If a thief stole your card with intent to use it, you could end up with a lot of charges on your card that you didn't make. Before you panic, remember that the Federal Trade Commission, through the Fair Credit Billing Act and the Electronic Fund Transfer Act, provides the conditions that you are only responsible for up to $50 of fraudulent charges on your card. Cancel your card immediately to stop any damage to your credit score.
Step 1
Report the theft as soon as you find out about. If you report the loss up to two days following the theft, the FTC says that you are only responsible for $50 of fraudulent charges. After two days, unauthorized money transfers can take place instead, which you'll be responsible for up to $500. After 60 days, you're responsible for all unauthorized transfers.
Step 2
Call the customer service number for your card issuer. If your card is through a local bank or credit union, it also has the authority to cancel the card. It's a good idea to keep a copy of the customer service number and your card number in a safe place that is separate from your card, like a locked filing cabinet at home.
Step 3
Indicate to the customer service representative that you believe your card has been stolen and that you wish to cancel it immediately. The customer service representative will ask a few questions, including where the last place you used your card was. She's looking at your account to find any unauthorized charges that took place after you used it last; these can be removed from your account.
Step 4
Order a new card with a new number once your credit card has been canceled. It should take about seven to ten days to get a new one. The new one will have a different number, expiration date and security code, so write these and the new customer service number down and store in a secure place.
Step 5
Examine your credit card statements for the next six months to look for any charges or transfers that you didn't authorize. If you spot one, call customer service immediately to have them removed from your account. Explain that your card was stolen and you did not make the charges.
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