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Payment Protection & ID Protection for Credit Cards
Wintermute
Posts: 669 Forumite
Please excuse me as I'm not too financially clued up and I don't know that much about insurance.
While activating every credit card I've ever had, the person at the other end of the line has tried to sell me some sort of payment protection and identity theft protection insurance. I listened to the sales pitch the first time and decided it's not for me and ever since I've just told them I've got insurance through my bank that covers all cards etc. which seems to get them off my back.
As I'm getting more and more and more credit available to me I was wondering if it's worth paying into one of these schemes, I have no loans (other than my student loan), but I've got 3 credit cards, none of them really have a massive balance on them, but I'm planning to purchase my next holiday on one rather than paying cash up front (I know it's kidding myself, but it doesn't seem to hurt my savings as much that way!).
As for the identity theft and fraud protection side of things, I always thought you were automatically covered against card fraud while paying with credit card? Is this just a way of offsetting their costs. Identity theft isn't a major worry for me, I'm careful about what information I give out, I use unique, strong passwords for everything, I've not had any problems with viruses, malware for about 10 years and I shred and/or burn all important documents that I'm not keeping.
So is it worth signing up to one of these schemes or would I be better paying what it would be costing me into my savings account?
While activating every credit card I've ever had, the person at the other end of the line has tried to sell me some sort of payment protection and identity theft protection insurance. I listened to the sales pitch the first time and decided it's not for me and ever since I've just told them I've got insurance through my bank that covers all cards etc. which seems to get them off my back.
As I'm getting more and more and more credit available to me I was wondering if it's worth paying into one of these schemes, I have no loans (other than my student loan), but I've got 3 credit cards, none of them really have a massive balance on them, but I'm planning to purchase my next holiday on one rather than paying cash up front (I know it's kidding myself, but it doesn't seem to hurt my savings as much that way!).
As for the identity theft and fraud protection side of things, I always thought you were automatically covered against card fraud while paying with credit card? Is this just a way of offsetting their costs. Identity theft isn't a major worry for me, I'm careful about what information I give out, I use unique, strong passwords for everything, I've not had any problems with viruses, malware for about 10 years and I shred and/or burn all important documents that I'm not keeping.
So is it worth signing up to one of these schemes or would I be better paying what it would be costing me into my savings account?
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