A Lost or Stolen Credit Card Isn’t a Disaster — As Long as You Act Fast
If your credit card has ever been lost or stolen, you know that sinking feeling all too well. It suddenly dawns on you — your pocket is a little light, and your credit card is nowhere to be found. That’s when panic sets in and you start retracing your steps.
That moment might feel like the end of the world, but what happens next — and how quickly you move — will decide if it becomes a bigger problem.
Before we talk about tactics, a quick reality check: in Canada, most consumer credit cards have “zero liability” policies for unauthorized purchases. If you report your card lost or stolen promptly, you generally aren’t responsible for unauthorized transactions that happen afterwards.
Plus, your maximum liability for earlier unauthorized charges is generally capped at $50. Many credit issuers will even waive that cost in the name of good customer service.
How to act fast when your credit card is lost or stolen
When you realize your card is missing, the most important move isn’t searching every couch cushion — it’s getting your card issuer involved as quickly as possible. The sooner you tell them what’s happened, the easier it is to limit any damage and keep this from becoming more than a temporary hassle.
Step 1: Call your issuer
The first thing you should do is contact your credit card issuer and tell them your card has been lost or stolen. After a few verification questions, they’ll cancel the card and:
Block new transactions and investigate (and usually reverse) any fraudulent charges.
Send you a replacement card (sometimes even for pickup at a branch).
In many cases, reduce or remove what you owe for unauthorized charges made before you reported the loss.
Once your card is cancelled and the replacement is on the way, cut up the old one. It’s useless for new purchases now, and destroying it closes the loop.
Cancelling your card can feel like a big step — and there are reasons you may not want to take it yet. Maybe you’re confident you simply misplaced the card — you’re fairly sure you left it in a friend’s car, for example — or you can’t call your credit card issuer right away.
In that case, where you're sure it's lost, not stolen, you may be able to use a temporary lock or freeze in your banking app to prevent new purchases until you take more permanent action.
Freezing your card can be a useful “pause button” if you think it’s just misplaced, but it’s not a long-term solution. Once you’re sure the card is really gone, cancelling it and getting a replacement is what turns this from an ongoing worry into a one-and-done problem.
Pretty sure your card was stolen, and not just lost in your house somewhere? It’s worth taking extra steps.
File a police report, especially if your whole wallet or other ID was taken. Your bank or insurer may ask for the report number later.
Report it to the Canadian Anti-Fraud Centre if a scam was involved (like a fake bank email, text or phone call). Your report helps authorities track patterns and warn others.
These extra reports matter most when more than just the card might be at risk — like your wallet, ID or other personal information.
Step 2: Add a fraud alert and keep watch
Next, call each of the credit bureaus (Equifax Canada and TransUnion Canada) and ask them to place a fraud or identity alert on your credit file. This will make it harder for anyone to take out credit in your name without extra identity checks.
That extra step helps keep today’s lost card from turning into tomorrow’s identity theft issue, especially if more of your personal information was exposed along with your card.
In the following months, keep a close eye on your credit card statement. If you see anything out of the ordinary, like a purchase you don’t remember making, call your credit card issuer back right away.
Step 3: Update your accounts when you have your new card
Once you receive your replacement credit card, update the card information on any relevant online accounts. Start with your online banking and card account, then update your card number on subscriptions and shopping accounts, such as Amazon, Uber, PayPal or any digital wallet you use, like Apple Pay, Samsung Pay or Google Pay.
This is the “cleanup” phase of acting fast: making sure your new card details are in the right places so payments go through smoothly and the cancelled card number isn’t sitting on old accounts waiting to cause confusion.
» MORE: How to cancel your credit card the right way
Catching odd transactions early is part of “acting fast,” too. Even after your card is replaced, keeping an eye out for surprise charges on your statement helps the problem finally end with a replacement card instead of a months-long game of “is this fraud, or just a charge I forgot about?”
10 ways to prepare so a lost or stolen card is no big deal — if it ever happens again
You’ve got strong protections backing you up, which is a big part of why a lost or stolen card usually isn’t the end of the world — especially if you move quickly. But you can also set things up so that, if it happens again, it’s an inconvenience rather than a crisis.
Set a lower limit on your everyday card. A low, affordable credit limit on your everyday card makes any gap between “card goes missing” and “card gets cancelled” much less costly.
Choose a smart PIN (and keep it truly secret). Pick a PIN that isn’t your birthday, phone number, address or any other easy-to-guess number, memorize it instead of writing it down, never share it (even with family), and shield the keypad when you enter it.
Turn on alerts so your card can “tap you on the shoulder.” Set up alerts on your credit card accounts and with the credit bureaus so you get a heads-up if something unusual happens, even when you’re not actively watching your account.
Carry fewer cards at once. Carry only the cards you need at any given time and leave the rest at home so one lost wallet doesn’t wipe out every payment option you have.
Keep issuer phone numbers somewhere safe (and separate). Write a list of all the important cards and all the phone numbers to your credit card issuers in a safe place separate from your wallet so that if it is lost or stolen, it’ll be easier to cancel your cards, and you can take action right away.
Have a travel backup plan. When travelling overseas, keep additional cards, important documents, emergency contacts related to your credit card and financial institution in a safe and separate location when not being used. If something goes wrong far from home, you can act quickly instead of spending hours just figuring out who to call.
Shred old card info. Destroy old credit card statements and credit cards before throwing them away.
Use a mobile wallet when you can. Use digital wallet apps instead of physical credit cards whenever possible. Digital wallets often use tokenized card numbers, which can reduce the risk that your real card number is exposed in a store data breach or intercepted online.
Keep your card in your control. Avoid handing over your card to anyone. If someone else does need to handle it — for example, to run a payment — stay aware of who has it, where it is and get it back promptly.
Add a tracker to your wallet. Try a wallet or key tracker to keep tabs on your wallet. Small Bluetooth devices — such as an Apple AirTag, Tile, an Ekster device, or another slim card-style tracker — pair with an app on your phone so you can ring them or see their last known location the next time your wallet goes missing. It’s an easy way to move from “Where is it?” to “Let’s shut it down or get it back” much faster.
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Shannon Terrell
Shannon Terrell