What to do when your credit card is lost? Losing wallets and purses with credit cards is a frequent occurrence. You need to take immediate action in the next 24 hours if they contain your credit cards. All credit cards issuing banks have predefined guidelines to protect one against loss of theft of credit cards. There is no need to panic; all you need to know is to read about the guidelines provided by the bank and action immediately. If your credit card is stolen, immediately bring the matter to notice of issuing bank as soon as possible. Most of the companies provide a toll-free number 24 hours / day to deal with this issue The federal law states that one is responsible for only the first USD50.00 of any fraudulent charges incurred; but it is still necessary to report the stolen card even though you won’t have to face any financial loss The other benefit of informing the company quickly before any fraudulent use is that they will waive the $50.00. But read the details on the credit card offer. When you get the bill after the card is lost or stolen, scan every charge on the bill carefully. If something crops up that is not incurred by you, inform immediately. the company in writing Things work slightly different for the debit card. The amount of liability that you will incur depends on how soon you report it as lost or stolen. If you do it before it is used again, you do not have to bear any fraudulent charges. However a slight delay of even 2 working days means your liability may go till $500.00 of any fraudulent charges incurred on the card. Check your bills regularly after the card is stolen. Inform your bank of any objectionable withdrawals from your account that happened at the time your card was lost or stolen. This will clear you of any liability. Keeping track of the stolen or lost cards is an ideal method to prevent stolen or lost cards. Find out where they are located throughout and do not disclose the pin number to anyone. The pin number should be undecipherable and not something simple like the birth or anniversary date or phone number. The number should make sense only to you and not to anybody else.