- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
The current 21st century juggles between extensive purchases and massive payments. One just cannot carry that much money in hand thus, making plastic money be it credit cards / debit cards / retail cards or any other similar credit options an absolute must. Such cards not only play the role of being the last resort of payments for many transactions, but they also make the holder of them feel confident and prideful about his/her purchasing power.
But, what happens when this powerhouse of money gets misplaced?
Imagine the panic and the scare such a situation would bring! Of course, traditionally one would immediately call the customer care of the concerned bank and block the card. But, what if multiple cards have been misplaced? Imagine the endless calls one would be required to make to block each and every card. Also, would it all be worth it? Can there be a guarantee that within the time period of loss and blockage, the card would not have been used unauthorized?
Hence, comes in this whole picture, the role of a Credit Card Protection Plans.
What is a Credit Card Protection Plan?
A Credit Card Protection Plan vouchers to keep your credit cards (and includes- debit cards, retail discount cards, membership cards and others) safe beforehand in case of a mishap. It is basically an insurance plan for cards in case of loss, misplacement, theft and even fraud. The protection service is subscribed to by payment of a fixed annual fee to the service provider.
Presently, in India there are two providers of the credit protection service:
- Credit Protection Plan (CPP)
These service providers offer customized card protection plans suiting different kinds of cards on basis of information collected by them such as credit limits allowable, the expiry of card etc. CreditSeva offers various card protection plans as per their tie-up with One-Assist credit protection service.
Need for Credit Card Protection Plans
1. Hassle free Blocking:
After successful registration of every card, in a case of any loss or theft or misplacement, the subscriber can block all cards at once by calling CreditSeva. It saves one from the frustrating task of calling different customer cares for blocking multiple cards.
2. Instant Card Cancellation:
As directed by the subscriber, CreditSeva shall connect itself with the concerned banks of subscriber’s cards so as to initiate immediate processing for cancellation of all misplaced cards. These plans also offer insurance refund of every unauthorized transaction in the case of theft.
3. One Insurance Plan to Cover them all:
The Card protection service allows coverage of not just one or two cards but, all types of cards even Pan Card, Driver’s license etc in under one single insurance plan.
Advantages of Credit Card Protection Plans
1. NO recurring premium payments:
CreditSeva charges a one-time, very economical premium for a yearly subscription of their credit protection service.
2. Card Replacement Assistant:
CreditSeva also plays the role of Card Replacement Assistant and offers card replacement assistance as well to their subscribers.
3. Quick Financial Overseas Assistance:
This service does not function only in India but, covers theft, loss or misplacement of cards even outside the Indian borders. Card Protection Plans offer emergency cash advances for settlement of unpaid bills such as hotel, lodging, boarding, travel and ticketing within just 48 hours of lodging of a complaint by the cardholder. Emergency cash assistant within India reaches cardholder within 24 hours. Also, such assistance does not charge of accruing any interest overhead.
4. Free PAN Card Replacement:
A subscriber to the card protection plan service, automatically on subscription becomes eligible to protection of PAN card protection as well. CreditSeva ensures PAN card replacement is case of misplacement is done within shortest time and complimentarily, free of cost.
Subscription of a Credit Card Protection Plan
Subscription to a card protection plan is most simple and includes the following steps:
Step 1: After creation of an account on CreditSeva.com, simply log in to your account and click on ‘SAFEGUARD’ from the bottom menu.
Step 2: Carefully study the three OneAssist credit protection plans- POWER PLAN, PRIVILEGE PLAN and PREMIUM PLAN and click ‘BUY’ on the most suitable plan to make payment of annual subscription fee.
Step 3: After payment is received by CreditSeva, the subscriber officially becomes registered under the OneAssist credit protection plan and is welcomed with a confirmation letter, terms & conditions of the membership and registration form for registering each and every card that the subscriber holds and wants to insure.
Step 4: It is best advised that a Cardholder should register each card covered by the protection plan and provide correct details before sending the cards’ registration to the CreditSeva.
Checklist for a Credit Card Protection Plan subscription that a subscriber should make sure of
Here are a few pointers a subscriber must consider before applying for a credit protection plan offered by any card protection provider:
1. Ensure your card’s concerned bank is tied up and officially associated with the service provider.
2. Closely study the different plans offered by the service providers with respect to your cards and the respective banks.
3. Calculate the maximum damage loss choosing one card protection plan over another will incur upon you.
4. Calculate maximum reimbursement which can be availed as per the chosen card protection plan.
Credit Card protection Plan FAQ’s
1. Will processing fees be charged at the time of collecting claim?
Yes, processing fees will be charged at the time of collecting claim and will be deducted from claim amount.
2. How many cards can be registered at one time under credit card protection service?
Any number of cards can be registered for credit card protection service.
3. What types of cards are covered under Credit Protection Plans?
Cards that are covered under Credit Protection service are:
- Credit Cards
- Debit Cards
- Retail Cards
- Personal Identity Cards such as PAN, Aadhaar, Driver’s License etc
- Discount Cards
- Membership Cards
- Prepaid Voucher Cards
4. Can someone else block cards on behalf of subscriber?
Due to security reasons, it is best advised for the subscriber to initiate the call for blocking of cards covered under credit card protection service.
- TransUnion CIBIL
- CIBIL Credit Score
- CIBIL Credit Report
- Free CIBIL Score & Report
- How to Check CIBIL Score
- How to Improve CIBIL Score
- How to Pay Off Credit Card Debt
- Bad CIBIL Credit Score
- CIBIL Score Calculation
- Can I Get a Loan with a Credit Score of 550
- CIBIL Score Myths
- CIBIL Grievance Redressal Process
- CIBIL Report Error
- CIBIL Score for Car Loan
- CIBIL Score for Credit Card
- CIBIL Score for Home Loan
- CIBIL Score for Personal Loan
- How to Get Personal Loan with Low CIBIL Score
- CIBIL Score for Business Loan
- Can I Get Car Loan with Low CIBIL Score?
- CIBIL Credit Monitoring Services
- Link between MCLR and CIBIL Score
- Credit Score Important at Retirement?
- Does Personal Loan & Credit Card help Improve Credit score?
- Factors That Deciding Your Credit Score
- Factors Affecting CIBIL Score
- Top 12 Interesting Facts about CIBIL Score
- CIBIL FAQs
- Good Habits That Help You Maintain Good CIBIL Score
- Minimum Payments Affect Your Credit Score?
- How to Read Your Credit Report
- Impact of Late Payment on CIBIL Score
- Tips to Increase CIBIL Score
- Loan Settlement Affects CIBIL Score
- Low Credit Limit despite a High Income
- Loan Approval Process On CIBIL Score
- Importance of CIBIL Score for Financial Objectives
- Importance of CIBIL Report
- Missing One Payment Affect CIBIL Score
- Small Mistakes That Can Hurt CIBIL Score
- Personal Loan for CIBIL Defaulters
- Reason for Loan Rejection Other than CIBIL Credit Score
- How to Resolve CIBIL Report Errors
- Skipping Bill Payments can Affect Your CIBIL Score
- Solutions for Your CIBIL Credit Report Problems
- Test Your Financial Fitness
- Things That Don’t Show up on Your Credit Report
- CIBIL Consultant
- CIBIL vs Experian vs Equifax vs CRIF High Mark
- Different Types of Credit Can Boost Your CIBIL score
- Having a High CIBIL Score can get you a low rate of interest
- How a Good CIBIL Score Can Improve Your Job Prospects
- How Credit Information is Important for a New Borrower
- How Long It Takes To Improve CIBIL Score
- Tips to Improve CIBIL Score
- Important Factors for CIBIL Score improvement
- Co-Signing a Home Loan? Proceed with Caution
- What is DPD in CIBIL Report?
- How to Remove Name from CIBIL after Settlement?
- Ways to Remove Name from CIBIL Defaulter List
- CIBIL Dispute
- How to Improve CIBIL Score after Personal Loan Settlement?
- How to Improve CIBIL Score after Home Loan Settlement?
- How to Improve CIBIL Score after Education Loan Settlement?
- How to Improve CIBIL Score after Car Loan Settlement?
- How to check your CIBIL Score with your PAN Card?
- How to Improve CIBIL Score after Settlement?
- How to Improve CIBIL Score Immediately?