Recently, LIC announced to launch credit card protection service. According to the service, LIC credit card hold were able to report loss any of their cards from anywhere in the world to a 24-hour helpline.

About the company said in a statement to ET, “LIC Cards Services Ltd has launched Card Protection Plan for its credit card customers in partnership with CPP Assistance Services… and it safeguards all of the LIC cardholder’s payment cards – credit, debit and ATM cards.”

Further they add, “Besides, customers will be able to retrieve important details on lost/stolen documents like passport, PAN and driving license. Customers would need to purchase a membership plan offered by LIC and register their cards.”

For the service, customers have to pay an annual fee of Rs 995 and Rs 1,295. About the service charges ET quotes a statement, “The difference between the two is in the Assistance services limits and fraud protection limits provided to the consumer”.

In another article, Economic Times writes about the tips of protection of credit cards fraud, “Never write your personal identification number (PIN) on your card. Instead memorise it or keep the number separately from your card.”

“…Do not provide photocopies of both the sides of your card to anyone. This is because the card verification value (CVV), which is required for online transactions, is printed on the reverse of the card. Anyone can use the card for online purchases if the information is available with one.”

“…Before shopping online, make certain the internet shopping sites are secure. For this you should check out the encryption software it uses.”

“…Don’t give out your credit card number online unless you know and trust the company in question.”

“…Do not give any information to persons seeking credit card information over phone unless you have yourself initiated the talk. They may even claim to be a bank’s representative, but you actually don’t know who they really are.”

So, if you are going to use your credit cards, follow above mentioned suggestions to protect from fraud. We already have discussed about how to enhance online security.

Last month, many banks had announced to launch credit cards by open a fixed deposit. Now, this month Standard Chartered bank has announced to launch a new credit card which will be known as SmartTravel FX. The credit card will be gold pre-paid travel card which will offer an option of making payment in US dollar, Euro and Sterling Pound.

Sai Narain who is the general manager of Standard Chartered’s from Consumer Transaction Banking said with Economic Times, “the new SmartTravel FX card combines extraordinary convenience with safety. The currencies in which the card is denominated are universally accepted, which makes the card valid across most countries Indians travel to.”

The card will offer pre-loaded subjects limits by Reserve Bank of India for international traveling. The credit card specially will fulfill the need of traveling across the world with the easiest option of currencies transaction.

On the other hand LIC announced to launch its own credit card this month. According to the B R Bhat who is the General Manager of Corporation Bank said that the date is not decided to launch but the LIC credit card will be launched soon.

The credit card was pre-decided to launch in January but due to some formalities completion it is taking some time. With the white-labelled credit card LIC has tied-up with Karnataka-based Corporation Bank.

Forms and contents have not been revealed of LIC’s credit card but it seems that the card will be for all purposes like other cards. However, SmartTravel FX has been launched with well decision by Standard Chartered bank.

In the credit cards market there are many option now to explore the growth rate so, big companies like LIC, Reliance etc. are coming with new offer for their customers. No doubt, LIC will get succeed in this industries also because it has own loyal customers and employees to use that.