What is the first step you should take if your credit card is lost or stolen?

The first step to take if your credit card is lost or stolen is to immediately report it to the card issuer. This action is crucial because it helps protect you from fraudulent charges that might occur if someone finds your card or has access to your account information. Card issuers typically have procedures in place to quickly block your current card, preventing unauthorized transactions. They will also assist you in getting a replacement card, ensuring minimal disruption to your finances.

Taking prompt action is essential in situations involving lost or stolen cards, as it helps to mitigate potential financial losses and safeguard your credit standing. Addressing the issue right away allows you to limit your liability, as many credit card companies offer protections against unauthorized charges if reported in a timely manner.