The full form of CPP is Card Protection Plan. It is a preventative step implemented to reduce payment card fraud. CPP functions much like an insurance policy, allowing the policyholder to recover the covered amount in the event of a financial loss. The benefits and features of the plan may change according to the insurer and the amount covered.
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To provide customers with more peace of mind, several banks include this service in their credit card offerings. Additionally, it assists with data breaches and card theft, saving consumers from having to make many calls to ban their cards.
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Benefits of Card Protection Plan
The card protection plan offers various advantages. It serves as protection from unfavorable situations:
- Customers who use CPP may quickly block their cards in the event of theft or loss.
- Users may simply replace their cards in the event of theft or loss by subscribing to CPP.
- The CPP services give you access to an emergency advance cash facility in the event of credit and debit card loss abroad. This will assist you in organizing your return home and paying your debts.
- CPP membership is quite affordable because you only need to pay a little charge to use the service, which may be as little as Rs. 899 per year.
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How to Cancel Credit Card Protection Plan
Customers can only use their registered mobile number to contact the individual bank’s customer care services. If you choose not to participate in the CPP card protection plan, you would still be required to pay the premium.
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