Best Credit Card Protection Schemes in Singapore


    Credit cards have always been a blessing, making our financial lives easy. This little plastic card has to be handled carefully and kept safely. As long as the credit card is safe in our wallets, there is nothing to worry about. But losing your credit card, having it stolen or misplaced can not only leave you without a credit card but will also land you in lot of trouble. But no matter how careful you are, there are times when mistakes happen and you end up losing the card. It cannot be avoided, but taking the right precautionary steps will help you avoid the major consequences of losing your credit card.

    Credit card protection schemes

    There are schemes specially designed to ensure the safety of your credit card and it is called a Credit card protection plan or a Credit card protection scheme. It acts an insurance plan for credit cards, debit, retail, and membership and retail cards, in case of theft, loss or fraud on the cards. It requires the cardholder to pay a fixed yearly fee to use the service.

    Credit card protection plans in Singapore

    There are various credit card protection plans in Singapore. Listed below are some of the most popular credit card protection schemes:

    • OCBC credit card protection scheme- This credit card protection scheme offers insurance against lost or stolen OCBC Credit cards. Listed below are the features of credit card protection scheme by OCBC:
      • 24-hour reporting call line for ALL lost / stolen cards
      • Fraud protection coverage up to S$500,000
      • Reimbursements for replacement cost of identity and other valuable documents
      • Emergency travel assistance
    Type of coverage offered Maximum claim amount
    Fraud protection for lost / stolen cards
    • Before notifying CPP-S$3,000 (maximum of S$300 a card and not more than 10 cards)
    • After notifying CPP- S$500,000
    Replacement cash S$100 yearly
    Reimbursement of stored value card (e.g. EZ-Link and CashCard) S$30 yearly
    Replacement costs of valuable documents, financial and non-financial cards S$700 yearly
    Replacement cost of wallet / purse / handbag S$200 yearly
    Emergency travel assistance
    • Cash advance-S$1,500
    • Hotel bill payments advance- S$4,000
    • Travel ticket replacement advance- S$10,000
    • DBS credit card protection scheme- DBS credit card protection scheme protects the cardholder against all costs incurred from a lost or stolen credit card. Other than this the bank also offers a different kind of protection for the DBS card. The bank offers protection for additional medical costs on the outstanding amount on your credit card. Listed below are the features of the credit card protection scheme:
      • Up to S$100,000 outstanding balance upon diagnosis of critical or early cancer* or
      • terminal illness
      • Up to S$200,000 outstanding balance in the event of accidental death
      • Up to S$100,000 outstanding balance in the event of death or total permanent disability
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