Cardguard or credit card theft protection

Daisy_Dumpling

I've just had a renewal notice through for my Card Guard policy through HSBC. It's £50 for 3 years and I'm wondering if it's actually worth renewing. I've had it for 3 years already and never had to call on it, but then that's what insurance is.

I'd welcome anyones advice/comments upon this.

Thanks
Daisy

skyrider007

Daisy_Dumpling wrote: »

I've just had a renewal notice through for my Card Guard policy through HSBC. It's £50 for 3 years and I'm wondering if it's actually worth renewing. I've had it for 3 years already and never had to call on it, but then that's what insurance is.

I'd welcome anyones advice/comments upon this.

Thanks
Daisy

I say ditch it. I've been conned into buying this CardGuard CPP crap when I phoned in to discuss a transaction on my HSBC MasterCard. Don't pay for what you don't use.

Hals

I guess like all insurance policies you only find out how good it is when you actually have to use it. I have been with Cardguard for about 10 years and used it once about 8 years ago. It was fine but I would appreciate any feedback from people who have had to use their policy more recently (Cardguard or otherwise). Mine is up for renewal at the end of the month and I am dithering over whether to go with it or not.

Also, a thought for those who are not very organised (like me): you have to make sure that your card details are up to date. The card on my policy renewal has been replaced twice - one of those times when Barclays noticed some odd activity on my card and phoned me on the same morning to check it out. Now that impressed me. This may seem obvious but there's no point in paying all that money if they don't even have the details because you forgot to update them (Duh!)

Phil_GT

Well i had HSBC Card Gaurd when i took out my CC

The bank pretty much insisted i took it out with them when applying.

However I got an automatic renewal in the post and I rang them up last night to cancel the policy.

As reading here, the bank will help out if anything was to happen fraud wise.

Just seems a tad expensive at £25 a year...

CopperPlate_2

I got stung last year when my card was used online fraudulently - took out cover with Egg at the time which included key cover and wallet/handbag cover. Never having lost my keys EVER in my thirty odd years of existence when I cancelled the policy last week it did leave me with a certain degree of nervousness about what I would do if I DID lose them (!!). When I phoned Egg they tried hard (it is through CPP) to freak me out giving me all sorts of scenarios where I would be liable "if someone shoulder surfs you and you leave your card behind and they pick it up and then they go on to use your card, you'll be liable". Thanks. I'll take my chances. Cancel it please.

Having checked my home insurance it covers me for personal possessions out of the home and also for replacing locks if I lose my keys...

2234

Hi, I work at CPP and I haven't read through the posts, but I just wanted to say personally I think it is a waste of money. When you ring to activate a card (there is usually a sticker with a number on it) you come through to either CPP or Sentinal (as far as I know, they are the only two providers - you may be able to get a deal through a bank cheaper, but will still be dealing with one of the two companies. Ususally CPP works with anyone except Lloyds) When you get through to CPP, they activate your card for you, then try and sell you the card protection plan. Its a waste of money. The best thing they cover you for is if your card gets lost or stolen abroad, in which case there is the opportunity for them to offer you emergency interest free cash loans (from a Western Union ususally) and they will also pay your hotel bill, until you get home and have to repay it, of course. They also cover you for around 200 cash if that gets stolen too, and also pay for an emergency passport to get you home. BUT, the likeliness of this happening is so slim, and even if it did chances are there is a friend or relative who can help you out.
There are also other perks that come with the 70for3 year plans (the more expensive ones) such as they cover replacing your locks and keys if they get stolen, but again paying out every year or 3 years still doesn't seem worth it to cover if this might happen.
Also, if you ring up to cancel your cards, the service team get bonuses for changing customers' minds, so you are likely to have a challenge if you try and do that! I'm not trying to sell the policy at all because personally I think it's a waste of money. However, if you do want to be covered for these things, then of course it's worth it to you. I'm just describing the feeatures that often customers do not know, as these are not always advertised to the customer unless necessary....feel free to ask anything you like and i'll try and answer!

2234

Oh, and all things such as HSBC CardGuard, Barclays, Barclaycard, Natwest etc are all CPP, all by the same company and all come through to the same call centres

2234

NopainNogain wrote: »

My Sentinel is due for renewal now-ish, May 2008. Guess what - £70 for 3 years! Unfortunately Nationwide AND Alliance & Leicester AND Barclaycard all charge the same as Sentinel: "just £29 per year, or £70 for 3 years" Coincidence, perhaps??
Isn't that a 240% increase by Nationwide?

Sentinal used to be Cardwise - imuch cheaper. In those days you could get security stickers, luggage labels, suitcase straps, etc, etc; none of these is available nowadays.

Anybody know of the best deal around now for Card Protection? Please??

CPP, and therefore probably Sentinal (as the two are very similar and charge similar prices) have a cheaper policy, however you are being sold the more expensive one. There is one at CPP for 20, or 50 for 3 years. You do still get stickers when you register, again not sure if thats the case with Sentinal. But to be honest there are only two providers and both charge similar amounts and offer similar features. Some banks do packaged accounts with card protection included, but they are probably an even bigger waste of money :P!

EDIT: those three banks you mentioned are all CPP so will all charge the same amount

vesper58

Speaking from experience I would say Card Guard is miss sold in general. Im not saying it's a bad product but most of the people who have had problems with it seem to have confused the policy with Identity theft protection which is a totally different product.

I had a card guard from my bank which i have had since 2006 and in 2007 i got a virgin card which i added to the policy. When i activated that card they were trying to get me protected with ID theft protection and I declined telling them i didnt need it with a card guard service.

Later that year some tool of a fraudster took out a loan using my details. That got debited to the virgin card and when i rang up to correct it with my card guard claim they told me I was not covered. I checked my TOS again and found no mention of card guard protecting from loans being taken out in my name.

Having looked into it more it turns out their ID theft product would have covered that because card guard only covers your excisting credit and not new credit that is taken out. I had to eventually get a lawyer onto it which cost me god knows how much, almost seems like i might as well have left it on the balance.

I have the ID theft product now along side my guard card so I have pretty much everything covered. My advice is don't think your safe from ID theft on card guard alone because new credit fraud costs a lot more than excisting. I have learned my lesson not to be so ignorant on the phone now.

swimboy1

My renewal, like many others, has increased from £50 to £70 for 3 years. I rang them but they wouldn't budge. Do you think that the 'cancellation teams' mention in this thread would help?

Richard