The other day Mr. Sharma, the general manager in a private company, reached for his wallet and realised that he had lost it. His wallet contained credit cards from three different banks and two debit cards. A methodical approach after this would have been to call up each bank and report about the missing cards. Ideally, the lost cards should have been blocked and he should have applied for the replacement cards. However, after losing the wallet Mr. Sharma did not make these calls. Luckily, he had opted for a card protection plan which came to his immediate assistance.
One Single Plan for all your cards
When you opt for a card protection plan, you can register the details of all your credit and debit cards, driver’s license and PAN card with your card protection service. If you lose any or all of these cards, you can call the plan provider who will block the lost card/cards and help you get them replaced. There is also no limit on the number of cards you can register under a card protection plan. Another benefit of these plans is the protection which it offers against fraudulent transactions made on any of your registered cards. Other benefits of CPP plans include emergency cash advance in case of card loss, emergency settling of hotel bills and ticket replacements if required.
Relief from Individual stolen credit cards
CPP or card protection plan act like an insurance plan for all your credit and debit cards. When you register for such a plan, you are supposed to pay an annual premium which covers all credit and debit cards as well as your PAN card. Additionally, you may decide to avail the value documentation registration option that covers all your insurance documents, driving license etc. The two main providers of credit card protection plans in India are Credit Protection Plan and OneAssist. When a card is stolen or lost, all you have to do is call up any of the service provider’s helpline numbers, inform them of the loss of your cards instead of dialling up multiple banks. The service provider will immediately initiate cancellation of the CPP registered card/cards on your behalf. At times, as per the plan, the service provider will bear the expenses incurred on the lost card/cards in case of unauthorised transaction on the lost/stolen cards.
Initiating prompt action
When you are in a crisis, it is a huge relief to know that help is just a phone call away. When you lose your wallet, reporting the loss of your credit and debit cards by calling up various banks one by one can be a painful process. It is not easy to remember which cards you were carrying in your wallet and what each customer helpline number is. Once you opt for a credit card protection plan, you can entrust this responsibility to the CPP service provider. After you report the loss of your card, the plan provider will contact all the banks and card issuers on your behalf and notify them to block the card immediately. If not anything else, it will save you a lot of time and hassle.
Emergency assistance
It is not uncommon to lose your wallet when one is travelling. In those circumstances the service providers will facilitate an emergency cash advance which will pay the hotel bills and help you arrange for your travel tickets. If you are travelling within India, most service providers are committed to providing emergency assistance within 24 hours and if you are abroad, within the turnaround time is 48 hours at most. This emergency money paid out to you is interest free and you have 28 days to repay it in full.
Free PAN card Replacement
As a part of the credit card protection plan, you will also be enrolled into the provider’s fraud protection feature. Apart from any fraud that takes place on your card due to loss, theft,counterfeiting, skimming or unauthorised online usage, your PAN card is also protected. This feature provides you with the option of replacing your PAN card for freeand you do not have to do much either as your card protection provider will get it done on your behalf. After you have reported loss of the PAN card, the service providers will ensure that the PAN card is replaced at the earliest. They will advise you on the paperwork and documentation and your PAN card will be replaced free of cost.
How to Apply
Applying for a protection plan is hassle free. As a card holder you will have to fill an application form. These forms are easily available on the websites of banks as well as the service providers. The premium amount usually depends on the benefits that are offered to the customer and in most cases this is charged as a lump sum right at the beginning of the coverage period. Within a week of making this payment, the service provider will send a welcome pack to you. This pack contains the confirmation letter, registration form and the membership terms and conditions. The credit card protection plan cover will start as soon as you pay the fees. You will have to register the details of each card you want to protect on the card registration form and send it back to the service provider.
Benefits of Credit Card Protection Plan
- One free call to block all lost cards
- Emergency travel and hotel assistance
- Emergency cash advance
- Banking Protection with internet Security
- Free replacement of lost PAN Card
- Lost mobile phone reporting
- Complimentary fraud protection