Credit Card Protection (not PPI) & Experian Protection

GowerOsprey

Hi all,

I've just called Virgin Money to activate my new credit card and was treated to the usual hard sell for their card and identity theft protection schemes (separate schemes btw). If I remember correctly the costs were approximately £35/year and £66/year respectively.

I never have given either much thought, but with impending fatherhood (:T) maybe I've started to become a bit more paranoid/grown-up (!) and was hoping someone with a bit more nous could offer any advice on the worthiness of these two schemes. If one or both are recommended should I apply through my credit card company, or search for an independant product?

Many thanks in anticipation of any replies, advice or loud guffaws and shaking of heads at my naivety!

Moggles_2

Personally, I wouldn't fork out for either type of insurance.

Most of us can reduce the risk of identity theft by dealing with people face to face rather than over the internet, the principle source of ID theft. If the worst happens, losses are covered by our cc providers.

A phone call to customer services is all that's required to report your card lost or stolen. There's usually a dedicated, Freefone number for this.

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

GowerOsprey

Thanks Moggles. I thought as much, but good to have my doubts confirmed by someone as esteemed as yourself! :beer: