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If you reach for your credit card and find it's not there, don't panic. Federal law limits your liability for unauthorized purchases if someone uses it without your permission, so the financial impact will likely be minimal. But cleaning up the mess someone might create if they have access to your card can be a hassle. Taking these five steps as soon as you realize your card is missing can help minimize the damage.
1. Lock Your Credit Card
Locking your credit card can prevent someone from using it to make new purchases, but it generally won't interrupt recurring automatic payments you've already set up. You may be able to freeze your account through the card issuer's mobile app, your online account or by phone. Let authorized users know you're locking the account, and their transactions will be declined if they try to use their card.
If you get lucky and find your card, you can unlock it and continue using it. If you don't, let the credit card company know right away so they can send you a new card.
2. Contact Your Credit Card Issuer
As soon as you're sure your card is lost, contact the credit card issuer. Use the phone number on your latest credit card statement or look for the contact number through your online account. The customer service representative will ask when you first noticed the card missing and cancel it. After your card is canceled, no one—including you—can use it, even if it turns up later.
The representative will probably review recent purchases to determine whether your account has unauthorized charges. It's a good idea to follow up your conversation with a written letter so there's a record of what you discussed in case there are questions later. Include your account number, the date you noticed the card was missing and the date you reported the loss or theft to the card issuer. Don't forget to keep a copy of the letter for yourself.
After you report your card lost or stolen, the credit card company will issue you a new one. Cards are generally delivered within seven business days, but delivery times vary by issuer. If you need the card sooner, some issuers may be able to expedite the delivery. Other companies might be able to issue a digital card that's linked to your physical card's account, which you can use for online purchases before your physical card arrives. Check with your bank or credit union to see what options you have.
3. Monitor Your Credit Card Statement
After reporting the theft, monitor your statement for signs of credit card fraud. If new charges you didn't make appear on your account, report them immediately to the card issuer. The Fair Credit Billing Act limits your liability if someone uses your card without your permission.
You aren't responsible for any fraudulent charges if you let the card issuer know about the theft before someone uses your card. If someone makes an unauthorized purchase before you report it lost or stolen, your maximum responsibility is $50. However, many credit card issuers have zero liability fraud protection, so you likely won't be responsible for any unauthorized charges.
4. Update Your Recurring Payment Information
Your replacement card will have a new number, expiration date and security code. If you used your old card to set up autopay on accounts, such as your mortgage or utility bills, you may need to update each account with the information for your new card to avoid missing a payment. Don't forget about recurring charges that are infrequent, such as your semi-annual car insurance payment or annual membership fees.
Even if you don't currently have a payment due, it's best to update your information when you receive your new card so you don't forget. Late and missed payments can negatively affect your credit, result in late fees and lead to service disruptions. If you have recurring payments that are due before you receive your new card, use a different payment method to keep your accounts current.
Tip: Some merchants automatically receive updated information when the number, expiration date or security code of your card on file changes. But don't assume all of your payment information will update automatically.
5. Prevent a Future Lost or Stolen Credit Card
There's no foolproof way to prevent your card from being lost or stolen, but you can do things to make it less likely.
- Use a digital wallet. Digital wallets eliminate the need to carry your physical card everywhere you go. After adding your card information to your digital wallet, you can use your phone to pay anywhere mobile payments are accepted. Your transactions are more secure than if you were to swipe or tap your credit card at checkout because your card number isn't shared with merchants.
- Keep your cards in one place. Having a central place for all your credit cards, such as your purse or wallet, makes it easier to return your card when you're finished with it. This is especially important if you take your card out at home to make online purchases. It can be easy to set your card down on the desk or couch and forget about it until you need it again.
- Only carry what you need. If you have more than one credit card, you probably don't need to take all of them with you every time you leave the house. Take only the card(s) you need and leave the rest at home.
- Secure your cards. When you're not using your credit cards, keep them somewhere safe. Credit card fraud can happen anytime, including from people you know. To prevent others from stealing your cards, keep them secure and don't leave your purse or wallet where other people can access it.
- Keep your account number secure. Thieves don't need your physical card to access your account. Limit the people you give your card number to. If you use your cards online, keep passwords secure and use different passwords for every account. Shop only on reputable sites you know and trust. Use secure connections when making online purchases, and don't save your payment information on unfamiliar sites.
- Use multifactor authentication. The more layers of protection your account has, the more difficult it will be for someone to steal your credit card information. Enabling multifactor authentication on your online accounts provides an added layer of security.
Frequently Asked Questions
How Do I Replace a Lost or Stolen Credit Card?
Contact your credit card issuer to report the card lost or stolen and request a replacement. Let the customer service representative know when you first noticed the card was missing. After reviewing recent transactions with you to identify unauthorized purchases, the representative will cancel your current card and issue you a new one. You'll receive the new card in the mail, usually within seven business days, but timelines vary by issuer.
Can a Lost or Stolen Credit Card Hurt My Credit Score?
Losing your card won't hurt your credit scores, but what happens next might. You shouldn't be responsible for unauthorized charges. But if you don't notice them right away, they could spike your credit utilization and may remain in your balance while the card issuer investigates them. The impact should be temporary if you report the charges and they're resolved, but a high utilization could hurt your credit in the meantime.
Additionally, if your recurring payment information isn't updated with your new card's details, it can result in late payments that may negatively affect your credit scores. Replacement cards are typically linked to your existing account, so getting a new card shouldn't affect the age of your credit history.
What Should I Do if I Find My Missing Credit Card?
If you find your card after it goes missing, what you should do next depends on whether you've reported the loss to your credit card company. If you locked your card but didn't notify the issuer that it was lost or stolen, you can unlock it and continue using it. If you've already reported your card lost or stolen, you won't be able to use it anymore. Destroy it or mail it back to the credit card company, depending on the issuer's instructions.
The Bottom Line
You may not lose any money if your credit card is lost or stolen, but you will have to contact your card issuer to cancel your card, get a replacement and report fraudulent charges on your account. You may also need to update recurring payment information on accounts where you set up autopay. Keeping a list of recurring charges and contact numbers for your card issuers can make it easier to repair any damage if your card is lost or stolen.
Setting up credit card transaction alerts and monitoring your credit can help you identify potential issues with your credit, such as credit card theft that leads to increased balances or fraud that results in new accounts being opened in your name. When you sign up for free credit monitoring with Experian, you'll receive a notification when there's a change to your credit so you can take action if necessary.