Here’s What Happens When You Lose Your Credit Card

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A lost credit card could show up — or it could be gone forever. Find out what to expect in either case. 

We all lose things. Our keys, our shoes — our marbles. Sometimes they turn up, sometimes they’re lost to the abyss forevermore.

Some lost things, like that second sock, can stay missing with minimal consequences. But when you lose your credit cards, things start to get a bit more complicated. Not sure what to do? Here’s what to expect.

You need to freeze it, pronto

Ideally, your lost card is really just misplaced, and it’s in no danger of being used without your permission. There’s always that chance that the card didn’t disappear by accident, however.

That’s why, before you do anything else, you should freeze your credit card. This basically tells the issuer not to approve any transactions made with that card. It should apply to purchases made with the physical card, as well as online purchases.

Freezing your credit card isn’t the same as reporting it lost or stolen. It’s simply a way to pause your card’s ability to make purchases, sort of like flicking the on/off switch on a lamp. You can freeze your card anytime you want, and you can unfreeze it just as easily.

Search, search, everywhere

Once you’ve frozen the card, you shouldn’t have to worry about any fraudulent transactions. Now, you can take the time to search for it.

Pro tip: Make sure to add an alternative payment method for any bills or recurring payments that might try to charge your card while it’s frozen!

With a little luck, you’ll find the missing card quickly. Maybe it fell under a car seat, got swallowed by a fold in your bag, or was simply overlooked on the desktop. If the missing card turned out to be somewhere safe, just hard to find — such as in your home or car — then you can probably just unfreeze it and go about your day.

On the other hand, maybe you left the card behind at a store or restaurant. You might still be able to get it back — it’s not an unusual occurrence, and most places will just keep it behind the counter or at customer service.

In this case, you have two options. You can unfreeze the card, hope no one used it, and keep an eye on your account just in case. Or, you can assume the card is compromised and report it to the credit card company as lost.

Report it lost and get a new one

Sometimes, lost things stay lost. Maybe it got accidentally thrown in the trash, perhaps it was stolen. Whatever the case, if you’ve thrown in the towel on finding your lost card — or found it, but believe it could be compromised — it’s time to report the card as lost to your issuer.

For folks who like to do it old school, you can do this over the phone by calling the customer service number on the back of the card. Of course, if you don’t have the card anymore, you’ll need to head online to get the number.

If you’re going to go online anyway, it’s probably just as easy to log into your online account (or use the mobile app) to report your card lost without having to call anyone at all. There’s usually an option for it on the card page, or within the account or card management tools.

After you report the lost card, the issuer will send you a new one. You’ll need to then update any bills, subscriptions, or online shopping accounts that have the old card information saved, ideally before they make any charges.

Additionally, be sure to keep a close eye on your credit card account for any fraudulent charges. If you notice any transactions you didn’t authorize, dispute them immediately. Your liability for unauthorized transactions is limited by law to $50, though most issuers have a $0 fraud liability policy in place anyway.

If you think you might be subject to broader identity theft, report it to the Federal Trade Commission.

Losing a credit card can be a nuisance, but there are lots of things you can do to ensure that it’s not worse than an inconvenience. Freeze your card right away, then look for it. If you determine that it’s truly gone, report the loss and update your accounts.

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