To help you navigate post-CERB Canada, here is everything you need to know about what government help is available to you in 2022.
Things don’t always go according to plan when you’re travelling abroad. Sometimes that’s okay, as a little spontaneity can be fun and brighten up your trip. But when that unplanned event involves you losing your credit card, it can be nerve-wracking, especially if it’s your primary means of accessing cash.
A credit card is very convenient to carry on your trip: they are convenient, flexible, allow you to accumulate rewards points and book services in advance, and charge little or no foreign exchange fees. But what should you do if your card goes missing overseas?
What to do if You Lose Your Credit Card Overseas
If you’ve lost your credit card, here are the three steps you should take immediately:
1. Notify Your Card Issuer
Your first priority is to contact the financial institution that issued your credit card. Provide as many details as possible to the representative you speak to, including the date and time you noticed your card went missing. Most financial institutions have a 24-hour toll-free number you can call.
2. Cancel or Lock Your Card
Naturally, you may be concerned about an individual making fraudulent charges, so blocking access to your card is crucial. Luckily, a common security feature that card issuers are implementing on their mobile apps is users’ ability to lock their credit cards at their discretion. When you contact your card issuer, be sure to ask them if this feature is available, so you can lock your card right away and then reactivate it should you subsequently locate it. If your card issuer doesn’t offer this type of service, the next best alternative is to have them cancel your card, thereby eliminating the risk of fraudulent transactions.
3. Call The Credit Bureaus
After restricting access to or cancelling your card, you should contact the two nationwide credit bureaus, Equifax and TransUnion, and have them put a fraud alert on your credit file. You should also examine your credit report right away to see if any fraudulent charges got through before you blocked or cancelled your card.
For the next few months, keep a close eye on your credit reports and billing statements for any suspicious activity. Notify the credit bureaus if you discover fraudulent activities, such as new accounts being opened that don’t belong to you. Report any unauthorized transactions to your card issuer as well.
Getting a New Card
Obtaining a new credit card is a relatively straightforward process. Once you contact your card issuer, have them cancel your missing card and request a new one. You’ll receive a new credit card number to use without having to close your existing account. You can also elect to cancel your old credit card and open a new one.
Before creating your new card, your financial institution can review the most recent transactions on the one that went missing; they can help you dispute any fraudulent charges so that you won’t be responsible for paying them. Once complete, they will issue a new card for you and mail it to your home or current overseas location, where it can be picked up at a local branch, should one be available.
Additional Tips on What You Should do if You Lose Your Credit Card Overseas
- Keep a record of everything – Ensure you keep detailed records of every action you took and every person you spoke to after realizing your card is missing. Document your conversations with your card issuer, the police and credit bureaus, noting the dates, times, and context of the discussions.
- Update recurring payments – Once you receive your new credit card, register it immediately with your online banking and automatic bill payments. Contact any businesses that you have automatic billing set up with as soon as possible and have them update your account with your new credit card details.
- Have a backup plan – Consider bringing a second credit card with you on your trip as a backup. Your backup card should strictly be limited to emergency use only, so choose a basic one with low fees and a low credit limit. Another way to access cash is to utilize a payment app, such as Google Pay or Apple Pay, linked to your checking account, savings account, or another credit card. You can use these apps to make purchases while overseas – just ensure you’re aware of which merchants accept this payment method. If you don’t have a backup credit card or payment app, your last option to acquire cash is wire transfer. Before departing on your trip, create a list of trusted individuals who can wire money to you.
Will a lost credit card affect my credit score?
If someone makes an unauthorized transaction with my credit card, will I have to pay it?
How long does it take to get a replacement for my lost card?
Though it’s not fun to lose your credit card while you’re enjoying your vacation, it’s easy and effortless to notify your card issuer, have your card blocked or cancelled, and request a new one. You can complete the entire process over the phone, and rest easy knowing fraudulent charges won’t ruin your credit score.
Largest Lender Network In Canada
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Earn 5% Cash Back With Neo
Earn an average 5%¹ cash back at thousands of partners and at least 1%² cashback guaranteed.
Build Credit With Refresh Financial
Build credit while spending money with the Refresh Financial VISA card.
In an industry that doesn’t often put the consumer first, Lexop is changing the way companies manage their collection process.