What to do if your Credit Cards are Stolen
How many credit cards are you carrying in your wallet? You may be holding a petrol credit card, a charity credit card, a low interest card for major purchases and a cash back credit card for everyday purchases. What happens if your wallet and all your credit cards are stolen?
When someone steals your wallet and you're carrying cash, you lose the amount of cash that you're carrying. If your credit cards are stolen, though, the thieves have access to all the information that they need to completely wipe out your bank accounts and savings, and run up thousands in debt in your name. And while the banking code limits your losses to £50, that's £50 per card. If you're carrying several credit cards, that can add up to a hefty sum. Knowing what to do if your credit cards are stolen can limit - and even completely eliminate - your losses if your credit cards are stolen.
- Keep a list of all your credit cards and their contact numbers in a safe place at home.
It's easy to panic when your wallet is stolen and forget an account or two. To be sure you notify every single card issuer, keep a list of your credit cards with account number and the company's notification number in a safe place at home.
- Notify every credit card issuer as soon as you know that your cards are missing.
According to the UK Banking Code, once you have notified your credit card issuer that your card has been stolen, you will not be liable for any purchases charged to that card. You are also only liable for the first £50 charged on your card before you report it missing - as long as you haven't been negligent with it by doing something like keeping your PIN on a slip of paper in your wallet with your cards. In fact, most credit card companies will even refund that first £50 when you notify them that your card has been stolen.
- Notify the local police.
In many cases, you will have to file a report with the local police if you believe your card was stolen. In cases of credit card theft, the actual victims of the theft are the merchants where the cards are used and the credit card company. By filing a report with the police and providing assistance where possible, you'll be helping to slow credit card fraud - and in many cases, the card issuer will waive any charges made to your card if you do so.
- Protect yourself from identity fraud.
Your wallet likely contains all the information a thief needs to open new credit accounts in your name - and you won't even know about them unless you're looking out for it. Immediately call the major credit reporting bureaus and ask them to place a fraud alert on your credit file. They will be required to notify you whenever someone inquires into your credit history, and may not issue that report without your permission. This will effectively stop anyone from obtaining credit in your name.
At moneyeverything.com, you'll find all the information you need to apply for a credit card in the UK, as well as helpful articles to help you use them safely and responsibly. Whether you're looking for a charity credit card, a bad credit credit card or the best possible deal on your very first credit card, you'll find everything you need at moneyeverything.com.