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Make Yourself Aware with the Interesting Facts about Credit Card Protection Plan

Make Yourself Aware with the Interesting Facts about Credit Card Protection Plan

Last Updated : July 31, 2021, 4:16 p.m.

In this age of hectic work schedule, people are increasingly moving towards the adoption of internet banking, credit cards, far away from the traditional practice of staying in the long queue at bank branches to fulfil their banking needs. Usage of credit and debit cards is on the rise. Cashless banking has been given further impetus from the existing Modi regime, which has come out with a slew of tax benefits to people using credit and debit cards for transactions. As per the latest report, the number of credit card transactions rose from 1.3 per card per month in 2011 to around 3 in 2015. The transaction value of credit card surged by 153 per cent during the period. While, credit card’s share in overall transactions grew from 6.1% to 7.9% in the four-year period. Seeing such statistical points, one could be tempted to use credit card for banking transactions. But the situation has also created opportunities for people with evil spirits to use mechanisms like phishing, hacking, Trojans, malware and others to cause loss to bank customers using credit cards. In order to avoid such trying circumstances, one must look at a set of credit card protection plans mentioned below.

Credit Card Protection Plan (CPP)-CPP, first card protection service of India, enables you to cover your credit card, debit card, ATM membership, loyalty card against possible theft, loss and fraud. Banks and credit card firms in collaboration with CPP India are offering this insurance cover. 24X7 helpline of CPP will respond positively to your call in the event of card loss, fraud or theft that might have happened in India or elsewhere in the world. Some of the Indian banks that have a tie-up with CPP include ICICI Bank, Axis Bank, Kotak Mahindra Bank, etc.

Know how will CPP act on your report

One must immediately call the 24X7 free helpline number 1800-419-4000 for assistance in loss, theft and fraud which might have taken place in your credit card. Doesn’t matter if it has happened in India or elsewhere in the world, CPP will assist you. CPP will ask you for the information like card number, cardholder’s name, etc. After authenticating the details, CPP will ask your card issuer to block the card reported as lost by you.

Standard Card Protection Plan-This plan incurs a daily charge of Rs 3 and it gets accumulated over a one-year period, and are eventually paid as annual fee. This will get deducted as the lump sum at the start of the membership. The fees for membership vary on the types of benefits offered to customers. You can opt for classic, platinum, premium plans depending on your requirements.

Membership starts with paying fee

Your membership starts once you pay the fee to avail the service of Card Protection Plan. Your membership will be valid for one year. Subsequent to making payment of plan fee in lump sum, you can also enjoy a 30-day cooling period wherein you have the choice to cancel your membership if you think of doing the same. You can get the refund of amount paid as annual fee only when you won’t make any insurance benefit claims in the cooling period.

How you can avail insurance claim benefit

You are required to fill a form furnishing the entire information regarding the event of card loss before sending it to the CPP. Along with form, you must file credit card statement as well as police complaint FIR report while sending documents to CPP. Banks will reimburse all your claims probably within 30 days from the day of loss. Card protection membership also protects you against the fraudulent spending made from your lost cards. Beginning 7 days before the loss report, the protection plan extends to an indefinite period.

One Assist Card Protection Plan-You can call from anywhere in the world once the card gets lost, theft or some fraud is committed on it. You call will ensure blocking of all your cards to prevent the possible misuse of those. This card fraud protection will be in operation from 7 days before reporting the loss of cards. The plan offers cover against incidences like skimming, phishing, which are undertaken by fraudulent people to cause monetary and other losses to the people.

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