Prajna Capital - An Investment Guide

If you delay informing the bank, you may end up with a huge balance. Unless, of course, you have covered the card against fraud WHAT’S the first thing you should do if you lose your credit card? Just call up the bank’s 24 hour call centre and deactivate the card. This should take precedence even over your attempt to track your wallet in the lost trail. This is because very few banks in India offer protection against fraudulent use of credit cards. Of course, you can breathe a little easy if your bank insures your lost card from any misuse. Standard Chartered Bank, for instance, has tied up with Tata AIG General Insurance Company to launch the ‘Plus Extended Protection Plan’ last week. This product, which has to be bought separately, will cover the card customers from any possible fraudulent use of the cards prior to reporting the loss. “We receive several lost card reports in a month. The product will ensure protection to our customers against any fraudulent use. The insuranc...