How likely are you to lose your credit card?

Angus Kidman 12 August 2015 NEWS

Lost credit cardsIt sucks when you have to get your credit cards or bank cards replaced, but just how often does that happen? We've crunched the numbers.

The Commonwealth Bank's annual report gives us a useful way to measure how often our cards are lost or stolen. The report says that in June 2015, CommBank issued 105,000 replacement cards.

While that sounds like a lot, the bank has 12.6 million customers in Australia, which means that just 0.8% of them needed a replacement that month. Over a year, that would add up to around 10%, but that's likely to be an overestimate. If you lose your wallet, chances are multiple cards will be replaced, and some cards will be reissued due to fraud concerns rather than theft.

So the good news is it's not that likely to happen. That said, clearly many of us are ready to give up cards altogether anyway. In June 2015, 2.7 million transactions were made using CommBank's Cardless Cash feature. We've recently seen Westpac add a similar service with its Get Cash option, and with those customer numbers it seems likely other Australian banks will follow suit.

Picture: Michael Coghlan, licensed under Creative Commons Attribution-NonCommercial-ShareAlike 2.0 Generic (image cropped)

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