BENGALURU: In the instantaneous world today, people want everything faster, at a lesser time, and cost effectively. Considering the finance sector, due to the innovation of several banking services such as debit card, credit cards, and several others, it has become easier for people to solve their monetary issues at a much quicker rate. We often experience several financial challenges, which in turn affect the day to day needs. This is where credit cards come into play, which often resolve these issues at real-time. This banking service plays a vital role and acts as our friend, when monetary problems hit us hard. However, have we ever imagined as to what will the circumstances in case we lose our credit cards? Sounds scary right?

The Centre for Investment Education and Learning’s, Girija Gadre, Arti Bhargava and Labdhi Mehta, along with economictimes,indiatimes.com has complied together a few smart things that one should know in an instance of losing a credit card.      

In an instance of losing a card, the card holder is required to report the loss to the bank by calling the call centre or service centre.

The customer should then file an FIR at a police station as a record of the loss being reported.

 Later a follow-up application is made to the bank with a copy of the FIR, seeking cancellation of the card.

Doing so, any transaction made on the card after the customer has notified the bank, will not be charged to the customer.

Typically, ATM and online transactions that require a PIN for completion are not covered under the scheme of zero liability to the cardholder

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