Majority of the people prefer using plastic money over hard cash. Almost all of us have debit cards, credit cards or ATM cards which help us a lot as we don’t have to carry money with us especially while shopping. We just need to swipe those card to transfer money from our account to merchant’s.
Credit and debit cards have a lot of benefits but there are some risks as well that are associated with them. Losing a card for instance, can bring a huge trouble. If your card goes to wrong hands, it may be misused, making you to pay for the transactions made by others. But this is where Card Protection Plan or CPP comes for rescue. By buying this plan and registering for it, you can get your card blocked.
All you need to do is buy the plan and register all the card details with the service provider. So, if in future you loose it, you will just have to call your service provider. They will call your card issuer and ask to block your cards which you have lost. Apart from credit or debit cards, you can also register your driving license, passport, PAN card and more with this plan
What Will The Service Provider Do, Apart From Blocking The Lost Cards?
Suppose you are travelling abroad and you lost your wallet there, which contained all your cards, your tickets and cash too. What will you do then? You are in a foreign country without any penny left. In that case, your service provider will help you to pay your hotel bills, arrange return ticket for you and provide some emergency cash assistance too.
If you ever lost your mobile phone then CPP will help you to block your SIM card, you can also register your mobile’s IMEI number so that in future you can track your lost mobile.
Your service provider will provide stickers or fobs like things which will have contact details of your service provider. It attaches with your cards or documents, so that if they are lost and someone else finds it, then he can report it to your service provider.
How It Works?
You don’t have to do any thing, just buy a plan, register all your cards details with the service provider and you are done. If your card is lost in future then you will just need to make a call to your service provider and then all things will be done by them. They will call all your card issuers, make arrangement of duplicate cards, and more.
What Are The Benefits Of Card Protection Plan?
- You can block all your cards, mobile phone SIM via one free call.
- Your service provider will take care of your travel and hotel bill in case you haev lost your cards during travel.
- This will save you from fraud
- Will offer you free PAN card replacement in case of loss of PAN Card.
- CPP offers you 24 hour helpline to report your theft or lost.
Where Can You Get These Plans From?
Almost all financial institutions or banks sell these plans. Some of the banks are:
The features and price of Card Protection Plans will vary from bank to bank. The cost of these plans ranges from Rs. 1,000 to Rs. 3,000. You can also contact your local bank to get all the details about the CPP and buy CPP from them.