Card Protection Plan

Have you got a card protection plan? OK, try this ...it's estimated that over 13,000 credit and store cards are lost or stolen every day in the UK. Card fraud equates to more than £410 million each year. £110 million of fraud comes from internet credit card fraud, whilst less than 3% of stolen cards are used to make fraudulent purchases. Fancy looking into card payment protection insurance? Here's what you need to know.

If you take out a card protection plan, you should be provided with one telephone number and one reference number for all your cards within the plan. If you discover that you've been the victim of theft, a swift response to the number provided will help your cause. Informing your card payment protection insurance provider and your card issuers immediately, will allow them to cancel the card and prevent its use for fraudulent purchases.

Dedicated card protection plans

Police forces and judicial systems abroad can vary between regions. However, they all experience the same problems with theft and fraud. Although you can find some card protection within a standard travel insurance policy, the limits placed on a claim can exceed the combined capacity which your card holds. A card protection plan may be able to cater for your specific needs whilst offering worldwide cover.

Benefits of card protection plans

For little more than ten pounds a year, a card protection plan can provide worldwide protection for all of the cards you specify. One free call to your card protection plan provider and your worries about fraud should reside.

Although card protection plans will vary slightly between each provider and policy, you should make sure you have cover for liability, emergency cash, hotel payments, replacement cash and identification documents. Always check the specific levels to which these are provided within each card protection plan and make sure the plan meets your needs before you buy.