Your Credit Card is Lost
You should not hesitate to report the loss of your credit card. The sooner you report your card’s loss to your card issuer, the less responsibility you’ll have for any purchases made using your credit card. Log into your account for your credit card’s customer service number and then contact them. A customer service agent will verify the last transactions you remember and then cancel your credit card and send you a new one.
Your Credit Card has been Unexpectedly Declined
There are several reasons why your credit card might be declined. Sometimes transactions are declined as a precaution against fraud, because you have insufficient funds to make a purchase, or because the merchant’s credit card processing system is not functioning properly. Contacting your credit card’s customer service is the best way to find out why your credit card was declined and to resolve the issue.
There are Charges on Your Statement You Don’t Recognize
Most credit cards come with zero fraud liability, meaning you are not responsible for any fraudulent charges made on your account. You are also legally protected from any fraudulent charges made using your credit card number while the card is in your possession. Contact your credit card issuer to dispute fraudulent charges on your account. You may need to receive a new credit card to protect your account from unauthorized charges in the future.
You are Traveling Abroad
Before taking an international trip, contact your credit card issuer to let them know where you plan to go and the dates you will be there. This ensures that none of your transactions are flagged as fraudulent. Calling before you travel will also be helpful in case you don’t have good phone service in the area you are traveling to. While speaking to your credit card’s customer service, check that your credit card will work in the place you are traveling to. Carry a small amount of cash or local currency to cover yourself in places that do not accept credit cards.
Your Payment Has Not Been Applied to Your Account
When reviewing your credit card statement – something you should do at least once a month – check to make sure that recent payments have been applied to your account correctly. If the payment has cleared your bank but has not shown up on your credit card statement, report this to your card issuer. This is especially important if a late payment has been applied to your account due to the payment not being properly credited. Your credit card issuer can investigate and apply the payment and reverse any late fees and any interest resulting from the incorrectly applied payment.
You are Facing Financial Hardship
In times of financial hardship, many people want to hide from their bills. But avoiding contact with your credit card issuer is one of the worst things you can do. Your credit card issuer may have options that can reduce your payments or extend your due dates in the future. If a phone call can save you up to $38 in late fees, it is worth the effort. Additionally, contacting your credit card issuer may allow you to avoid adding a late payment status to your credit report.
You Want to Close Your Account
If you have decided that you no longer want to own your credit card, perhaps because you have reduced your collection of credit cards or because the credit card no longer has favorable terms, contact your credit card’s customer service to inform them that you wish to close your account. While speaking with customer service, you can make any final payments to ensure that your balance is paid in full. You can follow up your phone call with a letter confirming that you requested to close your account. The only thing left is to check your final credit card statements to ensure you have a zero balance.
Do you
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Sources:
The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy.
Federal Reserve Bank. “Regulation E Electronic Fund Transfer Act,” Page 13.
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