Review monthly statements carefully

The card holder should monitor his/her monthly statements regularly for a couple of months after the card has got lost. This will help to identify unauthorized transactions which have taken place using the card. In case any such transaction takes place, notify the card issuer immediately.

What does zero lost card liability mean?

Many credit cards come with a ‘zero lost credit card liability' feature attached to them. It means that in case of fraudulent transactions, the customer need not pay a single penny. But, in India, this feature applies only after the cardholder notifies the bank about the loss in writing or via telephone.

Once the matter is reported to the customer care executives, they will ask few personal details to confirm that the original card holder is reporting the matter. Following this, the card is deactivated immediately. After this only, does the zero liability feature apply on unauthorized transactions taking place from the lost card.

It should be noted that reporting a lost card is very important for maintaining one's financial health and to avoid unnecessary hassles with the credit card company later.