What to Do If Your Credit Card Is Lost or Stolen

If your credit card is lost or stolen, you should contact your credit card issuer right away. The bank or credit union can then block your card from being used by anyone else and send you a replacement, with a new card number, expiration date and security code, within a few business days. If you don’t act quickly, you risk having fraudulent purchases made with your card, which you’ll then have to go through the hassle of disputing.

Key Things to Know About Lost or Stolen Credit Cards

• Some credit card issuers allow you to lock or disable use of your card through your online account or the company’s mobile app even before you speak to a representative.
• You can report your card as lost or stolen and get a replacement by calling your issuer’s customer service line or clicking on the lost card link in your online account.
• Contacting your issuer as soon as possible minimizes the chances that someone can misuse your card.
• Replacement cards are free, and so is the shipping. However, you might have to pay a small fee if you want expedited shipping.
• If your card is lost or stolen while you’re abroad, many credit cards offer emergency delivery of a replacement card to your current location, rather than mailing it to your home.
• Make sure to thoroughly check your credit card transactions on a regular basis, and immediately report any unauthorized purchases that you find.

Below, we’ll walk you through how to mitigate the damage and hassle associated with losing your credit card.

Step 1: Check the Obvious Locations

From a practical perspective, the first thing you should do in the face of a lost credit card is confirm that it’s really lost. That means retracing your steps to the last places you are likely to have possessed and actually used the card. Below are some of the most common places that misplaced credit cards always seem to turn up:

Hopefully, this search will reveal more than just loose change and receipts. But if it does not produce your credit card, it's time to progress to step 2.

Step 2: Contact the Issuer

Credit card companies recommend that you contact them immediately once you realize your credit card is lost or stolen. Some allow you to do so either online or over the phone, while others require a phone call.

This notification enables them to mitigate the damage that could result from someone gaining unauthorized access to your account as well as expedite the timeframe for a solution – sending you a replacement card. You can find contact information for the largest credit card issuers  below.

Step 3: Update Payment Information

One thing that you must take care of once you receive your replacement card is updating all recurring bills where your former card was used for payment. This will prevent service interruptions, late payment penalties and potential credit score damage.

You can identify your recurring monthly bills by checking to see which items regularly appear on your monthly credit card statements. You can also use WalletHub’s subscription manager feature to find all your recurring expenses.

Are You Liable If Your Card Is Lost or Stolen?

You are not liable if your credit card is lost or stolen and you report it. While losing a credit card is never fun, you’re far better off losing that than a debit card or cash. Not only do credit card companies proactively monitor consumer accounts for signs of fraud, but none of them will hold you responsible for any unauthorized charges, should they crop up. Credit card users all benefit from across-the-board $0 fraud liability guarantees.

Liability With Cash and Debit Cards

Cash, on the other hand, you’d never get back. And while debit cards do offer some fraud protection, you'll need to sign for your transactions (as opposed to using your PIN) in order to be assured of coverage. What’s more, debit card fraud necessitates getting back money that has been removed from your bank account, the absence of which could have already caused a domino effect of damage across the rest of your personal finances (e.g. bounced checks).

How to Catch Credit Card Fraud

With a credit card, you don’t actually have to pay for anything out of pocket for at least 21 days from the time you receive your monthly statement. You therefore have plenty of time to notice and deal with unauthorized charges before being asked to foot the bill for them. That is why you should carefully review your credit card statements in the aftermath of losing your plastic in order to make sure no suspicious charges appear.

If signs of fraud are indeed found on your account, your credit card company will issue you a new card with a new number, expiration date and security code.

Does a Lost Credit Card Affect Your Credit Score?

A lost credit card will only affect your credit score if someone makes a bunch of fraudulent purchases on your card, you fail to report them, and your card’s issuer doesn’t catch them. In that case, your credit score could suffer due to the increased credit utilization from the fraudulent purchases, especially if your card gets maxed out by the thief, as well as potential missed payments if you can’t afford the charges.

As long as you report any signs of fraud to your issuer, though, you’re not responsible for any fraudulent charges on your card, and they’ll be removed. In that case, purchases you did not make will not have an impact on your credit score, and the act of losing your card itself has no bearing on your credit either.

You can check your credit score for free on WalletHub and get daily updates to make sure it’s headed in the right direction. You can also take advantage of our free 24/7 credit monitoring to see any big changes to your credit report right away.

What to Do If You Find a Lost Credit Card

If you find a lost credit card that belongs to someone else, you should immediately:

1. Call the bank or credit union that issued the card at the number on the back of the card.
2. Tell a customer service representative that you found a lost card and give them the card details (name on the card, card number, etc.).
3. Ask the representative whether you should destroy the card or turn it in to a local branch.

Alternatively, you can always turn in a lost credit card to your local police department.

What Not to Do If you Find a Lost Credit Card

• Don’t use it: This goes without saying, but using someone else’s credit card is a serious crime.
• Don’t ignore it: If you leave the card where it is, that opens the door for someone else to find it and use it fraudulently.
• Don’t try to find the owner: This could lead to you accidentally turning the card over to the wrong person or getting accused of stealing the card.

Tips for Preventing & Dealing with a Lost Credit Card

There are a number of steps you can take to both avoid losing your credit card in the first place and minimize the fallout should you ever do so.

• Make It a Habit: Always make sure to put your credit card back into your wallet after you’re done using it. Don’t just throw it in a pocket and plan to switch it over later. If you don’t make this a habit, losing your card will be an inevitability. 
• Don’t Open a Tab: Opening a tab at a bar is one of the easiest ways to lose your credit card. Not only are you drinking, which will increase your forgetfulness, but different bars have different policies in terms of returning your card either when you open or when you close your tab. Paying for each of your drinks individually will also decrease the number of drinks you buy and the amount you ultimately spend. 
• Try to Avoid a Fee: Some credit cards charge replacement fees, but you might be able to avoid a charge if you’ve never lost your card before and/or you’ve been a model customer. Anyway, it never hurts to ask.
• Have a Backup: It's a good idea to have more than one credit card because it enables you to get the best possible terms for the different types of transactions you need to make. It also increases your overall credit availability and gives you an emergency means of spending should you lose your primary money source. Trust me, you’ll be happy that second card is there if you ever lose the first.
• Put the Issuer’s Number in Your Phone: Most credit card companies have a dedicated phone line that customers can call if a card is lost or stolen. Issuers also have another, toll-free number that you can use if you’re out of the country. Logging those numbers into your phone now could save you time and effort later in the event you ever find yourself sans credit card.
• Place a Freeze or Fraud Alert on Your Account:  In addition to simply reviewing your credit card bills for suspicious charges, there are steps you can take to shield yourself from fraud in the aftermath of a lost or stolen credit card – including placing either a credit freeze or a fraud alert on your credit report. The former will prevent anyone from accessing your credit reports, as would need to be done to open a new account under your name. The latter informs potential creditors that you may be a victim of fraud.