Losing a credit card – or realizing it was actually stolen – can feel overwhelming. The good news is that credit card issuers have built-in tools and protections designed to limit damage in these situations. Your first priority should be to prevent unauthorized purchases on your account. From there, you can work with your credit card issuer on the next steps.
Here, we’ll review what to do if you lose your credit card or if it gets stolen so that you know how to remedy the situation calmly and quickly.
Key Takeaways
- If your credit card is lost or stolen, lock your card immediately through your issuer’s mobile app or customer service line to prevent new purchases.
- Review recent transactions and report unauthorized charges right away.
- Once your replacement card arrives, update recurring payments and monitor statements carefully.
What To Do If You Lose Your Credit Card – Or If It’s Stolen
As soon as you realize you’re dealing with a stolen or lost credit card, it’s important to act quickly to help prevent fraudulent charges on your account. Here are some specific steps to take.
Lock Or Freeze The Card Immediately
Most major credit card issuers now allow cardholders to temporarily lock or freeze their cards through a mobile app or online. If your card is locked, anyone who finds it (or the person who stole it) should not be able to make purchases with it.
Another benefit of locking your card is that if it turns out you just misplaced it – and find it later – you may be able to unlock it without needing a replacement card. Keep in mind that locking your card isn’t a replacement for reporting it as missing.
Review Recent Transactions
Once you realize that your card is missing, log in to your account and review all purchase activity, including both posted and pending transactions. Also, make sure your card wasn’t used for a cash advance.
Keep in mind that criminals sometimes start by making very small purchases on a stolen credit card to see if they can get away with it before moving on to larger purchases. So pay attention to small transactions that seem routine. If there’s a $2 convenience store charge made in your town, ask yourself whether you remember going there yourself that day.
Dispute Charges You Don’t Recognize
If you don’t immediately realize that your credit card has been lost or stolen, there may already be fraudulent activity on your account. Make sure to dispute all charges you don’t recognize. You can generally do this online or through your card’s app.
You may not be able to dispute charges until they’re actually posted to your account. So if you see charges listed as pending, note what they are so you can dispute them later.
Report The Card As Lost Or Stolen
Once you realize your credit card is in fact lost or stolen, and not just misplaced, contact your credit card company right away. You can generally do this through your online account dashboard, mobile app or customer service phone number.
Be prepared to tell your credit card company when you noticed that the card was missing and whether any unauthorized transactions have been posted to your account or are pending. From there, your credit card issuer will likely deactivate the existing card number and issue you a replacement card.
Understand The Timing Of Getting A Replacement Card
You’ll generally need a brand-new credit card if yours has been lost or stolen. Ask your credit card issuer when you can expect the new card to arrive so you can plan accordingly (it typically takes about a week). If you have only one credit card, you may want to ask your issuer to expedite shipping so you’re not left without it for too long.
Document Everything
Even if you can act immediately upon realizing your credit card has been lost or stolen, it’s important to keep good records.
Keep a log of:
- The date and time when you noticed the card was missing
- When you locked your account
- The date and time you reported the missing card to your credit card company
- Fraudulent transactions
- Any confirmation emails or case numbers related to the card’s disappearance
These are important steps that could help protect you if disputed charges appear on your account later.
Continue Monitoring Your Account
Even after your replacement card arrives, you should continue to check your account activity regularly. Fraudulent activity could pop up even after you report your card as lost or stolen, so it pays to be on the lookout.
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What Happens After You’ve Reported A Stolen Or Lost Credit Card?
Here’s what to expect after you report a stolen or lost credit card:
- The original card will be deactivated.
- A new card will be issued in its place.
- Unauthorized charges on your account will be investigated by your credit card company.
- Once you have your replacement card, you may need to take a few more steps, like updating some of your automatic payments (more on that below).
What Happens With Unauthorized Charges?
If there are unauthorized charges on your card, your credit card issuer will generally investigate disputed charges. During that process:
- Charges may appear temporarily on your statement
- You may get a provisional credit for disputed charges
- Merchants may be contacted to confirm purchase details
A credit card fraud investigation could take up to 90 days.
Of course, credit card fraud can occur even if your card hasn’t been lost or stolen. Someone could get your credit card number in a data breach, through card skimming or via a compromised website or scam.
In a situation like that, the process for dealing with fraud may be similar. You should dispute all unauthorized charges so your credit card company can investigate. The company will typically issue you a replacement card and cancel your old one, even if it’s still in your possession.
Will Getting A Replacement Credit Card Affect Your Credit Score?
When you apply for a new credit card, a hard inquiry is usually done on your credit report. That could result in a small drop in your credit score (usually fewer than five points).
However, when you have a credit card reissued to replace a lost or stolen card, that doesn’t require a separate hard inquiry and therefore should not impact your credit score.
Also, even if you get a completely new card number, the account itself, as well as its age, should remain the same for credit reporting purposes. That’s important because the age of your open accounts also affects your credit score.
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What Protections Do You Have For A Stolen Or Lost Credit Card?
Credit cards generally offer strong fraud protection. The sooner you report a stolen or lost credit card, the easier it is to stop unauthorized activity.
Under federal law, if you report a credit card as missing before it’s used fraudulently, you typically owe nothing for unauthorized purchases. Even if fraud occurs before you report it, you’re generally limited to a $50 maximum in losses. And many credit card companies have zero-liability fraud protection policies for unauthorized transactions.
Have A Stolen Or Lost Credit Card? Your Personal Checklist
When you realize you’re dealing with a stolen or lost credit card, the most important thing to do is contact your credit card company, freeze the account and wait for a replacement card. But from there, you may still have work to do. Here are some tasks you should gear up to tackle.
Update Automatic Payments
One of the biggest inconveniences after replacing a credit card is having to update recurring or automatic payments. Review your credit card statement and make a list of all providers whose bills were set to autopay using your canceled card. Then make sure to update payment information once your new card arrives so that you aren’t hit with late fees.
Monitor Credit Card Statements Closely
Continue to monitor your credit card statements carefully for at least a month, and ideally a few billing cycles. Pay attention to small, unfamiliar charges and subscription renewals that you don’t recognize.
Change Passwords If Other Items Were Stolen
If your credit card and wallet were stolen, other cards may have been compromised as well. Consider changing passwords for:
- Banking apps
- Email accounts
- Shopping sites
- Payment apps
- Mobile wallet services
It’s also a good idea to:
- Freeze your credit with the three credit bureaus: Experian, Equifax and TransUnion. This will prevent someone from opening a new credit account in your name. A credit freeze will remain in effect until you lift it.
- You can also contact the credit reporting agencies to put a fraud alert on your credit report, which will require businesses to check with you before opening a new credit account in your name.
- Check your credit report for new accounts or hard inquiries. You are entitled to a free credit report if you have a fraud alert on your credit file.
If you have reason to believe someone has stolen your identity, report it immediately.
Check Your Credit Reports
A single stolen or lost credit card shouldn’t have a negative impact on your credit score. But it’s important to monitor your credit report just in case. It pays to request a free copy of your credit report from each of the three credit bureaus: Experian, Equifax and TransUnion.
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The Bottom Line: Act Quickly On Stolen Or Lost Credit Cards
A stolen or lost credit card can be stressful, but the sooner you take action, the more you can minimize the damage. If you lock your card quickly, you can perhaps prevent fraudulent transactions. And the more quickly you report your card as missing, the sooner your credit card issuer can issue a new one and you can begin moving forward.
Maurie Backman
Maurie Backman has more than a decade of experience covering personal finance topics that include mortgages, loans, retirement, Social Security, and investing. Prior to becoming a full-time writer, she worked in the financial industry as well as in product design and marketing. Maurie holds a bachelor's degree from Binghamton University, where she studied creative writing and finance. She was happy to combine her two areas of study into a career that allows her to educate consumers on a host of financial topics.
