Credit card protection

Almost £190 million of card fraud occurs in the UK each year, related to the more than 13,000 average number of credit cards stolen or lost every day.

For some peace of mind, credit card companies offer credit card protection service in the event that you should lose your card. The protection is charged separate annual fee which may cover not just your credit card, but other cards that you request to be covered by protection as well.

If your card is lost or stolen, you can call the card protection company to freeze all your registered cards. This extends to debit and charge cards. You are required to report the theft or loss to the police as well.

Some card protection policies also give financial aid for legal expenses in the event of theft, and fund protection on the cards once the crime is reported. The policy may even provide you with emergency cash if you are abroad, and may even cover any cash stolen from a wallet or purse.

In the UK, the leading providers of card protection policies are CPP (Card Protection Plan) and SCS (Sentinel Card Services). Alternatively, you can ask your credit card company if they offer an in-house protection plan for less expense.