Credit Card Protection Schemes?

Spikey_2 · 6 April 2005 at 4:37PM

Hi,

Has anybody got any info on the best value Credit Card Protection Schemes?

Are they worth it?

Any pros/cons?

Thanks in advance.

Spikey

Spikey_2 · 6 April 2005 at 5:10PM

Has anybody got protection?

Spikey

Spikey_2 · 6 April 2005 at 11:00PM

Was more thinking along the lines if I lose my cards or they get stolen etc.

Hope that makes sense.

Spikey

steveb1967 · 6 April 2005 at 11:32PM

if you are worried about losing your cards then pay for sentinal protection,
alternative KEEP YOUR CARDS SAFE , on you all the time or a safe place at home all the time.
cheers steve b

kazd · 6 April 2005 at 11:44PM

My nephew has insurance cover with his cc's in case of loss of job etc. He was recently made redundant only to find that the insurance is void if you haven't been in full time employment for twelve months. Waste of time if you ask me.

Reaper · 7 April 2005 at 8:49AM

People are getting confused here. He is talking about insurance for losing your cards, not payment protection.

Although there is lots of rebranding as far as I know only 2 companies offer this - CPP and Sentinel. Their premiums are similar as is their cover. Both have web sites where you can have a look.

You really have no need to take it out if you are worried about losing your cards. You are covered anyway for fraudulent use of stolen cards provided you tell your card issuers as soon as you are aware of it and you haven't been grossly negligent (writing your pin number on the card etc). Just make a note of all the lost/stolen phone numbers and that's it.

They do offer some nice extra travel insurance which tops up your normal travel insurance, but even so I decided not to go for it and recently canceled.

If you don't do it direct but via a card issuer note that canceling that card does not automatically cancel the card protection plan. It is a seperate policy which is nothing to do with the card issuer. This has caught out a couple of people on the forums out who did not understand the distinction and were surprised to get a demand for the annual premium some time later.

nearlyrich · 7 April 2005 at 3:34PM

I got a good deal from Sentinal with my first Tesco Visa 3 years ago, I paid about £15-£20 for 5 years cover. It also came with key fobs in case you lose your keys so all the family have them. They have details of all the cards held by the four of us, along with passport numbers and driving licence details. I was previously with CPP which I got as a deal from my M & S Chargecard years ago, they sorted all my changes of address when I moved which was a great help.

As the thread has gone in 2 directions I will add that I never take out the payment protection interest as it rarely pays out and I have always paid my CC bills in full upto starting to stooze a little. I keep the stooze money on deposit so if I lost my job( 3 months notice minimum) or was ill and didn't get paid ( after 12 months) I could pay it back without any problems.

Laura_Biding · 7 April 2005 at 4:17PM

Just a word of warning, I've just had renewal details from Halifax Card protection. They changed from using Sentinel to St Andrews Insurance 4 months ago. On checking the details, I see that the previous couple of amendments that I sent in last year which were confirmed by Sentinel were not passed on. Even our passports and driving licence details were no longer registered. If my policy had not been due for renewal I would have been unaware that the details transferred were very out-of-date. I wonder what would have happened if I had been in the unfortunate position of needing to report a loss from abroard? Their renewal cover is £36.00 for 3 years. Can anyone advise anything better please.

Laura

Niff_3 · 17 March 2007 at 3:42PM

Hi I tend to agree that these policies are not worth it especially as they do not appear to keep details up to date and have been less than helpful when I have contacted them. With this in mind I have just phoned and asked what the penalties are for cancelling a policy. I was told that you cannot cancel and you just have to wait until the policy is due to be renewed and just do not renew it. I asked to see the cancellation clause and was told it is in the policy booklet which will be sent to me. Does anyone have any experience of this company and can they advise please? When we took the policy some years ago it was a special offer from the Halifax and the letter head still shows Halifax Card Protection at St Andrews House.:o

Credit Card Protection Schemes?

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