Wallet protection is a type of insurance plan. It comes as a handy tool to secure your ATM cards, Credit cards, driving license or any other important document.
Wallet is a very important part of our day to day life.We carry our Credit Cards,ATM Cards,Cash and other important documents which may include Driving License,PAN ( Permanent Account Number ) Cards or Passport with us in Wallet.To carry credit cards and ATMs have become our need as most of our shopping is done through these cards.
But by having them with us all the time,we run the risk of loss or theft of these cards and if it happens in unfortunate circumstances,it leads to sleepless nights. In panic,we run here and there and looking for customer care numbers of various card issuers just to block them as soon as possible to minimize the damage.This is where this Wallet Protection scheme works well and limits the losses and botheration.
You can protect your wallet by purchasing a Card Protection Plan ( CPP ).This is like an insurance policy for your wallet.You buy a Card protection plan by paying reasonable annual premium,provide details of the cards and documents in your wallet and are relieved from the worries of loss or theft of your wallet.
These Plans can be purchased from Banks or Card issuers.In case of loss of wallet,you just need to inform your CPP issuer and they themselves take care of everything after that from blocking of your all registered cards to issue of new documents.Lets have a look at the benefits of a Card Protection Plan : –
1. Fraudulent Transactions on Cards : – In a CPP,protection on Card transactions starts from 7-15 days prior to informing them to unlimited period after the information,depending upon the Plan issuer.Transaction amounts covered prior to information are not unlimited but are sufficient to cut the losses significantly and transactions done after giving information are covered fully.A single call leads to blocking of all registered cards.Online fraudulent transactions also come under coverage.
2. Documents coverage : – If you have registered your Driving License , PAN Card or Passport under the plan,the cost of reissue of these documents is covered under the protection plan.You are required to provide the necessary documents and they forward your application so as to issue you new Documents.
3. Travelling : – You have the provision of getting cash while travelling in case of an emergency.CPP also pays for your Hotel payments while on national or international travel in case of emergency or in the event of your Wallet loss.It also provides for replacement of your tickets if the need arises.
4. Other valuable benefits : – Besides the above advantages, you can have the benefits of your SIM card registration and blocking or phone IMEI number registration in case of your phone loss and keep it with them if you ever need them later.
So,we see Card Protection Plans are really valuable tools to have the financial security.If you do hold few credit cards and ATMs in your wallet, it would be a good idea to have a CPP to have a sigh of relief because we see there are increasing incidents of online frauds on credit cards and loots on the ATMs by antisocial elements.Its not needed to say that you should always compare the features and costs from all the CPP providers before you buy one for yourself.