Barclaycard Prestige Package Being Withdrawn

raydo

I spent about two months "off and on" last year studying various products before deciding to arrange a Package Insurance cover with Barclaycard. Having compared with other such packages with NatWest, Santander, Halifax, Lloyds and RBS.

Less than 12 months on, I have received a letter from Barclaycard this morning saying they are "pulling the plug" on the product with effect from 31st August, 2012.

The only good news being that as the premiums are paid monthly, they will cover me up to that date, without charging anything for it after the payment I made in May, 2012.

Just glad I will be going on holiday at the end of August to take advantage of my 2nd and last Free Priority Pass to the Airport Lounge.

Although a couple of the benefits such as European Breakdown and Worldwide Travel Insurance were duplicated, with cover I held elsewhere, I still found it a comprehensive package and to my needs.

The benefits were Card Stop Plus and Valuable Document Assistance, Mobile Phone Insurance, Gadget Insurance, Identity Theft Assistance, European Breakdown Cover, Airport Lounge Access (2 free visits in 12 months), Home Emergency Assistance Insurance and Worldwide Family Travel Insurance and for £19.99 a month, I couldn't have got all these benefits elsewhere for that sort of money.

Where do I begin looking now, as a lot of the Banks appear to have abandoned these add on packages, possibly due to bad publicity in the media.

In my case I knew what I was buying but others were possibly misold one of these products.

Back to the "drawing board" methinks.:mad:

InsideInsurance

Not sure why you think banks are abandoning them at all.

Unsurprisingly what you mention is very similar to the benefits offered by Barclay's banking if you hold one of their package bank accounts, certainly the Premier Life is almost the same other than it is 6 free visits and more items available under the insurances but no home emergency cover.

Looking at packaged accounts, Barclays is probably the best but then the downside is you have to put up with Barclays customer service! There are some others like HSBC Premier which give less benefits but it is free of charge as long as you earn enough and with that saving you probably can buy the other elements that you want for less than the monthly fee

raydo

Well yes, it would be nice to earn in excess of £75,000 a year to qualify for the Barclays Premier Life benefits.
However as I don't, nor am I ever likely to, earn that sort of money in my lifetime unfortunately, it's not for me.
Were I lucky enough to be earning that sort of money, I could probably stand my only losses under a lot of the sections of the Package and just opt for Travel and perhaps Breakdown cover and arrange them elsewhere.

InsideInsurance

The Premier Life, from memory, can be had by anyone just if you earn enough they reduce the monthly fee from £25 to £17.50

Most of the high street banks "premier" and "private" offerings are the same - open to any one but cheaper/ free if you earn enough or have some large profit earning products with them (ie mortgage or investments=

raydo

Oh well, it looks like applying for a Halifax Ultimate Reward Current Account, who for £10 a month if you deposit £1000 or more a month include:
Worldwide Family Travel Insurance
Mobile Phone Insurance
Card Protection
AA Breakdown
Home Emergency
But increased to £15 a month if in the previous month under £1000 is paid into the account.
So for a saving of £9.99 (compared to Barclaycard) I am losing Gadget cover (covered on Household Insurance but with £100 excess) and 2 free visits to Airport Lounges.
Mind you having looked at Reviews of claimants under various sections of the Halifax benefits, it is a bit frightening when you read of the problems they experienced.
"You pays your money and takes your chance"!!

InsideInsurance

TBH, that would apply to most mobile phone and gadget insurances, both have a terrible rate of fraud and inevitably very restrictive terms and strict application of the terms as a result.

raydo

Got bored on the long "Whit/Jubilee" Bank Holiday weekend and applied for a Halifax Ultimate Reward Account online, on 4th June, 2012.
I was accepted and all the paperwork confirming this was with me by 7th June, 2012.
Bad news was Halifax then introduced the switching incentive of £100 (even on the Ulimate Reward Accounts) on 6th June, 2012 - the story of my life.
Good news was that today having checked my account online, Halifax have credited my account with the £100 incentive, much to my surprise.
The most important thing of course I have an account with the Insurance Package included for £10 a month.
Thank you Halifax!!:T