What is Card Protection Plan And How it Helps if You Lose Credit or Debit Card?
What is Card Protection Plan?
Not only can you get all your cards blocked at once but you also get many additional facilities.
Even though digital transactions are increasing rapidly in the country, there is hardly any person who does not have one or more debit or credit cards in his pocket.
In the present times of cashless transactions, most of people either make payments by card or use a mobile wallet.
Debit and credit may reduce the risk of carrying your cash, but they are more likely to be lost or stolen.
If this happens then the loss can be huge. If you have two or more debit and credit cards, then it is a difficult task to get them blocked by calling different banks.
An easy way to do this is to take a Card Protection Plan (CPP) and become tension-free. Many banks in India are providing this facility also. Today we will discuss in detail about CPP.
How Does Card Protection Plan Work?
Card Protection Plan covers loss of debit-credit card or fraud related to it.
If you lose your card, you will make a call and all your lost cards will be blocked together.
The company runs a 24-hour helpline 60004000 for this.
To dial, you will have to enter the STD code of the local city before this number.
Benefits of Card Protection Plan
Arrangements for emergency travel, hotel, and cash will also be made for you.
A cash compensation is provided to Premium, Platinum members and a lesser amount to Classic members in case of loss or theft of the card.
Apart from this, you are provided cover against phishing and online fraud for 15 days in case of loss or theft of the card. The maximum amount of this cover varies as per the provider.
Average Card Protection Plan annual membership charge vary as per provider and usually come in three forms - Classic, Premium and Platinum.