Capital One is removing Purchase protection Insurance

mycvattached

Just came across Capital One FAQs and found this:

"As a company Capital One regularly review our products and services, and after reviewing this particular service, we have taken the decision to remove it from our accounts. Although you are no longer covered for loss of or damage to any items, for your purchased items you are still covered under the Consumer Credit Act 1974. This covers goods and services over £100 where there is a proven breach of contract or misrepresentation by the retailer."

Is it legal at all and will other banks follow this idea?

SnowTiger

mycvattached wrote: »

Just came across Capital One FAQs and found this:

"As a company Capital One regularly review our products and services, and after reviewing this particular service, we have taken the decision to remove it from our accounts. Although you are no longer covered for loss of or damage to any items, for your purchased items you are still covered under the Consumer Credit Act 1974. This covers goods and services over £100 where there is a proven breach of contract or misrepresentation by the retailer."

Is it legal at all and will other banks follow this idea?

How do you turn "you are still covered under the Consumer Credit Act 1974" in to "Capital One is removing Consumer Credit Act 1974 protection"?

You haven't provided a reference, but I guess they're dropping the free accident damage and theft cover they offer for 100 days on new purchases.

It's an extra, that isn't even provided by most other credit card companies. And is nothing to do with the CCA 1974.

michaelvintner

SnowTiger wrote: »

How do you turn "you are still covered under the Consumer Credit Act 1974" in to "Capital One is removing Consumer Credit Act 1974 protection"?

You haven't provided a reference, but I guess they're dropping the free accident damage and theft cover they offer for 100 days on new purchases.

It's an extra, that isn't even provided by most other credit card companies. And is nothing to do with the CCA 1974.

That and Capital One cannot break the law. The Consumer Credit Act 1974 is law and Capital One cannot and would be very unwise to even think about breaking it.

The title of this thread is 100% wrong.

dalesrider

Sounds to me like they have removed the insurance protection on purchases.
NOTHING ELSE....

MPH80

It's from this page ...

http://www.capitalone.co.uk/support/faqs-purchase-protection.jsf

It's their purchase protection insurance - not protection under the CCA (which, of course, Capital One can't remove).

However, knowing that capital one are removing their purchase protection insurance from their credit cards IS important news.

malcolmffc

OP, please read information more carefully before posting misleading thread titles such as this. It is bordering on slanderous to accuse Capital One of breaking the law when they have done no such thing.

fermi

Thread title amended for clarity.