Canceling and replacing a lost debit or credit card can be a hassle. After the new card arrives in the mail, you need to update every retailer, streaming service or utility provider that relies on your card number for payments. Now, many banks and credit card issuers are adding the option of temporarily “locking” your card instead, in case you want to buy some time to search for your card.
A lock can be an on/off switch in the bank’s app or on its website, or it can be a more sophisticated feature that allows you to specify, say, the locations or the types of transactions that are approved for your card. A lock will typically prevent new purchases, ATM activity, cash advances and balance transfers, but it will allow automatic or recurring payments, returns, credits and dispute adjustments. For extra security, you can also turn a card “off” that you are leaving behind while on vacation. Most issuers allow indefinite locks, though American Express lifts a lock after seven days.
You should lock your card as soon as you notice it’s gone or find an unfamiliar charge, then investigate further before contacting your bank, says David Keenan, senior vice president in card products at Fiserv, a financial technology company that has a locking and alert app called CardValet (available at Fiserv partner banks). If you can’t find your card, notify your issuer. Most issuers will send you a new card free, but they may charge a fee for rush deliveries.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you’re waiting for a new debit card to arrive and need to withdraw cash, a bank branch may provide you with a temporary debit card on the spot. Some issuers also help you update merchants with your new card number. American Express will allow most recurring payments to go through seamlessly. Bank of America may provide your new card number to merchants with whom you have recurring payments, and Wells Fargo’s Control Tower tool will show you a list of merchants with whom you’ve had recurring transactions within the past 12 months.
-
-
As Fed Raises Rates 0.25%, Savings Rates Set to Rise, Too
Some experts say now would be a good time to lock in a much better savings rate on your accounts.
-
Medical Tourism Can Get You Healthcare Bargains Abroad
Millions of Americans partake in medical tourism each year. If you can’t afford a medical procedure in the U.S., consider investigating options overseas.
-
Best Cash Back Credit Cards March 2023
Smart Buying Looking for the credit card that pays the most cash back? These lenders may pay hundreds of dollars, with minimum hassle.
-
I-Bond Rate Is 6.89% for Next Six Months
Investing for Income If you missed out on the opportunity to buy I-bonds at their recent high, don’t despair. The new rate is still good, and even has a little sweetener built in.
-
What Are I-Bonds?
savings bonds Inflation has made Series I savings bonds enormously popular with risk-averse investors. How do they work?
-
Your Guide to Open Enrollment 2023
Employee Benefits Health care costs continue to climb, but subsidies will make some plans more affordable.
-
Watch Out for Flood-Damaged Cars from Hurricane Ian
Buying & Leasing a Car In the wake of Hurricane Ian, more flood-damaged cars may hit the market. Car prices may rise further because of increased demand as well.
-
What You Need to Know About Life Insurance Settlements
life insurance If your life insurance payments don’t seem worth it anymore, consider these options for keeping the value.
-
Best Travel Rewards Credit Cards March 2023
credit cards Business road warriors and leisure travelers can use travel rewards credit cards to turn miles logged into other things — including more travel.
-
What Is APR?
Even for those who pay off their credit card balances every month, knowing your APR is part of keeping good credit habits.
