Adoption of credit cards is a very common sight, especially with all these increasing needs of people for different things. Credit Cards are of great importance as well, most users use the card daily for their everyday needs and even for big-ticket purchases. Credit cards also provide a lot of benefits for travel purposes as well which can help make your trip comfortable and less expensive at the same time.
Altogether, a credit card has many serving benefits but have you ever thought what if you lose your credit card while traveling? And not just credit cards but the whole wallet with all the money. Especially when you are traveling abroad in a country where you do not know a single soul. Well, you might start panicking and getting anxious about what to do and what not to do. There might even be cases where your first measure is to call your bank and freeze or block your credit card and other cards since there isn’t much we can do for the money as there are very less chances of finding the money if it was stolen. Next, you can make a complaint to the local police.
These are just measures that we can take after the loss, but none of them assures you that you can continue or come back to your country without much of a hassle. Here Credit Card Protection Plan comes to your rescue. In general, while getting a credit card, we hardly check any protection plan details listed let alone the insurance factors.
Credit Card Protection Plan
Credit Card Protection Plan is a safety net that will help you overcome any difficulty with a stolen or lost wallet. The card Protection plan covers all types of plastic money for you which means that all your debit, credit, membership, loyalty cards, etc. related to the lost card are related. In India this concept is still in its infant stages however, all major credit card providers such as HDFC, SBI, AXIS, and ICICI, are providing card protection plans for their customers.
The major provider of protection plans in India, your credit card provider might offer you is Credit Protection Plan (CPP). The plan works on a renewal basis for which you will have to renew the plan every year by paying a certain amount.
Benefits of a Credit Protection Plan
- The plan will protect you against any loss, theft, and fraud. This will also include your membership and loyalty card. This protection is offered by banks and financial institutions in association with Credit Protection Plan India. This Protection Plan is said to be an insurance that helps you secure your credit.
- The standard plan for protection costs about Rs. 3 per day which gets deducted as a lump sum at the very beginning of the membership. Once activated, there is a 30-day cooling-off period. This period is a trial period where you can cancel the membership and ask for a refund if no claims are made.
- Card-related loss, theft, or fraud, the cardholder must report the scenario to the provider by calling the customer helpline. Once reported, all the affiliated cards will be canceled. For Claims, a form needs to be filled out along with original docs and police complaints within 30 days from the date of loss.
- The Protection Plan service also includes emergency travel assistance and advance for hotel bill settlement. The plan will help you arrange return travel tickets in case you have lost your card in some other place.
- Emergency cash advance facility is also one of the features which makes unimaginable situations easier. While you are not aware of what happened to your wallet, you can find yourself in a place where you do not know anyone, in these situations, this feature becomes comforting, and at least you have something to rely on.
- Emergency roadside assistance and replacement of lost documents are also features that can assist you in unknown situations. CPP also helps in situations where you get a flat tire, vehicle towing, etc. The card protection may also cover the loss of your valuable documents such as your PAN Card, Passport, etc, here you can have your documents easily replaced without any additional cost.
Why should you choose the Credit Protection Plan?
Simply looking at the plan as a type of security measure that can help you secure your crucial financial information and your money. The plan does not only act as insurance in case you face any unpredictable situation but it also acts as a security net when someone else tries to act as you and take advantage of your identity with the help of the information.
You should opt for the protection plan if you wish to keep all your details safe and your money safer be it in your home country or somewhere abroad. Most importantly, you need to have something to rely on in case you are stranded in a place where you do not know anyone.
Credit Cards are no wonder the best part of financial security and independence. This tool helps you gain absolute control over your credit and credit-related information. Not just that but the Credit Protection Plan is a savior when it comes to having lost your wallet, being robbed of it, or any fraud. The CPP not only helps you get a ticket back to your place but it will also make sure that till the time you are in another place, your hotel and dining bills are paid for. More important the security net CPP provides, helps you secure all your details just to make sure that your information is not being used by someone else other than you.