Consumer Affairs just released an update about American Express’s credit cards. They now allow you to place the card on hold if it becomes misplaced instead of having to cancel it completely. They go on to state that while the credit card is on hold, it will still process recurring subscriptions and bills that post to the account as usual with existing merchants that have previously been used. These credit card freezes are temporary and will lift after 7 days.
This is especially beneficial for consumers who might have had their credit card information stolen or if a payment processor or merchant gets hacked. So remember the next time you forget your credit card in a taxi or at the restaurant, you can freeze it instead of having to cancel it and wait for a new card to be issued.