What to Do With a Found Credit Card?

Finding a lost credit card requires careful and responsible action. This article guides you through the proper steps, from immediate security measures to reporting the discovery to the card’s issuer. It also covers alternative actions if direct bank contact isn’t possible, ensuring the card is handled appropriately to protect both the finder and the owner from financial complications.

Initial Response and Security

Using a found credit card, even for minor purchases, is a serious legal offense. Unauthorized use can lead to federal charges, including fines up to $250,000 and imprisonment for up to 20 years. These actions are classified as credit card fraud and identity theft, carrying severe penalties. Immediately secure the card by placing it in a safe, private location. This prevents it from being lost again or falling into malicious hands, ensuring no further unauthorized transactions occur before proper reporting. Ignoring a found card can expose the owner to potential financial fraud.

Identifying the Issuer and Reporting

The most effective way to address a found credit card is to contact the issuing bank directly. The bank’s name is usually on the front, and a customer service or fraud reporting number is typically on the back, connecting you to the card issuer’s support, often available 24/7. When speaking with a representative, clearly state you have found a credit card and wish to report it. They may ask for specific information, such as the card type, bank name, and potentially the first few digits of the card number if readable. Do not provide any personal information during this call. The bank will generally cancel the compromised card and arrange for a new one to be issued to the cardholder, preventing further unauthorized use.

Alternative Actions

If direct bank contact isn’t feasible, other options exist.

Contacting Law Enforcement

You can contact local law enforcement, such as your police department’s non-emergency line, to inquire about their lost and found procedures. Police departments often accept found items and may attempt to locate the owner.

Using USPS Mail

Another option, though less secure, is dropping the card into a United States Postal Service (USPS) mailbox. The USPS has a system for handling mail with return addresses and may attempt to return the card to the issuer. However, this method carries risks due to potential mail fraud and theft.

Secure Disposal

If attempts to return the card are unsuccessful, or if the card is damaged and cannot be reported, secure disposal is necessary. Destroy the card to prevent misuse. Methods include cutting through the EMV chip and magnetic strip multiple times with scissors or using a cross-cut shredder designed for cards. For enhanced security, distribute shredded pieces into different trash receptacles. Note that metal credit cards may require specialized disposal, often necessitating return to the issuer for proper destruction.