Credit Card Protection Plan

raeble

The other thread has got me thinking about this. Card Protection plan is a form of insurance that covers you if you loose your card prior to notification and after notification. There is cash insurance and some policies will give you replacement travel advance, cash advance, wallet replacement advance etc. They will also inform all your card issuers when you move. You can also cover your passport, keys and luggage. Now what I'm wondering is it actually worth it to bother getting it.

I'm only asking because my renewal came through and the policy has increased by almost 50% in cost in three years. When I had got it originally it was £45 for three years. Now that I live alone I have most of these things covered by other insurance policies so I wondering if this policy isn't overkill.

This policy runs out at the end of the month and as I've just cancelled the A&L card which I've had for six years(blighters were only offering me 9.9% bt rate) it was tied to. I was wondering if I should cancel th insurance as well.

ukbill69

No I dont think you can becuase insurance for credit cards goes through a different independent company, well thats what my natwest card did and they charged me £20 per year.

Reaper

I think they are overkill. You are not liable for fraud carried out on your card anyway, and if you lose a card you can call them direct yourself to tell them. The lost/stolen telephone numbers are splashed all over statements and web sites.

They have extra benefits of use when moving house or traveling, but not enough to really justify the fee.

I'm assuming you must pay to renew and that it is not automatic. I think what ukbill69 is referring to is when you have a continuous payment authority set up to keep paying it, in which case canceling the card it is funded from is not enough to stop it, you must contact the insurance company directly.