Card Protection Plan (CPP) | Features of Credit Card Protection Plan | Protect Your Credit Card

Описание: What is the Card Protection Plan? It is like an insurance plan for credit cards, debit, retail, and membership, in case of theft, loss or fraud on the cards.

It requires the cardholder to pay a fixed yearly fee to use the service. In India, this service is provided by two service providers - Credit Protection Plan (CPP) and OneAssist. They offer various card protection plans for different cards based on information such as credit limits, etc.

Now, let's explore the features that make the Credit Protection Plan a must-have for every cardholder.

First and foremost, it's a single insurance plan covering multiple cards, making it economical and hassle-free. With an annual premium as low as Rs.899, you get peace of mind for an entire year.

Say goodbye to the tedious task of individually calling each bank to block your cards in case of loss or theft. With the Credit Protection Plan, a simple call to the service provider is all it takes to block all your registered cards.

Worried about card replacement? The CPP has got you covered. They help in replacing misplaced cards, ensuring you get back on track swiftly.

But that's not all – the plan offers emergency financial assistance. If you lose your card abroad, CPP provides an emergency cash advance within 48 hours, and within 24 hours if you're in India. No interest is charged if you repay the amount within 28 days.

And here's an exclusive feature – your PAN card is protected too! CPP ensures a swift replacement in case of loss or theft, free of charge.

Subscribing for the Credit Protection Plan is a breeze. Just follow these simple steps:

1. Fill an application form for the chosen card protection plan. Application forms are available online on the service provider's or banks registered website.

2. Pay the premium amount as per your card and as offered by the service provider. Generally, the premium is required to be paid in full and at the beginning of the plan.

3. Once the service provider receives the premium amount, a welcome pack is sent to the cardholder. The welcome pack comprises of a registration form, confirmation letter as well as terms and conditions of the membership.

4. Cardholder should register each card that is under the protection plan by giving all the details of the cards and sending it back to the CPP provider.

Things to Remember before Subscribing to CPP -

Opting for a CPP is a great idea, provided you are sure if it will benefit you. Some of the points to look out for, while applying for a credit card protection are:

While selecting the card protection plan, ensure you know the list of banks that are tied up with the providers. Find out about all the plans being offered as each CPP may differ depending on the bank as well as your card. Find out the maximum damage loss that you will incur against the plan you are choosing. Also, know the maximum reimbursement that can be availed on your plan.

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