Lost Credit Card

LOSE A ROLL OF CASH while you’re traveling, and you can forget about ever seeing that money again. But credit cards, those beautiful, simple plastic rectangles with magnetic strips, offer you convenience and protection matched by no other payment method. You’ll appreciate these traits if you have the misfortune of losing your cards while on an extended business trip.

AFTER YOU LOSE IT

Losing your credit card isn’t as disheartening as finding out that a pickpocket stole all of your cash, but for some it’s a situation that inspires panic. If you prepare for the possibility that you might lose possession of your card, you’ll be in a much better mindset to deal with the aftermath. Here are the steps you should take to protect yourself in the event your card is stolen or lost.

Cancel the account. When you’re sure your card is gone for good, you’ll need to cancel the card right away, so no one else can use it. To do so, you need to call the card issuer’s toll-free customer service line and provide them with your card number; these can prove to be difficult tasks if you don’t have the proper numbers. To make things easier, photocopy the front and back of each of your credit cards and keep the copy separate from your wallet. While you’re at it, makes copies of your passport and driver’s license, too, because if someone steals your credit cards, it’s possible that the thief will also make off with these items. If you don’t have the tollfree number or your credit card number, you have to do some extra footwork. Depending on your location, you might be able to call directory assistance to obtain the card issuer’s hotline. If you have access to an Internet café, don’t overlook the Web as a source of information because every card company has a site complete with necessary phone numbers.

When you call the card company and tell the customer service representative you don’t have your card’s number, you’ll be asked to verify your identity. Be prepared to tell her your social security number and a security word, such as your mother’s maiden name, in order to prove you are the card’s rightful owner. When the call is over, remember that many credit pundits recommend you follow up with a letter that includes your card’s account number, the date you noticed your card was missing, and the date you reported the problem.

Don’t put the phone down just yet. You should also call all three credit reporting organizations—Experian (www.experian.com), Equifax (www.equifax.com), and TransUnion (www.transunion.com) and have them place fraud alerts on your name and social security number. With this alert in place, businesses that check your credit will have to call you directly in order to authorize card activity. If you’re not a seasoned overseas traveler, you might not know that toll-free numbers don’t even exist in some countries. In other words, contacting the tollfree numbers for your calling cards and your credit card company suddenly becomes a complicated chore. Make sure that you research the calling process before you leave home to save yourself a lot of frustration.

The aftermath. If you’re a victim of credit card theft, you’ll want to file a police report in the jurisdiction where the card was stolen. You don’t perform this step in the hopes that the police will retrieve your card for you or even so they can catch the thief. The primary purpose of completing the report is so that the credit issuer knows you did everything you could to stop any fraudulent transactions from occurring and to prevent you from coming under undue suspicion in the event the thief uses your card to make some extravagant purchases.

If catastrophe strikes while traveling abroad and you lose your credit cards and identification papers and have no access to money, contact the U.S. embassy for assistance. Representatives there will assist you in contacting family or friends at home for cash, and if you need one, also help you obtain a replacement passport. Meanwhile, the thief who has your card might be out living it up. Don’t lose too much sleep over it because federal law says that when someone else rings up unauthorized charges, you’re liable for only $50 maximum per card. If you report your card missing before the unauthorized transactions, you’re not liable for any amount.

THE ADVANTAGES

Credit cards offer tremendous advantages over other payment methods when you’re traveling. Given the near global acceptance of cards such as Visa (www.usa.visa.com) and MasterCard (www.mastercard.com), you can use plastic at any place of business that accepts credit cards. Plus, you can use the card to get cash, obtain the best exchange rates, and also to protect yourself from theft.

If that tiny Mexican restaurant accepts only cash, it’s no problem—simply insert your card into an ATM and withdraw enough money for dinner. Of course, to do so you have to use a working PIN (personal identification number). If you’ve never used your card to withdraw cash, call the card company and ask for instructions on setting up the PIN number for your card. Just be sure you understand how your card’s interest rate affects cash withdrawals, so you don’t end up paying outrageous fees when you return home, and keep in mind that this is one task that’s often best-suited for your debit card.

In the days before credit cards, it was easy for locals to work exchange rates in their favor, a ploy that cost travelers a lot of extra money. Now when you pay with a card, you automatically get the best exchange rate for that country.

If you can’t find a card issuer’s phone number that works overseas, try the company’s Web site. Visa, for example, lists all of its hotline numbers to help its customers quickly find contact information. And of course, if your credit card it lost or stolen and someone else uses it to make purchases, the credit card issuer—not you—bears the brunt of those costs. This benefit is the primary reason you should carry a card instead of cash while you’re on the road.

Even though plastic offers protections that other payment methods don’t, you still need to do your best to keep it out of the hands of people who would be happy to misuse it. Remember that pickpockets are common on the streets of many cities. If you put your wallet in your back pocket or swing your purse carelessly, you may as well paint a bulls eye on your credit card. Buy a travel belt that you can wear beneath your clothes to conceal your cards and other important documents.

In addition, there’s one important caveat to consider if you travel abroad without telling your credit card issuer: The company might refuse to honor credit requests from a far-flung location unless you give the issuer a heads up before you leave. It happens because every lender uses computer systems to track your spending habits. So if you live in Iowa and suddenly you charge $200 for a meal in London, there’s a chance your card will be declined. Alerting your credit company before-hand should prevent this from happening.

EXTENDED CREDIT LINE

Losing possession of your credit cards during a vital business trip is an awful experience, but it doesn’t have to be a complete disaster. If you take just a few basic precautions to protect your cards and prepare for the possibility that you might lose them in spite of your carefulness, you’ll be ready to stop fraudulent activity on your account before it starts.

WHO YOU GONNA CALL?

If your credit card is lost or stolen, you should immediately call the issuer to deactivate the account. You should also call all three credit bureaus and ask them to put a fraud alert on your name to foil would-be thieves. Below are the primary toll-free numbers you’ll need. If you’re in a country where toll-free numbers don’t work, call collect on the direct line.

CREDIT CARD COMPANIES & ISSUERS:

American Express: (800) 992-3404; (336) 393-1111
Bank of America: (800) 848-6090; (757) 677-4701
Bank One: (877) 999-3872; (302) 594-8200
Chase: (800) 242-7324; (813) 884-2997
Citibank: (800) 950-5114; (210) 677-0065
Diners Club International: (800) 234-6377; (303) 799-1504
Discover Card: (800) 347-2683; (801) 902-3100
MasterCard: (800) 622-7747; (636) 722-7111
MBNA: (800) 421-2110; (302) 457-2165
Visa: (800) 847-2911; (410) 581-9994
CREDIT BUREAUS:
Equifax: (800) 525-6285
Experian: (888) 397-3742
TransUnion: (800) 680-7289