loading...

WHAT WOULD YOU DO IF YOU LOST YOUR DEBIT OR CREDIT CARD?

  • 26 Aug, 2019
  • |
  • Team Credit Karo

WHAT WOULD YOU DO IF YOU LOST YOUR DEBIT OR CREDIT CARD?

Since the dawn of the 21st century we have witnessed technology replace most of the materialistic things we have around us, advancing into a new version every day. One of the most significant changes took place when we put all our money into the banking system, and they gave us 3-inch plastic cards as a more modern solution. Since the Inception of debit cards happened in the late 1970s, they have made their place in the wallets of more than a billion people of the world.

The times are advancing and as we are stepping into a new decade, we have to say that we live in a world that is on the brink of becoming paperless, everything is being digitalized and today our debit/credit cards do a lot more than swipes and withdrawal. Today using a card at a fuel pump or a shopping mart is more beneficial than paying in cash. Our usage has become so frequent that we carry it most of times we get of the house to run an errand. Often, we act carelessly and leave our wallets, or drop the cardholder or somebody steals it while you are not aware, so what would you do? How would you deal with the situation?  Who would you call?

Well that’s what we are going to tell you today so that next you mess up you know what to do!

 

CALL THE BANK

The first and the most important step is calling the bank. You should call the bank in the first place and inform them about your loss. They will deactivate the services of the card immediately so that no one can misuse your money and your bank account. Hundreds of people every day become victim of financial fraud and it is always important to be alert and informed so that you can save yourself from the same fate. The bank has the capacity of detecting any fraudulent transaction and reversing it if informed while time remains.

CHECK YOUR ACCOUNT HISTORY

Log into your bank account through your net banking ID and password and check all the recent transactions you’ve made. Check for any fraudulent transaction you are not aware of, if there is any then call the bank immediately and inform them about the whole situation, the bank is then expected to take immediate action by deactivating your services temporarily until everything has been sorted out.

 

CANCEL ALL AUTOMATED PAYMENTS

It is important that you notify the bank to put all automated payments on hold which are due and are settled on a regular basis such as EMIs, utility bills, credit card bills etc. Let the company know that your account has been closed temporarily; this is more relevant in case of theft.

 

FILE AN FIR

If it is a case of theft then it is advisable that you file a report at the nearest police station, and give a copy of the same to the bank as a proof while reporting  the loss.

 

INSURANCE

 In case of a credit card, there is a possibility you can claim insurance on any fraudulent transactions made. Credit cards usually have a zero liability policy and many banks offer insurance on report of loss of card.

 

NEW CARD

Finally, request the bank to issue you a new card so that you regain control of your account and start making transactions. Usually it takes seven working days to a fortnight for a new card to reach you at your doorstep.

 

Speaking of new cards, you already know you can get some amazing deals on credit cards at CreditKaro. So feel free to go through all of them so that you find the perfect card to suit your lifestyle!

We hope you got all the pointers on how to save yourself from an uncomfortable situation. Tell us what all problems you face with cards on a daily basis and what would you like to improve about the whole security thing. We love hearing from you and love coming up with content that you want to read, so give us a heads up on that!

Till then happy buying !

Comments

Download CreditKaro App

Compare different banking and financial products

  • Choose and buy your products online
  • Check free credit score online
  • Calculate your EMIs with our smart EMI Calculator
  • Products range from Credit cards, loans, savings account to Demat account
  • Read interactive financial blogs to stay ahead in the game
top