Losing your credit card can be really unfortunate for you but your real trouble starts when you realize that your credit card is being subsequently used without your permission. Credit card loss/theft liability is governed by Sections 83 and 84 of the Consumer Credit Act. However to get the benefits from this act you have to follow certain procedures. You have to immediately report the loss of your credit card. When you become aware that your credit card is missing, contact your credit card company without delaying a moment. Usually credit card companies provide you their emergency contact information when they issue you your credit card. This is extremely important because once you have notified them you will no longer be held liable for any misuse of your lost credit card.

There are however limitations to the extent of liability depending on cases. You cannot ask for coverage for misuse of your credit card if the same has been used by a person whom you have named as an additional cardholder in your credit card application. It has been discovered that sometimes the husband or wife exceed their respective authority by making unauthorized purchases without the knowledge of the cardholder (husband/wife). However if you are an innocent victim of fraud then you may be charged for a minimum amount by your credit card company. Credit card companies normally reimburse you the amount that you have lost but if it is proved that you have acted fraudulently or without caution you will be made liable for the entire amount lost plus other charges.

Some of you may no longer require your credit card but this does not mean that you have to just throw it away as junk. Cut your credit card into two and dispose it off at a proper place. You must take the same care when you receive your credit card from a credit card hub. Always keep it in a safe place and remember the place where you have put it. Do not lend your credit card to anyone but if you do so make sure that you can trust the person of not misusing it.

Credit cards are normally kept inside wallets or purses and these often stolen or lost. Credit card is an important item just like other identification cards, ATM cards etc and the loss or theft of these cannot be helped. The plus point is that credit card companies have procedures and policies to help you when you find yourself in such a situation. They earnestly offer you protection against your credit card loss or theft. However you should refrain from panicking. Use the toll free number provided by your credit card company to report the loss of your credit card.

Under no circumstances you should give out your PIN number. It is better to use a different PIN number for each card if you have more than one card from the same credit card company. Choose a PIN number that others find it hard to guess and change your PIN number once every two months to be on the safe side.