Imagine standing in line to pay for groceries when you realize your credit card is nowhere to be found. But there’s no reason to panic – you can contact your card issuer, and they’ll typically lock or freeze your lost card and issue a replacement card If the card was stolen, federal law limits your liability for fraudulent charges. Losing a credit card can be inconvenient, but acting quickly can help minimize the risk of unauthorized use.
Steps to take immediately after you lose your card
Here's what to do if you can’t find your credit card.
Lock or freeze your card
Many credit card issuers offer the ability to lock or freeze your card through their mobile apps, online account or over the phone. This feature temporarily prevents any new transactions on the card, giving you time to search for it. In the meantime, no one can make any unauthorized purchases.
Review recent transactions
Take the time to review and monitor your account activity. Check for any charges you don't recognize, no matter how small. Fraudsters often start with minor transactions to test the card. If you spot anything suspicious, note the details to report them when you contact your issuer.
If your card was lost or stolen...
After freezing your card, determine whether it was lost or stolen. If you find it, and there are no unauthorized charges, you can unfreeze it and continue using it as normal.
If you think it’s gone for good, contact your card issuer and report it missing, along with any unauthorized charges. The credit card issuer will likely provide a new card so you can keep using your account.
Understanding your liability
Legally, you’re only liable for up to $50 in unauthorized charges so long as you report any fraudulent charges within 60 days of your billing statement. Many issuers, including Citi, offer $0 liability unauthorized charges.
Getting a replacements
Once you report the loss, the credit card company should issue you a replacement card, usually within a few business days. Your new card will likely have a different number, security code and expiration date, so you'll need to update any automatic payments or subscriptions tied to the old card.
Continue monitoring charges
Keeping an eye on your account can help you spot any unauthorized charges in the future. Log into your account and check your statements regularly. This could help you catch any unauthorized transactions early.
Stay proactive
Taking steps to protect your credit card could help you avoid the stress of losing it in the future. You could safeguard your card and personal information by:
- Storing your card securely: Keep your card in a wallet or a safe space to reduce the risk of misplacement
- Avoiding saving details: Refrain from storing card information on shared or public devices
- Updating passwords: Regularly change online banking and payment account passwords to enhance protection
Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
