Nowadays it is the era of digital transactions and most of the payments are made through debit card, credit card or UPI. Most people keep debit and credit cards in their purse or wallet! Just think, what will you do if your purse or wallet gets lost or stolen? In such a situation, we have to call different banks to block the card and apply for a new card.
Until the card is made, we are unable to do any transaction. To avoid this hassle and keep your earnings safe, you should take a card protection plan. All banks provide protection plan services to their customers. So, know what is this card protection plan and how it can prove beneficial for you.
What is a card protection plan
A card protection plan is a kind of card insurance. This is done by the bank from which you have been issued the card. This plan includes credit cards and debit cards as well as store cards, loyalty cards, Aadhaar card, and PAN card! Just like you have health insurance, you have to renew your card protection plan every year by paying an annual premium. It works as a protective shield for all your important cards.
Get peace of mind for ₹1600 to ₹2500 annually
You can get this plan from any bank, including card protection companies, banks, and credit card issuing companies like SBI, ICICI, Axis Bank, IndusInd Bank, and Kotak Mahindra Bank. For this plan, you will have to pay between ₹1,600 to ₹2,500 annually. This is a small price that can save you from big financial troubles.
What are its benefits
If you have taken a card protection plan, then after losing or stealing the wallet, you will not have to call different banks for each card. By calling just one number, all the cards will be blocked simultaneously. This helps in blocking the card at the right time and keeps your money safe. This facility is very convenient, especially when you are under stress.
If your wallet gets stolen during travel, the bank will also pay for the hotel
If you have gone somewhere for a trip or your wallet gets stolen during the journey, then this protection plan also covers your hotel expenses. Not only this, but if you are stranded in the middle of the journey, then this plan also helps you get a new ticket. This facility can prove to be very helpful for those who travel often.
Get help immediately when needed
With the card protection plan, you also get the facility of advance cash when needed. This service is especially helpful when you are traveling within the country and you run out of money. After getting help, you have to return this amount within 28 days. It works like an emergency fund.
You can also get your lost mobile back
If your mobile is lost or stolen, then with the help of this plan you can lodge a complaint about it. The bank also has the IMEI number of your mobile phone, which can be used to trace it by disconnecting it from the mobile network or by blocking the SIM. This is an additional security that helps keep your digital life safe.