What to do if you have your credit card cancelled
by Arina Smith Loans & Credit 22 December 2017
Most of us assume that if we have a credit card then that facility is going to be there for as long as we need it. However, the reality is that your credit card provider can cancel your line of credit at any time. There are plenty of horror stories about cards that have been canceled at moments when they were crucially needed, from paying for medical treatment to funding essential travel home from abroad. This can be the type of situation that results in people looking for bad credit loans to get themselves out of a sticky situation. But what can you do if you have your credit card canceled?
Call the credit card provider
You may not even be notified if your credit card has been canceled. Which means that the first you’ll know about it is when you try to use the card to pay for something and your credit card gets declined. Before you do anything else, contact the credit card provider and find out what the card has been canceled. It could be an error or something as simple as the card being canceled as a result of non-use.
It could be fraud
Most credit card providers will automatically block a card if there seems to be a fraudulent activity taking place on it. However, this won’t usually result in cancellation of the card until you’ve confirmed whether the transactions are yours or not. If your card stops working for any reason, find out whether there is fraud involved first. It could be a mistake by the bank, in which case the card can simply be unblocked, or it may just require a new card to be issued.
Cover your immediate costs
If you’re in a situation because you don’t have access to that credit card then you need to find a way to make sure your immediate costs are covered. This is especially important if you’re overseas or you have specific and unusual expenses that the credit card was for. There are various different options to look at, from using your own savings if you have them to ask friends or family for help. You can also consider various other types of lending – payday loans, for example, are a quick way to access a small amount of cash until the end of the month. Some personal loans may offer a larger borrowing amount and are available fairly quickly if there is some urgency.
Check your credit score
There are many different reasons why a lender might cancel your credit card. However, if it’s related to your credit score then this is something you need to know about. The sudden change to your credit score could happen for any reason and may not always be related to anything you’ve done. There could be a mistake that needs correcting or you might find your credit score is still tied to an ex-partner or housemate and their own financial problems have impacted on you. Check your credit score first to see whether there is anything you can do to correct the issue now.