Credit Card Safety and Credit Card Fraud: CCsafety.org teaches you all about safe use of credit cards, identity theft and credit card fraud

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Mon
7
May '07

I lost my credit card, what should I do?

Almost every day we hear that someone’s credit card or the credit card number has been stolen. A stolen or lost card is of no further use to anyone because the thief would have bought several things with the help of your card. First things first, you should report about it immediately to your card issuer. Mainly all credit card companies like Visa, American Express, MasterCard, and Discover have 24 hours service so you should take advantage of it.  It is good for you that you inform them immediately as this card can be used for several illegal businesses and you might be held responsible for it as you did not inform or informed late about this issue and you would be suspected of running an illegal business. It should be noted that once you have reported about the card, your account would be blocked straight away. Therefore, you should first make a quick but thorough search in your belongings and then report about the missing card. A new card will be issued in the next 7-10 working days. If you find the card after some days you should not use it again as you might get in trouble for using a credit card that was reported stolen.

The good part is that in most cases you will not be liable to pay a single cent due to federal regulations as long as you inform the companies. If you are using a debit card with $1000 in it then you will lose $50 if you inform in the next two days. If you inform after this period up to the next 58 days then you will lose up to $500, after that you will lose the entire 1000$ and another 1000$ in overdraft protection. Try to make the most use of these benefits and it is best for you to inform the relevant authorities so that you would not be held responsible for something that you have not done.

We encourage you to see this article to get a better idea how quickly after your credit card gets lost or stolen misuse can occur.

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