Debit and credit cards are handy payment tools to possess as they reduce the hassle of carrying cash. Still, a significant problem with these cards is that they can cause fraud or misuse in case they are stolen. So, it is vital to have a card protection plan (CPP) in place to save them from getting misused.
A protection plan like this will save individuals from any financial burden that occurs due to the misuse of these cards. But before opting for it, consumers must complete the following checklist to ensure whether a plan is suitable or not.
- 24x7 card blocking service: Unforeseen incidents like theft can occur at any time of the day or night. So, a CPP plan, offering round the clock card blocking service is greatly beneficial to avail. This process is straightforward as individuals can block their cards by placing a single call to the helpline number.
- Travel assistance: Losing access to the primary mode of the monetary transaction during travel can leave individuals stranded and in grave difficulties. A good CPP plan will save its customers in such cases by providing the necessary financial assistance.
- Fraud protection coverage: Theft or unauthorised use of such cards can incur an unwanted financial burden on individuals. Opting for a CPP plan can cover them against such unforeseen incidents. It will protect customers against PIN-based fraud, tele-phishing, hacking, data breach etc.
A CPP plan can save the cards from several unforeseen incidents, but in case of wallet theft, a person can lose important documents and blockingID cards, which can be misused in several ways.
To avoid such a disaster, it is wise to opt for a more comprehensive protection plan like a wallet care plan. Apart from offering financial protection against card fraud, these plans provide SIM card blocking and free replacement of stolen ID cards, like PAN card.
