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(Precious) Words of Wisdom : "Never spend your money before you have earned it." ~ Thomas Jefferson

Are you protected against misuse of your credit cards?

Theft and misuse of credit cards has become quite common. This can have serious financial consequences apart from all the inconveniences.

Merely depending on the fact that you will immediately report the loss of your card(s) and hence not be liable for their misuse thereafter, may not be an adequate protection...especially if you lose your wallet, credit cards, debit cards, mobile phone, money etc. and don't have immediate access to all the relevant contact numbers.

Therefore, it would be prudent if you get yourself suitably protected against such unfortunate events...more so if you carry multiple cards.

Apart from the usual precautions and protection offered by the banks issuing the credit cards, you also have the option of approaching companies that specifically provide credit card protection plans.

Typically, such plans will offer many benefits such as
- No matter where you are, just one call to their 24-hour Helpline No. is sufficient. They will then arrange to block all your credit cards with various banks
- If you lose you cards while travelling, they will facilitate payment of your hotel bills and if required even pay for replacement tickets/provide emergency cash
- Protection against misuse starts from 7 days prior to when you report the loss (the loss must be reported within 24 hrs)
- Arrange for free replacement of your PAN Card
- They will also help you in blocking the SIM of your smartphone so that the same cannot be misused
- Help you with a foreign language interpreter

And all this comes at a very nominal cost of Rs.1000-2000 per annum, depending on the level of risk cover you opt for.

Considering that the spending limits on your cards run into lakhs, this is a very small cost to pay for insuring them.

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