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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.
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.
There are various credit card protection plans in Singapore. Listed below are some of the most popular credit card protection schemes:
|Type of coverage offered||Maximum claim amount|
|Fraud protection for lost / stolen cards||
|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||