Credit Card Tips: Your lost credit card should not become a 'treasure' for someone else! Do these 7 things immediately..

You are shopping or take out your purse to pay the bill in a restaurant, and suddenly see that the credit card is missing from your purse! Obviously, in such a situation, the heartbeat will increase, and only one fear will go through your mind - "Will someone commit fraud with my card?"

It is natural to panic in such a situation, but more important than panicking is to take immediate and correct action. If your credit card is lost or stolen, then even a second's delay on your part can cost you thousands and lakhs of rupees. Let's know the 7 steps that you should take without delay.

First step: Without wasting even a second, block the card
This is the first, most important, and most immediate task. As soon as you come to know that your card is missing, get it blocked immediately.

How to block?

Mobile banking app
This is the fastest way. Log in to your bank's app, go to the card section, and choose the option to 'Temporarily Block' or 'Permanently Block' the card.

Phone banking
Call your bank's 24/7 helpline number and ask the customer care executive to block the card. Always keep these numbers saved in your phone.

Net banking
You can also block the card by logging in to the bank's website.

Step 2: Check your recent transactions
Immediately after blocking the card, log in to your mobile app or net banking and see the list of all recent transactions. Check carefully if there are any transactions that you have not made. If you see any suspicious transactions, note down their date, time, and amount.

Step 3: Formally inform the bank
Apart from getting the card blocked over the phone, also formally inform the bank by sending an email. In this email, give your name, card number (if you remember), and a brief description of the incident of card loss. If there has been any fraudulent transaction, also give information about it. This email will serve as written proof for you.

Fourth step: File an FIR.. This is very important.
Many people ignore it, considering it a hassle, but this is a big mistake. Go to your nearest police station and file an FIR (First Information Report) for a lost or stolen credit card.

Why is it important?

A copy of the FIR is a legal document. If there is a big fraud with your card, then this copy will be the biggest evidence for your defense in the bank and legal process.

Fifth step: Check your linked account and auto-pay
If you had set any auto-pay or mandate from your credit card (like Netflix, Spotify, electricity bill, SIP), then it will fail now. After blocking the card, do not forget to update your new card or any other payment method on all these services; otherwise, you may have to pay a late payment penalty.

Step Six: Apply for a New Card

Once you are sure that the situation is under control, request a replacement card from the bank. The bank will send a new card to your registered address within 7 to 10 working days. Note that some banks may charge a nominal fee for the new card.

Step Seven: Keep an eye on your credit report for the next few months

Once everything calms down, keep a close eye on your CIBIL report for the next 2-3 months. Check if any other loan or credit card has been taken in your name. You can check your credit report once a year for free.

Know your biggest right: RBI's 'Zero Liability' rule.

This rule of the RBI protects you from fraud. Its purpose is to protect customers from financial loss in case of unauthorized transactions and to increase customer confidence by making the digital banking system secure. This rule applies when a transaction is made from a customer's account that the customer has not authorized, and this transaction is done through electronic means.

Disclaimer: This content has been sourced and edited from Zee Business. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.