fraud protection advice

frowner

Hi,

I have recently taken out my first credit card with barclays. they have given me a 10k limit on a cashback credit card. They keep trying to sell me their additional fraud protection at £60ish pounds per year. Being new to credit cards I am just enquiring if anyone already has this protection through barclays and if it is advisable to get it.

Many thanks in advance

p00hsticks

What do they say that they'll give you for your £60 a year ? Chances are it's actually going to protect them from losing money rather than you.

Providing that you don't write down or tell anyone your pin, you keep your card safe and you report any fraudulent transactions or the fact that your card has been lost or stolen promptly, then you shouldn't be liable to losses due to fraud anyway - so you need to be asking them what additional services / cover you are getting for that £60 over and above your normal rights.

frowner

What's covered?

• Identity Protection Alert provides up to £60,000 of insurance cover towards the costs incurred in clearing your name if you become a victim of identity fraud and your personal information is used for identity theft. Identity theft committed by someone at your address and pre-existing cases are excluded.
• Credit Alerts can be sent to you weekly by email or by text message to provide an early warning of identity fraud if there have been any changes to your credit report.
• Online Data Patrol by Garlik. Garlik will track your personal information online and will let you know which websites and public databases hold information about you.
• Unlimited access to your credit report online so you are aware of any changes when anyone, including yourself, applies for a loan or credit card in your name.
• Up to £200 to cover replacing your lost or stolen passport and driving licence if you have registered them with us.
• Dedicated team of identity theft experts to help you resolve any identity theft situation which arises, who can provide advise and guidance on paperwork.

£69.99 per year.

Moggles_2

Well, your card could be cloned (if you use a cash machine that a fraudster has tampered with), but using a credit card to withdraw cash from ATMs is a bad idea anyway. This a very expensive way to borrow money.

There's risk attached to everything but, IMO, credit cards are the safest way to purchase goods/services. (If you carry cash, it could be nicked. If you use cheques, they could get altered.)

Personally, I wouldn't fork out for this insurance. With Barclaycard's online facilities, it's never been easier to keep track of spending and fraudulent transactions, should you experience any, than it is now.

If the worst were to happen, a phone call to customer services is all that's required to report your card lost or stolen. B'card has a dedicated, freefone number for this.

frowner

Thank-you both for taking the time to reply. Much appreciated.