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Credit cards have become an indispensable part of our lives today and we are quite protective about them, for good reasons. As the number of card users in India has risen dramatically, so have the instances of frauds and crimes with credit cards. In the event of card theft, credit card holders must take specific steps to prevent the abuse of their stolen cards. Here’s how to proceed if you misplace your card.
Steps to Take After a Credit Card Is Stolen
Here is a list of your actions if your credit card is stolen.
- Inform Your Bank
Once you suspect that your card has been stolen, notify your bank immediately. The bank will respond swiftly and block your card to prevent its misuse. You can either call the bank executive or log in to the online portal to have your card blocked. The next step is to learn how to get a new credit card.
For this, log in to the bank portal, and request for issuing a new card. A new card will typically be generated and delivered by the bank within 7 to 14 business days.
- Register an FIR
Step two is to go to a police station and lodge an FIR. This is useful if fraudsters attempt to use your personal details from the card. You now have legal documentation of its theft, and you may visit the bank to find out how to apply for a new credit card.
- Contact Your Credit Bureau
Your next goal should be to contact the credit bureau and alert them of your car theft. First, your card account will be flagged for fraud. This will protect your credit score in the event of card misuse. Second, review your credit history and notify the credit rating agency of incorrect information.
- Keep an Eye on Your Credit Card Statement
Even after completing all of the preceding procedures, constantly monitoring your credit card bill statement is critical. This will assist you in noticing any suspicious activity on your card. Then, contact your bank right away and submit a complaint in case of unauthorised use.
- Apply to Reissue a Credit Card
You can now apply for a new credit card through the bank’s website. After requesting a new card replacement, update your personal information. You can also choose the best lifetime free credit card with no annual or joining fees.
How To Reissue a Credit Card?
Follow the steps outlined below to reissue a credit card.
Step 1: Log in to your card account on the bank website or mobile app.
Step 2: Click on the Report Lost/Stolen Card.
Step 3: Choose the card number you want to notify as lost.
Step 4: For reissuing a new credit card, click on Reissue Card.
Step 5: Click Submit.
After entering your basic information, you will receive your replacement card in a few days at your postal address.
Credit cards make your life comfortable as you can shop around online or offline with ease. However, while the issue of card theft can be a significant roadblock, the measures outlined above can help you get out of a tough spot with convenience.
