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Losing a wallet can be a real inconvenience – between ID’s, health fund cards, membership cards and bank cards there’s a lot of damage control to do.
If you realise you’ve lost a credit card the key is to act quickly. Here’s four things to do when you lose your credit card:
As soon as you realise your card is missing it’s important to either lock, block or cancel your credit card. If you’ve got a credit card with Heritage Bank then you’ll be able to do this easily via your mobile banking app or online banking. If not, you might have to ring or visit your bank in branch.
Check your card’s spending history to see if there’s been any fraudulent activity. This includes any transactions that you did not carry out or authorise. Most banks have zero liability policies. However, they could be dependent on you reporting the fraudulent activity as soon as possible.
List and contact any businesses who you have recurring charges with. For example, it could include charges such as utilities, phone bills, gym membership, Spotify or Netflix memberships, and rent. If you don’t contact these businesses to let them know your new card details, you could be charged a fee for providing an “invalid card”. If you find yourself losing your cards often you might like to consider giving these companies your BSB and Account number instead (you’ll need to make sure funds are available in your debit account for this to work).
Checking your credit rating is often overlooked when dealing with a lost credit card. By checking your credit card rating you might be able to see whether you’ve been the victim of identity theft. For example, if somebody has used your name to take out a loan it should show up on your credit rating. For more information on checking your credit rating visit Moneysmart.