What Do You Do If Your Credit Card is Stolen?

You go to the store - open your wallet - only to find that your credit card is gone! What do you do? First, don't panic. Most credit cards will protect you from any fraudulent charges that someone else made with your card. Read your credit card statement. It will have a special phone number to call for lost or stolen credit cards.

Most credit card companies also allow a 60-day grace period for reporting lost or stolen cards. So this gives you a lot of time if it took you a while to realize your card is missing. However, as soon as you know that you don't have it any more, it's always best to call immediately.

Once the call is made, credit card companies will immediately cease accepting further charges. However, make sure you let them know if there are any online bills that are linked to the card. Some companies will monitor this and allow that first month cycle of the bill to go through while you wait for your new credit card number. However, you do not want to assume that either.

After it is reported, they probably will go over some of the recent charges to make sure they are yours. A follow-up letter from you is always a good idea, even though they will probably send you something in writing confirming the telephone conversation. Many credit card companies will send you an affidavit for you to sign on any specific charges that were not yours.

A new credit card number will be issued to you. It could take up to a week to receive the new card. However, ask them if they could expedite your new card by using Fed Ex without any extra charges. I have found that if I explained the importance of having that card as soon as possible, I normally will get it the next day.
I have had my Citibank and American Express card numbers stolen several times. Both of these companies actually called me to let me know that there was suspicious activity going on with my credit card. They asked me if I made certain charges. American Express apparently knew of a scam that was happening on an auction site and one of my specific charges fit the bill. Citibank noticed that I was in a different state charging a large purchase and denied it. The reason was due to suspicious activity. At first, I didn't realize why this happened, so I charged the items with my American Express card. Approximately 20 minutes later, I received a call from Citibank explaining that someone was using my card in another state. I told them - yes, that was me. It gives me a peace of mind knowing these two companies are looking out for suspicious charges before I find out on my statement.

It is an awful feeling when you realize that your credit card is missing. With consumer fraud so widespread these days, it's a good idea to have two credit cards at a minimum in case one credit card is lost or stolen. Then you have a back up if you get robbed.