There is a difference between reporting the loss of a credit card and canceling it. Reporting the loss of a credit card will invalidate the credit card reported lost, but the bank will retain the relevant information of the credit card, and the user can apply for a new card at any time. Credit card cancellation is to delete the credit card related information. After the credit card account is canceled, there will be no user credit card related information in the bank. Therefore, users need to clearly distinguish between credit card cancellation and loss reporting.

Many cardholders will report the loss of their credit card after their credit card is lost or stolen, but do not apply for a replacement card, thinking that the credit card will automatically be cancelled. In fact, this is not the case. Reporting the loss of a credit card without replacing it and canceling the account are two different concepts, and their meanings and results are also different. Let’s learn about it together.

1. If the credit card is reported as lost, the card will not be replaced

After the credit card is reported as lost, your credit card will be in a frozen state, but it will not be automatically canceled, but the credit card cannot be used, and Credit card debts and the like will still be billed every month if they are not paid off, especially credit card installments.

It should be noted that if you choose "Report loss without replacing card" when reporting the loss of your credit card, it will be regarded as canceling the card and cannot be restored. It means that you have lost the right to use this credit card forever. This can be regarded as The card has been permanently canceled and you must reapply if you want to use the card.

2. Cancellation of credit card account

Everyone should know about the cancellation of credit card account. After all the outstanding debts have been settled, you must apply to the bank for account cancellation, and then the bank will cancel the credit card account. Yes, the bank will not automatically cancel the account without applying, and there will be a 45-day buffer period for canceling the credit card account.

And account cancellation is different from card cancellation. Card cancellation only means canceling a single credit card, while account cancellation means canceling all credit cards under your name. Then all the personal information of your credit card account left in the bank will be cancelled. Cancel it. After the account is closed, you will be like a white account in this bank. If you apply for a credit card in the future, it will be a new account.

To sum up, reporting the loss of a credit card without replacing it does not mean that the account has been closed. Everyone should pay attention to this. If you really don’t want to use your credit card after reporting it as lost and have not chosen to replace it, it is recommended that you settle the balance on your credit card and then take the initiative to go to the bank to cancel the account, so as to avoid incurring other fees.