As the demands of modern-day work schedules increase, more and more individuals are turning towards the convenience of online banking and credit cards instead of having to wait in long lines at bank branches. Cashless banking has also received a boost due to the tax benefits offered to those who use credit and debit cards for transactions.
Recent reports indicate a significant increase in the size and scale of credit card transactions in India. However, the rise of credit card usage has also allowed malicious actors to exploit vulnerabilities such as phishing, hacking, Trojans, malware, and other tactics, ultimately causing losses to bank customers. In light of these challenges, it is essential to consider various Credit card cover plans to safeguard against potential threats.
is Credit Card Purchase Protection?
If you don’t know what purchase protection is, in simple terms: it helps you protect your credit card, debit card, ATM membership, and loyalty card against potential theft, loss, or fraud with a card Protection Plan. This service is made available through collaborations between banks, credit card companies, and CPP India, providing customers with Credit card cover.
In case of any unfortunate event such as loss, fraud, or theft, CPP's 24x7 helpline is readily available to assist customers in India or anywhere in the world. Several Indian banks, including Kotak Mahindra Bank, ICICI Bank, and Axis Bank, are among those who have partnered with CPP to offer this purchase protection service.
Protect Your Credit Card with CPP's Card Protection Plan
If you ever experience loss, theft, or fraud with your credit card, you must immediately call the credit card purchase protection 24x7 free helpline at 1800-419-4000 for assistance. Whether in India or abroad, CPP will ask for details such as your card number and cardholder's name before verifying the information and requesting your card issuer to block the card reported as lost.
CPP offers a standard Card Protection Plan with a daily charge of approximately Rs 3. The fee accumulates over a year and is eventually paid as an annual fee deducted as a lump sum at the start of your membership. The membership fees for purchase protection vary based on the type of benefits you require, ranging from classic to platinum and premium plans.
To start your membership, you need to pay the plan fee upfront, and your membership will remain valid for a year. Additionally, CPP offers a 30-day cooling period after you pay the lump sum, during which you can cancel your membership. If you haven't made any insurance benefit claims during this period, you can get a refund of the annual fee you paid.
Benefits and Procedures of Credit Card Protection Plans in India
- Protect Your Cards with CPP's Insurance Cover against Loss, Theft, and Fraud
Card Protection Plan, offered by banks and credit card companies in collaboration with CPP India, provides an insurance cover for credit, debit, ATM, membership, or loyalty cards against possible theft, loss, and fraud.
- Standard Plans and Premium Charges
Customers can choose from various plans depending on the benefits, with standard projects costing approximately Rs 3 per day. The annual fee is deducted as a lump sum at the beginning of the membership, with the premium charges differing depending on the benefits offered.
- Membership Begins Upon Payment, with a Cooling Off Period
The purchase protection credit card membership begins once the fee is paid and remains valid for a year. CPP offers a 30-day cooling-off period during which the bank can cancel the membership and a refund taken if no claims are made.
- Report Card-Related Issues Immediately to CPP's 24-Hour Helpline
In case of a card-related loss, theft, or fraud, the cardholder must immediately contact CPP's 24-hour helpline to report the issue. CPP will then contact all issuers and request that the registered cards be cancelled.
- Claim Process and Requirements
To file a claim, the customer must fill out a form and send it to CPP, along with original documents such as a credit card statement and a police complaint. Claims must be submitted within the specified period, typically 30 days from the date of loss.
- Emergency Travel Assistance Included
In addition to card protection, the service also includes emergency travel assistance, which provides advances for settling hotel bills and arranging return travel tickets.
Read Also: क्रेडिट कार्ड के लिए ऑनलाइन आवेदन
Filing Claims and Protection Against Fraud with One Assist Card Protection Plan
To claim card loss with credit card purchase protection, you must fill out a form that provides all the necessary information and include your credit card statement and a police complaint FIR report before sending them to CPP. Banks usually reimburse claims within 30 days from the day of loss. The Card Protection Plan also safeguards you against fraudulent spending on your lost cards, with protection extending to an indefinite period from 7 days before the loss report. One Assist Card Protection Plan - If your card is lost, stolen, or fraudulently used, you can call from anywhere worldwide to have all your cards blocked, preventing any further misuse. This protection plan also covers incidents like skimming and phishing, which fraudsters use to cause victims financial and other harm.
Conclusion
Now that you know what purchase protection is, you can understand that a Credit card with purchase protection benefits can come in handy in different situations, such as when it is stolen or lost. However, acting quickly is crucial as most policies have a limited coverage period. Therefore, file your claim as soon as you notice any issue with your purchase to avoid losing your money.
It's important to be aware of the various card protection plans and purchase protection policies available to you, as they can offer financial and security benefits in the event of loss, theft, or fraud. By understanding the terms and conditions of these plans and acting quickly when an issue arises, you can protect your finances and assets.
To support your credit card purchase protection claim, provide all necessary documents, such as receipts, statements, and police reports. These papers can help substantiate your claim and expedite the reimbursem*nt process.
Also Read: Best Laptop Brands in India (2024) at No Cost EMI
