Here is a Great news for Credit Card Holders in India. Under pressure from regulator to introduce cover on lost card, fraudulent transactions etc – Kotak Credit Cards and Citibank have introduced Card Protection Programme.
What is Card Protection Programme – CPP ?
As a credit card holder, you are protected from liabilities arising from your credit card loss / theft on transactions before and after. Additionally, it covers fraudulent transactions without you losing the card [say a -commerce site gets hacked which has stored your credit card details and they are misused]
CPP comes at a small fee of Rs 950 p.a and can get coverage of upto Rs 50,000 on fraudulent transactions and for Rs 1,250 fee th coverage goes upto Rs 100,000. It also covers upto Rs 10,00,000 for transactions done after reporting of credit card loss / theft.
Kotak Bank has introduced CPP facility for its Platinum and signature card holders for FREE.
We recommend users to sign-up for CPP facility if their bank is offering the same. This comes for FREE in the US with your credit card. However, in India banks are charging a fees and personally I feel its OK to do so in the beginning and later the fees can be reduced. Share your experiences.