which credit card protection?

paulbry

Which kind of protection should i take out for a credit card,i will mostly be purchasing goods over the internet?sorry if this sounds stupid

Moggles_2

Welcome to MSE!

Those of us who buy insurance, mostly do so in the process of a credit card application, sometimes in the belief that it will improve our chances of getting the card. It doesn't.

If you buy a policy through your cc provider, it's likely you’ll pay over the odds. You can almost certainly get the same cover elsewhere for less and, if you shop around, find a product that's actually suited to your needs.

Personally, I wouldn't fork out for insurance. With today's online facilities, it's never been easier to spot fraudulent transactions. If the worst were to happen, a phone call to customer services is all that's required to report your card lost or stolen. Most providers have a dedicated Freefone number for this

Moggles_2

There’s nothing wrong with payment protection insurance [PPI] for those who need it but, once again, if you buy through your cc provider, it's likely you’ll pay over the odds. As above, you can get the same cover elsewhere for less.

Then again, if you knew (prior to signing up) that redundancy was imminent, leave your job voluntarily or get the push, you won't be covered. Or, if you exceed the time permitted before you make a claim (usually 180 days), you're no longer eligible. If you're self-employed, you may as well forget it. Likewise, if illness or disability is connected with a pre-existing disorder (ie. diagnosed before taking out the policy), you don't qualify.
Doesn't leave a lot, does it?

IMO, you're better off putting the money you would have spent on premiums into a rainy-day savings account, preferably one of the better-paying savers recommended by our friends on the *Savings & Investment* board

nickmack

paulbry wrote: »

Which kind of protection should i take out for a credit card,i will mostly be purchasing goods over the internet?sorry if this sounds stupid

Has Moggles answered your question? When I first read your post, I thought you might have been referring to protecting your purchases under Section 75?

Either way, here's a couple of articles that may help:

http://www.moneysavingexpert.com/cards/credit-cards-protection

http://www.moneysavingexpert.com/shopping/section75-protect-your-purchases