What Are CPPs And How They Work?
Following increasing instances of plastic card theft, few banks have rolled out comprehensive Card Protection Plans (CPPs) to safeguard the interests of card holders. The plan aims to secure a person against the odds of losing his card, be it financial or non-financial. This way, an individual secures not only his credit or debit card from theft but also other cards like Pan Card, driving license or membership cards. Once enrolled, all the card holder needs to do, in the event of a theft or loss, is to call a 24-hour helpline. The CPP plan premium for a primary bank account holder is generally in the range of Rs. 1,100 to Rs 1,400 per annum.
By calling on the given helpline, a cardholder can block all of his credit or debit cards, which are then deactivated immediately. Also, the CPP helps in getting new cards in lieu of lost or stolen cards.
If the cards are lost during travel or lodging, the CPP bears the outstanding hotel or travel bills. It also extends a fixed amount of emergency cash so as to help the traveler meet his critical travel costs.
CPP plan takes care of any fraudulent activity that may have happened using the card. Once a customer reports card loss, the fraud protection begins 7 days prior to the report of such loss.
Theres an option to register valuable documents within the CPP so that such documents can be easily accessed even when originals are not handy. CPP is a boon in case of passports lost or misplaced while traveling abroad as it effectively guides the cardholder in meeting the requirements of securing the reissue of a new passport.