Debit and credit cards are an important part of our day to day lives as they help make payments without hassles. It is impossible to imagine life without these cards. When it comes to credit cards they are like life savers, as they help meet expenses during an emergency. But, have you ever given thought to losing your debit or credit cards? It’s scary right? So, it is very important to protect your debit and credit cards from theft and fraud. Opting for a Card Protection Plan (CPP) is one of the best options to keep your card safe.
The card protection plan is like insurance for your credit, debit, and other cards in case of theft, loss or fraud on cards. The card protection plan also provides protection to your PAN card, Aadhaar card, and other essential documents. Not just this, there are many other services that can be availed by signing up for offerings. In order to avail the services of card protection plans, the cardholder has to pay a fixed yearly fee. Usually, the card protection plan comes with a validity of one year. After the completion of a year, the cardholder has to request for the renewal of the plan.
Services under the card protection plan are offered by both public and private sector banks. The benefits are almost standardized across service providers in the industry, but there are slight changes in the amounts charged, based on the type of plan you opt for. You can add more that a single person for this service. For instance: If you add spouses name along with your name to avail services of card protection, you will have to pay more for extra coverage. You can also opt for the plan which provides protection to your parent's card.
If your card has been stolen or lost, you can block it by making a phone call to the dedicated toll-free number of the service provider. Let us assume that you have lost your wallet, which contains credit and debit cards of multiple banks. In such a case, you don't have to call each bank to block your cards. The service provider will help block all the cards linked to the plan. After you inform them on the lost cards, they will call the card issuer and get cards blocked.
The card protection plan will settle your hotel bills, if you lose your cards while traveling. If you have lost your travel tickets, the service provider will help get a replacement. The facilitation and the cost involved in this process will be borne by the service provider. But there will be a cap on the amount provided for each service.
The service provided under this head varies across service providers. Some service providers restrict services only to India, while some offer these services overseas too.
The card protection plan will provide emergency cash in advance, in case you lose your wallet. The amount received as an advance, has to be returned within 28 days. This service is usually available only when you travel within India.
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Under this facility, you will be allowed to register details of important documents like driving license, passport, insurance policy documents and so on with the service provider. You can access the data stored whenever needed. Also, you will be provided with a mobile phone identifier (IMEI) registration service. Under this service, you can register a complaint in case you lose your phone.
In case you lose your card, the service provider will help get a replacement. All paperwork will be completed without any hassle. If you lose PAN card, CPP will help get a new card at no extra cost.
If you have lost your mobile phone, card protection plans will help get a new SIM card by contacting the telecom operator.
Card protection plans also provide protection against the fraudulent use of debit or credit cards in case of theft or loss of the card. The CPP also protects users from skimming, phishing, counterfeiting, and PIN-based frauds.