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What to do if your Credit Card is Lost or Stolen in a Foreign Country
Credit Cards have made traveling to foreign countries easier than ever. The monetary exchange through credit card companies is much easier for foreign countries than if you were to take cash or traveler’s checks. For this reason, almost every country in the world, especially the major cities, accept major credit cards for everything from hotel and car reservations to paying for dinners and purchasing exotic souvenirs. Unfortunately, when a credit card is lost or stolen it can be very easy for someone to make purchases online or even in person. This is the main reason that many people rank losing a credit card as one of the top things they fear while away on vacation or business, especially in a foreign country where people already have to deal with cultural and language barriers. Knowing what to do if your credit card is lost or stolen in a foreign country can help ease the stress of spending time abroad so you can enjoy the sights and sounds of your exotic destination.
Prepare for the Worst
The only thing worse than losing a credit card would be losing a purse or wallet containing multiple credit cards along with your photo I.D., passport, and other important papers you may need. While in a foreign country, it would be wise to take only what you will absolutely need during the day and leave anything else in your hotel room safe. This will help ensure that you will not be left with no means of payment should your credit card come up missing.
Keep Traveler’s Cheques Handy
Traveler’s Cheques are accepted almost anywhere credit cards can be used and are a great back-up in the unfortunate event your credit card is lost or stolen in a foreign country. It is important that you keep the traveler’s cheques are kept in a separate pocket so they are not taken at the same time as the credit card.
After the Loss
Unfortunately, even the most well prepared travelers can still reach into their pocket and come up empty handed. In the event this happens to you, there are a number of steps you need to take to help ensure you keep your losses to a minimum.
- Report the loss- The very first thing you should do when you find that your credit card is lost or stolen is report it to the credit card issuing company. You can report the missing credit card by calling the companies customer service line or by going on the credit issuer’s website if online access is available. The customer service number is located on the back of your credit card and on the billing statement. However, since most people do not bring a billing statement while traveling in a foreign country it would be a good idea to write down the customer service number for each credit card you carry and keep them in a safe place. When you call the credit card company to report a missing card you will need the following information:
- a. account number
- b. the date that you noticed your missing credit card
- c. the last purchase you made with your credit card
It is also important to follow up with a letter indicating the same information as soon as possible for further proof that you reported the loss in case the issue arises at a later date.
In the case that you have multiple credit cards that you carry with you at all times it may be beneficial to use the services of a Registration Service. This will allow you to make one phone call to report lost or stolen credit cards. The Registration Service will notify all your card companies of the loss so you do not have to spend unnecessary time on the telephone. Before purchasing the service it is important to read the service’s contract so you know where the liability lies after you report your missing card. If the company will not reimburse you for unauthorized charges if they fail to report the loss immediately, you may be held liable and it would be wise to find a different Reimbursement Service.
- Deal with unauthorized charges- Depending on how often you use your credit card, there is a possibility of multiple unauthorized charges by the time you report it missing. Fortunately, most credit card companies offer a protection benefit as long as the loss is reported within a certain period of time. For this reason, you should check your purse or wallet occasionally to ensure your credit cards are still on you.
Additionally, the Fair Credit Billing Act offers additional protection to card holders. Once the card is reported missing, the card holder will not be held liable for any charges after the report. For any charges made before the reporting, the card holder may be liable for a maximum of $50.00.
Once you are home you should watch your billing statement closely over the next few months and report any unauthorized charges immediately.
By preparing for a lost or stolen credit card you can make travel to a foreign country less stressful. One of the most important things to remember is to keep credit cards in a secure pocket in your purse or wallet so they do not fall out as you are opening it. Another good tip is to keep your wallet in one of your front pockets or your purse strap in your hand at all times to prevent attempts to steal your valuables. By following these guidelines you should be able to prevent a lost or stolen credit card as well as limit your losses should one come up missing while in a foreign country.
About the Author:
Paul Basco Provides Expert opinions and reviews to help you Compare and Apply for a Credit Card Offers online. At GettintingaCreditCard.com, we offer credit cards for bad credit, low apr credit cards, instant approval credit cards and much more.
This article may be reprinted in accordance with the GettingaCreditCard.com Reprint Requirements
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