Recover from a Lost Credit Card

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Credit Card Applications » Research » Guides » Cardholder Benefits » Recover from a Lost Credit Card

Recover from a Lost Credit Card


Updated: September 27, 2018

The content is accurate at the time of publication and is subject to change.

Loosing a card is a headache in itself; but be financially savvy and don`t let it turn into a larger ordeal by remaining diligently watchful over your money and credit. Make sure to report missing or stolen cards as soon as soon as possible, as to not be responsible for any extraneous fees a thief may rack up. Also, when you receive a replacement card pay attention to the information, and make sure it is beneficial for you, your credit score and your financial heath.

Also it’s important to report the card stolen to the police and to credit card reporting agencies -TransUnion, Equifax and Experian.

If all charges occur after you report the theft, then the consumer has no responsibility to pay for the charges. Due to a Federal law known as the Fair Credit Billing Act, customers who lose their card or their cards get stolen are only responsible for a maximum of $50 for any unauthorized charges made.

Consumers should also place a freeze on their credit card accounts so their account is locked from prying eyes. If you take action, the credit report agencies will mark the card as "lost or stolen" and a new account will be opened for you and a new card will be sent to you.

These new cards can be reported in two different ways - with the same information or as a new account, and depending on how it`s reported, it will affect your credit score.

The most common way replacement cards are issued is with the same information as the original card. If the card is reported with the same information as the previous card, in regards to credit limits, payment history, balances and the original date the account was opened, then credit scores remain unchanged. But, if the account is marked as opening the day that the replacement card was issued then this can and will negatively affect your credit score. If you do not have any other cards that have been open for long periods of time, then the credit reporting agencies will interpret it as you are new to the credit card arena, and therefore are worthy of a low credit score.

These are just some things to be wary about after you loose your card. Loosing your card doesn`t have to mean the end of the world, if you maintain a close eye on your accounts and your cards, then it should be easier to recover from a lost credit card.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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