Credit and debit cards have simplified our lives by enabling us to make cashless transactions. However, with the growing cybercrime incidents, we must defend ourselves against fraudulent activities. That is where credit card and debit card protection plans come in handy. Banks provide a range of credit card and debit card protection initiatives to safeguard their customer's financial interests. This blog will make you understand three such plans.
The credit card protection plan of SBI is a comprehensive protection package for SBI credit card and debit card holders. The plan covers loss or theft of the card and fraudulent transactions done with the card. The annual basic plan starts at ₹499 and ends at a premium project of ₹1,499. This coverage applies to all transactions within 24 hours of reporting the card's loss or theft. The coverage also includes acquiring a replacement card and any legal expenses incurred due to unauthorised transactions.
The Safe Online Banking Plan by ICICI Bank is an excellent credit card protection plan that includes debit card safety. It is an add-on service that provides security from online fraud and unauthorised transactions. Under this plan, the bank offers up to ₹2 lakhs personal guarantee cover in the event of fraudulent online transactions. The program includes all ICICI Bank debit or credit card-related operations, including online shopping, bill payment, and fund transfers.
A daily cash withdrawal cap of ₹1 lakh is also included in the Safe Online Banking Plan. The protection can be further enhanced based on customer needs. The bank also offers a 24-hour customer service helpline to aid clients with any questions or grievances.
The HDFC bank provides s a comprehensive Credit Card and Debit Card Protection Plan that protects you against any illicit transactions with your card. The plan includes coverage for both credit and debit cards issued by the bank and personal guarantee coverage of up to ₹10 lakhs in the event of fraudulent transactions.
The plan also comprises a daily cash withdrawal limit of up to ₹1 Lakh, which may be extended based on customer needs. In addition, the bank has a 24-hour customer service helpline to assist customers with any questions or complaints.
Credit and debit card protection measures are critical for preventing fraudulent transactions and unauthorised account access. To meet the different demands of its customers, banking institutions like HDFC Bank, ICICI Bank, and SBI provide comprehensive protection policies with varying costs and coverage choices.
In addition to these institutions, Fi Money offers a full digital banking platform with numerous levels of security and protection against fraud and cyber threats. Customers may trade online confidently thanks to Fi Money's enhanced security features, including biometric login, two-factor authentication, and real-time fraud monitoring.
Furthermore, if you are looking for the ideal credit card for you, look no further than the one from Fi and Federal Bank. This credit card rewards you based on your spending patterns Plus, all the bells & whistles like Lounge Access, Low Forex Fee, Instant Issuance of the Credit Card, Customised Reminders, Spend Insights, and more. Oh, and the welcome offer includes exclusive vouchers from top brands worth over ₹5,000!
CPP card protection charges vary as per the banking institutions. Hence, the final price you must pay for this plan depends on the bank you choose.
Yes, individuals with a credit card must have a protection plan. These plans provide security against fraud, unauthorised transactions, and card loss or theft, which can be useful for people who often use their credit cards for transactions.
