According to NPCI, the number of credit cards traveled up by 22.87percent to 4.42 crore in December 2018 according to 3.54 crore during precisely the exact same span in 2017.

But in the last couple of decades, there was a sharp spike in the amount of credit card scams. According to Experian India Fraud Report 2018-19, frauds associated with credit cards inhabited rod position at 1.4percent on a monthly basis one of the product-wise yearly fraud prices.

While there are lots of strategies to stop credit card scams, a credit card protection program will be able to help you protect your card and minimize the losses suffered in case of fraud. Keep reading to know the several facets of this strategy.

What is a credit card protection plan?

A credit card protection program, also called credit card insurance, provides you with a financial cushion in case you fall prey to a charge card fraud. It can help you initiate the essential action on the move to reduce misuse of this card and provides protection up to a specific amount if your card is used for real transactions. But it involves a set of procedures, right by calling the customer support executives to supply all the essential card information. This may eat up a substantial quantity of time.

In addition, it is not often that individuals have ready access to crucial information pertaining to their own cards. Card fraud contributes to panic and it will become hard to assemble all pertinent data in the same spot in a brief length of time. This may delay preventing, then Assessing the losses.

But, this isn't true with a credit card protection program. If you opt for this type of strategy, the issuer gets all of the relevant facts on your card ahead. Furthermore, in case you reduce your wallet comprising numerous cards, then you are able to block each card using one telephone.

Other benefits of such a plan

There are numerous other advantages of availing of a charge card insurance program. In addition, in the event you're left stranded for money, it is also possible to have a cash advance.

The money received will help pay hotel bills and reserve tickets, amongst others. Therefore, with the assistance of one plan, you cannot just protect your own card from being mistreated, but also acquire financial aid amid catastrophe.

How to avail of a credit card protection plan?

All you have to do would be to keep an eye outside of financial institutions with this kind of offering. Compare quotations, visit the inclusions and exceptions online offer, fill out the suggestion form, cover the premium and you're finished. Be aware that these programs are yearly contracts, which implies you want to renew them annually.

For example, wallet maintenance from Bajaj Finserv delivers free fraud protection with a policy of up to Rs. two lakh for frauds between phishing, tele-phishing, etc. Additionally, it provides 24×7 card blocking support, wherein it is possible to block your card(s) from any place by dialing the toll-free helpline amount.

With this program, you'll also have emergency travel assistance, in India and overseas, in case you lose your card and therefore are needing money. Additionally, Wallet Care also has SIM-blocking providers, in the event, you lose your cell phone. This handy strategy could be availed by paying a minimal quantity of Rs. 599.