How to reduce the frustration of a misplaced credit card

How to reduce the frustration of a misplaced credit card

We look into the nation’s credit card mishaps, and show how you can reduce the frustration with our new temporary lock feature.

Ever misplaced your credit card? You’re not alone. In fact, the majority (55%) of Australian credit card holders have cancelled their card at some point in the past 12 months. Delving into the issue, we caught up with 1,000 Australians who shared their experiences with misplaced credit cards and the most common places they were hiding in.

Some of the key insights include:

  • Of the nearly 11.5 million credit cards that are reported lost or stolen each year in Australia, 61% (seven million) of these are recoverable or turn up down the track, according to our research.
  • The majority (89%) of Australians say they feel nervous when their credit card is out of their care.
  • Australians are spending 4.6 million hours a year updating the details of cancelled credit cards that later turn up, such as direct debits and other regular payments.
  • The most common places Australians are losing their cards are at home or work (61%), followed by shops or malls (49%) then bars or restaurants (37%).
  • Men are more likely to lose cards on a night out (31%, compared with women 22%), while women are more likely to lose cards in a shop or department store (52% compared with men 45%).
It’s clear then that while Australians prefer to be on the safe side and cancel a missing credit card, more than 92% of Australians would find it useful to be able to temporarily lock a misplaced credit card online, and 73% admitted they would be quicker to report cards missing or stolen if they could ‘uncancel’ their card if it later turned up.

Temporary lock on the CommBank app and NetBank

To give you added security and more control over your money, we’ve launched a new online feature that lets you instantly place a temporary lock on your CommBank credit card and unlock it again if it turns up – helping you avoid the panic and unnecessarily cancelling a misplaced card. You can do all of this from your smartphone using the CommBank app or from a tablet or laptop using NetBank.

What’s more, to give you extra peace of mind if your card is permanently lost or stolen, it can now also be cancelled and reordered online via the CommBank app and NetBank.

Get more information on temporary lock and download the CommBank app today.

The study was conducted by Lonergan Research among 1,244 Australians aged 18 years and older. Fieldwork commenced on Wednesday 17 September and was completed on Saturday 20 September 2014. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.

Excludes transactions flagged as recurring (e.g. direct debits) and transactions not sent to us for authorisation. Other Terms & Conditions apply.