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Imagine you have finished your shopping and it is time to pay for your purchases. You dig into your handbag and search for your credit card, but it is nowhere to be found! what do you do?

The first thing is obviously to pay for whatever you have purchased using an alternative method of payment, if you have cash on you that is great, if not well, it is best to apologise to the checkout assistant and explain the situation. Also do not forget to apologise to the queue of people who are making their irritation quite obvious by now!

Check your car next to ensure the credit card has not fallen on the car floor. If this search produces no results, then it is time to do a thorough search at home in all the places where you think it could have been mislaid.

Once you are satisfied that the credit card is nowhere to be found, its time to phone the credit card company. Make sure you have all the credit card details handy, using previous statements if you don't have these written somewhere safe. You will be asked your name, address and answers to security questions set up when you first applied for the credit card.

Reporting the loss of your credit card as quickly as you possibly can ensures that no one has the opportunity to use your card fraudently. Most credit card companies have 24 hour phone lines set up precisely for this reason and the sooner the loss or theft is reported to them the better it is for you.

The moment the theft or loss is reported, the credit card company will put a stop on your card so that no further use of it is possible. If there has been any fraudulent use of your card most credit card companies will refund this money after a thorough investigation which can take some time. This is the reason why the loss has to be reported immediately so that any illegal use is stopped in its tracks. Do keep an eye on the statement once you receive it, as this will also verify that all transactions made are yours.

You will be issued with a replacement card which normally takes about a week to arrive. This is followed by a new PIN number to be used with your replacement card. If, by any chance, you have found your credit card in the meantime, destroy it immediately as you cannot use it any more.

It is advisable to have insurance on any loss or theft of your credit card as you are compensated for any loss on your card. This is usually a small fee that you pay on an annual basis.

Learn more about this author, Shaheen Darr.
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