Over 13,000 cards are lost or stolen in the UK every day, contributing to nearly £190 million of card fraud each year.
Normally available through card issuers, card protection gives you peace of mind with your credit cards. It is a separate payable annual fee which often protects not just your credit card, but any other card you register with the service.
In the event of loss or theft, a single phone call to your card protection company will block all your registered cards, including credit / debit / charge cards, store cards, etc. You will still need to contact the police to report theft.
Card protection may also offer you financial aid in the event of theft, such as money to cover legal costs, unlimited fund protection on the cards once the theft has been reported, emergency cash if you are away from home and even cover for money stolen from a wallet or purse.
There are two major companies in the UK that provide card protection; Sentinel Card Services and Card Protection Plan (CPP). You may wish to contact your card issuer to find out if they offer a cheaper protection plan.
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