What Should I Do If My Credit Card Is Lost or Stolen? Here’s Your Step-by-Step Guide

It was a regular Sunday afternoon for Ramesh, a 32-year-old IT professional from Bengaluru. He was catching up with friends at a café, paid for coffee using his credit card, and went about his day. But a few hours later, while at a petrol station, he reached into his wallet—and his credit card was gone. Just like that.

For many Indians, this is not an unfamiliar story. Losing a credit card, or worse—realizing it’s been stolen—can trigger panic. But if you act swiftly and wisely, you can minimize the risk of fraud and financial loss.

In this blog, we’ll walk you through everything you need to do if your credit card is lost or stolen in India, and how you can prevent such situations in the future. Plus, we’ve sprinkled in a few real-life stories to show just how common—and solvable—this issue is.

Step 1: Immediately Block Your Credit Card

The very first thing you should do is block your card. Don’t wait. Even if you’re unsure whether it’s lost or just misplaced at home, it’s better to block the card and stay safe.

How to Block It:

• Call your bank’s 24×7 helpline
• Use the bank’s mobile app
• Log in to your net banking portal
• Send an SMS (if the bank offers that feature)

Most Indian banks like SBI, HDFC, ICICI, Axis, Kotak Mahindra offer instant card-blocking options.

Real-life Insight:

Rupal, a fashion designer in Ahmedabad, once lost her card during a trip to Goa. “I blocked it via the Axis Bank app in under a minute. The next day, I saw someone tried to use it online, but the transaction failed. That one quick step saved me from a potential nightmare.”

👉 Pro Tip: Always save your bank’s helpline number on your phone.

Step 2: Inform the Bank and Get a Reference Number

Blocking your card is great, but don’t stop there. Call customer service and formally report the card as lost or stolen. Request a reference number or email confirmation.

Why this matters:

• It proves you acted quickly
• It protects you under RBI’s Zero Liability policy
• It helps if there’s any dispute later

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Under RBI guidelines, if you report a lost/stolen card before any fraudulent transaction happens, you’re not held liable.

Step 3: File a Police Report (FIR)

While not always mandatory, filing a First Information Report (FIR) is a good idea—especially if:

• You believe the card was stolen
• You’ve noticed suspicious transactions
• You need to submit documents to an insurance provider

An FIR provides legal backing if things go south. It’s a small step with big benefits.

Real-life Case:

Santosh, a retired army officer in Nagpur, had ₹30,000 charged to his card within 20 minutes of losing it at a railway station. “The FIR helped me claim insurance and also proved I wasn’t at fault. The bank refunded the money after investigation.”

Step 4: Monitor Your Statements Closely

Even after you block your card, keep a sharp eye on your credit card statement and SMS/email alerts for a few weeks. Fraudsters often test cards with small amounts before making big purchases.

• Check for suspicious charges, even ₹1
• Report anything unusual immediately
• Download your monthly e-statement and scan it thoroughly

👉 Don’t assume your job is done after blocking. Stay alert.

Also Read , What Are Secured Credit Cards? A Comprehensive Guide for Indian Customers

Step 5: Request a Replacement Card

Once the dust settles, request a new card from your bank. Most Indian banks offer replacements within 5–7 working days. Some even do it faster in metros.

You’ll get:

• A new card number
• A fresh CVV
• Peace of mind

Replacement may involve a nominal fee (typically ₹100–₹250) depending on your card type and bank policy.

Step 6: Update Auto-Debit & Subscriptions

If you had your old card linked to:

• OTT subscriptions (Netflix, Amazon Prime)
• EMI payments
• Billers (like electricity or gas)
• Insurance premium auto-debits

…you’ll need to update your payment method.

Missed auto-debits can lead to penalties or service disruption, so get this sorted quickly.

Also Read , What are unsecured credit cards? Unsecured Credit Cards in India: Everything You Need to Know

Step 7: Stay Protected: Tips for the Future

Now that you’ve navigated the chaos, here’s how to reduce your risk in the future:

✅ Set Transaction Limits

Banks allow you to control daily spending limits for online, ATM, and POS transactions. Lower the limit if you don’t use the card often.

✅ Enable Real-Time Alerts

Always keep SMS and email alerts ON for all transactions—no exceptions.

✅ Avoid Saving Card Details on Websites

It’s convenient, yes, but storing card data increases risk. Use UPI or virtual cards for safer online shopping.

✅ Use Virtual Cards

Banks like HDFC, SBI, and ICICI offer virtual cards—temporary, one-time-use cards for online purchases.

✅ Keep Your Card Info Confidential

Never share your card number, CVV, expiry date, or OTP—even if someone claims to be from the bank.

Fraud Already Happened? Here’s What You Can Do

If you’ve spotted a fraudulent transaction after losing your card:

1. Report it immediately to your bank.
2. File a written complaint via email or physical form.
3. Share proof (SMS, screenshots, etc.)
4. If needed, escalate to the Banking Ombudsman or RBI’s CMS portal.

Your bank is required to investigate and, if eligible, reverse the fraudulent charges under RBI’s directions.

FAQs

1. Can I block my credit card temporarily instead of permanently?
   Yes, some banks offer a “temporary block” feature. Check your bank’s app or website.
2. Will I be charged for a replacement card?
   Some banks offer it free; others may charge a nominal fee. Check with your bank’s policy.
3. What if I find my card after blocking it?
   Once blocked, a card cannot be reactivated. You’ll need to wait for the replacement card.

Conclusion: Act Fast, Stay Smart

Losing your credit card isn’t the end of the world—but how you respond makes all the difference.

From Rupal’s quick app-based action in Ahmedabad to Santosh’s detailed FIR filing in Nagpur, real Indians have turned stressful situations around with the right steps. And you can too.

So remember:

• Don’t panic.
• Block the card.
• Inform your bank.
• Monitor your account.
• Take preventive steps for the future.

In India’s fast-growing digital economy, being smart about financial security is not just an option—it’s a necessity.

Stay sharp, stay safe.

Also Read , What is a grace period? Understanding the Concept of Grace Period: A Comprehensive Guide for Indian Consumers

Disclaimer: The information provided in this article is for general informational and educational purposes only and should not be considered as financial or investment advice. Please consult a qualified professional before making any financial or investment decisions. Information may change over time, so we recommend verifying information before taking any financial decision. Some links in this post may be affiliate links, meaning we may earn a commission if you apply for a credit card or financial product through them, at no extra cost to you. We do not endorse or recommend any specific credit card or financial product. For more information, please read our full Disclaimer here.

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