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?
If you’ve lost your credit card, here are the three steps you should take immediately:
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.
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.
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.
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.
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.
Mark is a writer who specializes in writing content for companies in the financial services industry. He has written articles about personal finance, mortgages, and real estate and is passionate about educating people on how to make smart financial decisions. Mark graduated from the Northern Alberta Institute of Technology with a degree in finance and has more than ten years' experience as an accountant. Outside of writing, he enjoys playing poker, going to the gym, composing music, and learning about digital marketing.
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