You can lose your wallet at any point. And if it contains credit cards, you need to worry. Because if it is stolen then the thief would attempt to make an unauthorized transaction at the earliest.
Here are a few steps that you need to take after you have lost your credit card.
#1 Block your credit card
Immediately call the bank helpline number. But take a step back if you have taken the number from the internet, it is advisable to verify the number because you might find impostors operating with that numbers. It is better to take the number from the bank's official website to call its support team.
You can also block the credit card instantly from your net banking account. Another option is to send a text messages in the specified format to block the card. You can also visit a bank to get your card blocked, but it will take a lot of time.
It is worth noting that after your card is blocked you will not be liable for any future transaction done through it. However, if the transaction from your stolen card is made before you have reported the loss then you would be liable for it.
#2 Register an FIR
After you have got your card blocked, you should visit the police station immediately to register an FIR. It will act as the proof for robbery. Hence, any misuse of the card after the FIR is reported will not fall on you. Even if you are travelling abroad, you should always file an FIR to keep yourself safe from any fraud or misuse.
#3 Review card statement closely
Closely monitor your card's statement for at least a couple of months after you have lost the card. And if you notice any invalid transactions, immediately approach the bank for explanation.
Even if you block your card, it stays active from the Bank's end and you can reapply it with the same card number and expiry date. Banks normally charge a fees of Rs 500 for issuing a duplicate. However, before reapplying, think judiciously whether we really need this card because most of our cards just sit inside our wallet and gather dust. And if you decide to not apply the card, you will save money in reissuance and annual fees.
Hope these points will help you manage your card easily in case of theft or loss of card.