What To Do If You Lose Your Credit Card

|Posted by | Credit Card, Money Matters, Money Tips


Whether you misplaced or had the unfortunate event of having your credit card stolen, don’t panic! Here are steps you must take to protect your funds and reduce the risk of identity theft.

It is crucial that you know what to do when your credit card is lost or stolen because it has the potential of causing you a lot of damage, especially if you have a high credit limit.

Immediately Call The Issuing Bank

This is the first step to take as you need to inform your card issuer that your credit card is missing or stolen. Your card issuer will then block any transactions made to your credit card by the thief or anyone else who has gotten hold of your card and also proceed to cancel that card. Most credit card issuers have 24 hours hotline so no matter when you notice your card is missing, call them straight away and report it.

Tip: Create a contact list with the number of all your card issuers. Store the list in a safe place and also in your mobile phone. If you lose your credit card while you are abroad, you may need to contact a different number, so remember to take note of all the numbers. Having all these numbers with you will make it easier and faster for you to reach your card issuers if a credit card is lost or stolen.

Follow Up In Writing

It will also be helpful to follow up the call with a letter to your card issuer. State your credit card number, date of loss or theft, the date the loss was reported, and the last authorised transaction. This letter can act as an additional measure of proof that you have contacted them about your lost or stolen card, should that fact ever come into question.


Lodge A Police Report

After you have informed your card issuer, you should then lodge a police report. The police report is important as it can also act as proof that you have reported your missing or stolen credit card. Make sure you keep the copy of the police report as it is proof of report, but also in case your card issuer asks for it, or you need it when applying for a replacement card.

Don’t Pay More Than RM250

After you have done all of the steps above, you should monitor your credit card statement. Examine it closely and be extra vigilant after losing your credit card or having it stolen. This is because you should check if there have been any unauthorised charges made to your credit card, especially after you have reported it stolen or missing.

Here’s the thing, you will be liable for all unauthorised card transactions made before you notify your card issuer of the loss or theft. However, following Clause 13.2 of Bank Negara Malaysia’s Credit Card Guideline, card holders should not pay more than RM250 for their lost or stolen credit cards for fraudulent transactions made on their accounts.


But there’s a condition surrounding this clause which states that the cardholder should not have acted fraudulently, or that the cardholder should not fail to inform the issuer of their credit card that the credit card has been lost or stolen as soon as it happened. Do keep in mind that once you have reported the loss of your card to your card issuer, you are no longer liable for any unauthorised amount that may be charged to your card after that.

Once you’ve done all of the steps, you can then proceed towards getting a replacement credit card. Most credit card issuers will charge a fee to get a replacement card. Although losing or having your credit card stolen can be a frightening experience, the damage from that unfortunate event can be minimised. But this is provided that you act fast, and follow our steps above.

See also: 10 Things You Should Never Do With Your Credit Card



Fara Joifin

About Fara Joifin

Fara is a Senior Content Writer at CompareHero.my. She gets excited when she scores a good deal and has an obsession with the Northern Lights.