What Should You Do If You Have Lost Your Payment Cards?

By | October 15, 2019

With debit and credit cards, making monetary transactions has become hassle-free. However, losing your card may incur massive financial loss. Thus, it is essential on your part to take proper precautions and have a card protection plan in place to avoid such losses.

Given below are some steps that you should take if you have lost your card.

  1. Contact your card issuer

The first step to avoiding any forgery with your cards is to call the issuer and request to block your cards immediately after misplacing them. Blocking the cards will ensure that transactions will be denied and no third party can use the cards.

As a security measure, you can avail a Pocket Insurance policy called wallet care offered by Bajaj Finserv. It provides 24/7 card blocking services. In cases where you lose your wallet containing more than one card, you can block all your cards with a single call. To enable this feature, you will have to share your card details with your insurer. You also get to enjoy emergency travel assistance, PAN card replacement without any fees, mobile benefits, etc. Policyholders can also enjoy fraud protection up to Rs. 2 Lakh.

  1. Provide the required information

After you have called your card issuer regarding the blocking of your card, they will verify your details for which you will have to provide the required information.

  1. Check your card statement

After you have lost your card, make sure to check the statement to verify the last transactions and available balance. You can also generate mini statements from an ATM during your transaction.

To protect your card against ATM frauds, you can also avail card protection plan like atm assault insurance cover offered by Bajaj Finserv. With this policy, you also get financial coverage for emergencies, ATM robbery, etc. Policyholders can enjoy higher sum assured up to Rs. 50,000 against a minimal annual premium of Rs. 499.

  1. Analyse your insurance policy

Check all the terms and conditions thoroughly with your credit or debit card insurance policies. Calculate the total sum assured to analyse the sum of coverage. Also, inform your insurer about the loss and provide them with the necessary details to get the insured amount.

How to reduce chances of losing your card?

Given below are some precautionary measures that you can adapt to avoid losing your card.