Credit cards are a highly beneficial tool that can help make managing your daily finances more convenient. They free you of the burden of carrying cash all the time while boosting your credit score with each repayment. As India's credit card usage continues increasing, it can also increase potential risks. For instance, credit card frauds, scams, and theft are also on the rise. A CPP, aka Credit Card Protection Plan, would help in this situation. In banking, knowing how to cancel a credit card protection plan is important — as it comes at a premium. This post will explain everything there is to know about Credit Card Protection Plan (CPP).

What is (CPP) Card Protection Plan?

CPP's full form within banking is Card Protection Plan. A CPP is a one-of-a-kind comprehensive service in India that, for the first time, offers freedom from the constant fear of card loss. It is also known simply as Card Protection. The service ensures the protection of all credit cards, whether debit, credit, or ATM cards.

Many banks offer this service as part of their credit card services to allow users better peace of mind. It also helps in case of card theft or data breach and saves users the hassle of going through endless calling to block the cards.

Benefits of the CPP Card Protection Plan

The Credit Protection Plan (CPP) has many benefits for users regarding the safe use of cards. It acts as insurance against any unwanted events. The many benefits are as follows:

• Convenient Card Blocking: Users can easily subscribe to the CPP full form in banking on cancelling a credit card protection plan by registering the card details. Afterwards, you can immediately call the service provider and block all your linked cards in case of theft or loss.
• Easy Card Replacement: The CPP Card Protection Plan is also helpful for getting a replacement card in case you misplace it.
• Emergency Cash Assistance: In case of credit card or debit card loss while abroad, the CPP services provide you with an emergency advance cash facility. This will help you settle the bills and arrange your return home.
• One-Time Premium: The plan is highly cost-friendly as you only need to pay a nominal premium to avail of the service. Annual services can be as low as Rs. 899.

How to Cancel Credit Card Protection Plan

You must contact the respective bank’s customer care services only from your registered mobile number. You would still have to pay the premium for opting out of the CPP card protection plan.

Conclusion

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Frequently Asked Questions

1. Are credit card protection plans worth it?

Yes, because you get the complete safety of your cards assured by paying a nominal premium.

2. What are the benefits of credit card protection?

Subscribing to the Credit Card Protection Plan can help in better fraud protection, convenient card blocking, and better card safety. Besides that, users also get additional benefits like emergency cash assistance in case of card loss while travelling abroad.

3. How much does a credit card protection plan cost?

The CPP card protection plan is highly economical, and you must pay a very low annual fee.

4. Is credit card protection free?

Yes, the protection service is free if you avail of it. However, if you wish to opt out of the plan, there is a premium.