Do you know what will be your immediate action when you know that you have lost your credit card or your wallet full of credit/debut cards & other important document like PAN card.
OR if the same thing happens when you are travelling to a different country and you are left stranded with no money.
There is one company CPP (Card Protection Plan) which can help you out. CPP is associated with almost all the leading banks in India.
Credit card protection plan of CPP is just like an insurance plan where they will not only help you to block all your lost/stolen credit cards or debit cards but they also help you for number of other emergency needs.
But do you really need this plan from CPP?
CPP (Card Protection Plan) Review
Here is my opinion & review about this plan. But first of all, we will see the pricing & the benefits of the membership provided by CPP.
CPP card protection plans pricing & benefits
There are 3 types of membership from CPP. First one is Classic Single which is for a single person & cost you Rs. 1399/-, the second is Premium Joint which is for 2 people (you & spouse), & third one Platinum Family is for entire family which cost you Rs. 2185/-.
There are number of benefits of this membership depending on the plan you choose. Some of the key benefits are:-
- One free call to block all your cards: You can contact their 24×7 customer care number in India or anywhere in the world to block the lost or stolen cards. They will also help you to block your mobile SIM card.
- Emergency hotel and travel assistance: If you are travelling anywhere in the world*, CPP card protection can help you in hotel & travel assistance** & emergency cash advance**.
- Fraud protection: All your credit or debit cards are protected against any fraudulent transaction arising from the loss of your cards and that start prior to 7 days of your card loss.
- And number of other benefits: You can check this link on CPP India website to find more features.
But do you really need this plan?
Points to consider before buying this plan
Like many others, I hate insurance because people including me don’t trust insurance companies. We pay premiums regularly but when the need arises, we face so many problems in getting our claim or emergency funds.
So will you really get the help or reimbursement from CPP when your card is lost or theft?
There are number of complaints on number of websites from their customers. You can see one of the review on Complaint Board site here where many people are complaining about different problems about CPP card protection.
Here are some important points you need to consider before you think of taking this plan-
- How many cards do you have & what is the max credit limit of the cards? If you have only 1-2 cards with low credit limit then you don’t need this card.
- How careless you are? Generally loss or theft happens due to carelessness & if you think, you have suffered in the past from this attitude of yours then you can opt for this plan otherwise not.
- Do you frequently travel abroad & are you dependent on your cards there? If the answer is no, then you don’t need this plan.
Now a days, debit and credit cards are mostly secured even if they are lost because you need to enter 4 digit PIN in offline transaction & a password in online transaction.
And even if lost your card then you can contact individual customer care number of the card’s banks & they will immediately block your cards.
Similarly, you can yourself contact customer care of your SIM card provider & they will block your SIM card.
And yes, you can apply online here for a new PAN card if this is lost.
So, if you consider above points, you can think that most of the people don’t need the CPP card protection plan.
And if you really want to go for the same, then contact your bank & they will guide you how to take the membership for CPP card protection plan.
**But do read all the terms & conditions at least once before taking the membership!