Plastic money, as credit cards are often referred to, is easy and convenient for both merchants and customers. You may even get a neat discount on paying for select purchases with your credit card.
However, in the event you lose your credit card, you may need to rely on more than just good luck. With travel insurance, the cost of getting your card reissued can be covered, relieving you from any added financial burden arising out of the tragic loss. Travel insurance gives you several advantages in the event of the loss of your credit card. Here’s more:
Card replacementIf you misplace or lose your credit card on a trip, your travel insurance policy can help you get it replaced. All travel insurance policies have a toll-free helpline number where you can call and inform about losing your card.
Your insurer will connect with the card issuing company on your behalf and get the job done. In case your involvement is needed, the insurer would take care of it as well.
Cost of replacing credit cardCredit card replacement comes at a cost. The replacement expenses differ across companies. While initially, you may require paying money from your pocket while replacing the lost or misplaced card, a travel insurance plan covers the costs for the same.
Note that for reimbursement, you need to provide all the relevant documents regarding the loss of card. Hence, keep all the documents in safe custody prior to making a claim.
Compensation of any fraudulent transactionsAs per policies of card issuing companies, fraud charges are not reversed if the same isn’t reported within a certain period of time.
However, a travel insurance policy can cover you for such fraudulent transactions and provide the necessary compensation.
To sum up
While it’s best to use secure ‘vault’ apps to store all your credit card numbers and related PINs to ensure high levels of secrecy for your personal financial information, there can be instances where you might end up losing your card during your trip.
A travel insurance plan offers you a peace of mind in such a situation, taking care of all the possible financial losses.
Click here to know more about travel insurance.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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