Forgot About an Old Credit Card? Here’s What to Do

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It’s not always easy to keep track of your credit cards. 

A time may come when you realize that you completely forgot about an old credit card. Maybe you were doing spring cleaning and found it at the bottom of a desk drawer. Or you suddenly remembered a card you used to have, and now you’re wondering if it’s still lying around somewhere.

This happens to plenty of people, but issues can arise when you don’t keep an eye on your credit cards. If you just found out that you forgot about one, here are the steps you should take right away.

Check if the card is still open

When a credit card hasn’t been used in a long time, the card issuer may close it. It usually takes at least a year of inactivity, but this depends on the card issuer.

To check the card’s status, log in to your online account. If it has been awhile, you may need to reset your password. You’ll be able to see there if the card is closed. Another way to find out is to call the card issuer. Let the representative know that you just found an old credit card and want to know if it’s still open.

Review the account for any issues

Next, take a look around your online credit card account to make sure nothing’s wrong. For example, if the first thing you see when you log in is a notification about your payment being past due, you need to handle that ASAP.

If there’s a balance on your card, whether it’s past due or not, see if you recognize the transactions. It could be something you forgot to pay off. But it could also be credit card fraud. Even if you have the credit card in your possession, a cybercriminal could have gotten the card number. If you’re sure that you didn’t make a charge, dispute it and report it as fraud.

Make sure your contact information is up to date

Check the contact information your card issuer has on file for you, including the mailing address, phone number, and email address. If any of this is outdated, it puts you at risk of identity theft.

For example, when your credit card expires, the card issuer sends a new one to the mailing address on file. If you’ve moved, whoever now lives there could get their hands on your new credit card. In that situation, you need to first update your information, and then report your card as lost. It’s best to call the card issuer about this so you can ensure the replacement card gets sent to your current address.

Redeem any unused rewards

If you found an old rewards credit card lying around, don’t forget to check its rewards balance. There might be unused cash back or travel points. Some credit card companies have minimum redemption amounts, but if you’re able to redeem your rewards, make sure to do that.

Decide if you want to keep the card

The final consideration is what you’ll do with the card. As long as the card issuer hasn’t closed it, you’re free to start using it again. However, you might have stopped using it for a reason. Maybe you improved your credit, were able to qualify for other top credit cards, and you left your old one behind.

If you’re done with the card, you could close it, which is the simplest thing to do. Or, you could keep it open. Older credit card accounts are good for your credit score. Account age makes up 15% of your FICO® Score (the most widely used type of credit score by lenders), so there is some benefit to keeping an old account around, even if you’re not using it.

Just remember to put your card in a safe place and review the account every month if you keep it open. There’s nothing wrong with hanging on to an old credit card, provided you take precautions against credit card fraud.

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