Last night I was having dinner with my friends and suddenly on of the friend realised that he has lost his wallet. The problem was not the cash in the wallet, or the cards. It was the misuse of the card and contacting card issuers to block the cards as soon as possible . Have you found yourself in similar situation ever or have you lost your wallet which had many debit and credit card along with other important documents. Do you want solution for this problem ? CPP Card Protection is a service in India to help you solve this issue .
What is CPP Card Protection ?
CPP Card Protection is India’s first comprehensive Card Protection service for use in the event of card loss, theft and related fraud. If you lose your wallet or your handbag, simply make one free call to CPP. They will quickly notify the issuers of your cards to cancel your cards immediately, also they will provide emergency travel and hotel assistance to take care of you and help you get back home. CPP Assistance Services is the part of CPP group which has already started services in other asian countries like Hong Kong, Singapore and Malaysia.
As per a report by 2010 there will be 163 million debit cards and 27.8 million Credit cards in India . Every wallet on an average now a days contain one debit and credit card in cities . CPP has tied up with leading banks including Citibank, Standard Chartered, HSBC and Kotak Mahindra , Axis Bank , LIC and ICICI Bank to sell the CPP services. Read 5 tips for effectively using your Credit Card .
Features/Benefits
- Loss Reporting : Incase your cards are lost or whole wallet is lost you can call CPP on their helpline number and they will cancel all your cards immediately and will help you in replacing them after that
- Fraud Protection : If your card has been misused then your get protection for it before or after the notification from your side . You are covered from 7 days prior to your loss report to CPP until your membership is valid.
- Emergency Travel & Hotel Assistance : Incase you can’t pay your hotel bill or have lost the travel tickets or have money to buy travel ticket, CPP will arrange for your travel tickets for your return and will also help you pay your bills to the hotel . This applies to travel abroad as well. For Indian premium users they will also help you with Cash if you have lost cash in the wallet .
- Document Registration : You can register important documents like passport, driving license, insurance policies with CPP which will ensure easy access if you should lose the originals.
Membership and Plans
They have two main plans
- Classic : Rs 995 per year
- Premium : Rs 1295 per year
There is a limit for ever benefit like Rs 40,000 for Hotel Assistance in India for Classic members and they will protect your upto 15 lacs of fraud after you notify them (Full Details)
Should you pay for CPP services ?
Incase you are using debit and credit cards heavily and carry bigger account balance than few thousands , It might make sense for you to protect your cards using their services . It’s all about if you want to take risk or loss and fraud or not . The cost associated is not huge and can be considered, however I feel that card companies should have CPP built in with the card itself .
Comments , Put your views on CPP and does it appeal you ? Do you think it will work with Indian Mindset ?
{ 15 comments… read them below or add one }
Sounds great. Finally someone is taking care of lost cards and frauds. Such cases are on rise and things are going to get worse only. My own friend keeps losing them frquently. Should work in India because we lose things so often almost every week I hear such incidents. Besides membership amount is not very high. I’ll forward it to 2-3 of my friends those who are habitual of losing any pssible object.
SS
Not sure if the rates will be same for a person who frequently looses it , Even though there is no way on can figure out the history of a person loosing his wallet
. What do you say ?
Manish
Of course it should not be the same or else how these people will earn? But there’s no way to check their history no one likes to admit it):. card issuers must be having some type of record of complaints..if I lose my cards frequently everytime I’ll ring them to block it. Anyway what information do they require about cards or accounts? I must know, literally have no idea, have been lucky.
I am not sure what info they require . better to talk to customer care
Manish
Great though I think that creating a virtual card and defining its limits can save oneself for its severe impact at least during online transactions…And rest let the carrier be beware is the ultimate solution. CPP can mitigate some of the agony…
Naresh
Yea , for online frauds , creating an virtual credit card and using it makes sense , CPP is mainly for loss of your wallet , insuring it and fast contact with card companies . Makes sense for someone who has a heavy wallet
. I think you understood what I mean 
Manish
Great source of information – Thanks Manish! I guess, the mindset of people for CPP is comparable to either the term insurance or mediclaim insurance – we think that “I will not lose my card anyway, so no need!”. However, even if once someone has lost card(s), he will definitely go for this. OR, some of the aware individuals would go for this.
The best way would be, as you mentioned, for the card companies to have this inbuilt in their operation – they could take annual fees or something for this service.
Nkanani
Correct , however card companies can not make it compulsory to card holders , most of us wants a free credit card
Manish
Manish,
Very Useful. If there are addon Cards to your Primary Card, do you need multiple subscription for your family members ?
Do you need separate subscription for your debit / credit cards or is one sufficient for all your debit /credit and addon cards ?
Mohan
I am not sure on this , better to call their customer care and talk .
Manish
CPP is a great concept. However, what makes it lose is the number of complaints the customers have against them. Google it. You will find that almost every claim is rejected by the company (if the claim is for a higher amount). They are already present in other nations and have a very bad image there. Lets see how they work in India
Puneet
can you give the links , i am not able to search and find info on this
Manish
This is great service indeed. I would like to hear the first hand experience of people who opted for their services to identify what went well and what did not. I have had bad experience while claiming amount from Tata AIG Travel Guard insurance policy while traveling. At outset; they offer you great advantages but living up to the set expectations is really tough esp. when it gets down to money matters!!
I had started (in 2002) with keeping a xerox copy of all the cards back home and with me in separate bags while traveling to begin with and now I have upgraded this practice to store scanned copy of important documents (including phone numbers of banking instituations online) so that I have access to it any time.
Bharat
I am not sure if you will be able to get review from people using it , its so new concept that i dont think you will find anyone
Manish
@ Bharat,
I enrolled for CPP Premium membership and paid Rs 1295 in Jan 2011. Although i’m not having a heavy wallet
but I took CPP as a prudent decision to cover the risk of card (s) loss. As since 2005 I have been using Credit Cards of various banks to get the benefits of Co Branded card offers.
Luckily in past year I didn’t lost any of my Debit/Credit cards but nevertheless I am planning to renew CPP . This year membership fee for premium plan have been increased to Rs. 1495 so I might settle for Classic Plan which costs Rs. 1145.
Regards,
Pankaj