges or Rs. 10,000, whichever is lower. Post one week, you will have to deal with unauthorised charges per your issuer's policies.
Take measures to keep your credit card safe in the future
Once you have reported the card loss and fraudulent charges, 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:
- Always keep them in the same place.
- 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 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 Credit Card, 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 credit card cash withdrawal, avail a 90-day personal loan at a nominal interest rate of 1.16% and make shopping easier by converting purchases over Rs. 2,500 into easy EMIs. With this card, you also enjoy jaw-dropping deals and discounts and can save up to Rs. 55,000 annually. The Bajaj Finserv RBL Bank SuperCard has simple eligibility criteria and offers you the chance of applying via a customised deal as well.
To get this, check your 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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