> What if someone loses their phone before Apple “fixes” this?

As the article notes, they'll have the option to call in and pay over the phone like many other banks allow. It's not ideal, but it's not the end of the world.

Actually if I loose my phone, then high probability that I am outside and I am not waiting on going to a website to cancel my card. I would absolutely call them by borrowing someone's phone. How would you do this if you are outside and need to cancel your credit card ? Would you try to go online login to bank website and look for the option to cancel the card or call them ? It is a low priority feature. You will want a human interaction here.