MasterCard and VISA credit cards
MasterCard and VISA credit cards are seen in this illustrative photograph taken in Hong Kong December 8, 2010. Reuters/Bobby Yip

Because of yearend revelry wherein Australians would consume alcohol or travel to other places, many adults would misplace their wallets and bags, resulting in lost credit cards.

According to a study by Commonwealth Bank, lenders would need to cancel almost one million credit cards in Australia because those are lost or misplaced. About 61 percent would be cancelled after it was misplaced.

Among Aussie men, misplaced or lost credit cards happen often after a night out, while among women, the cards are lost during their shopping frenzy.

About 37 percent of the cards are lost in bars or dining establishments, while 61 percent at home.

Because of the lost cards and requests for replacement, about 400,000 hours are used updating the details of the cancelled cards, said Angus Sullivan, consumer finance manager of Commonwealth Bank.

"It's the time of year when we all like to let our hair down and enjoy the sales and festivities, and perhaps unsurprisingly, many of us are likely to misplace our card at some point," Sullivan explains.

Because of this yearly problem, the bank developed an app that allows the cardholder to temporarily lock a misplaced card while searching for it.


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