HSBC Credit Card Protection and Insurance

Nomee

Hi,
I might be a little dumb in this post so please bear with me.
I have a credit card and solo card with HSBC. They added an insurance called Card Gaurd to it and something called Protection Policy for Credit Card. I am paying for both of them and I am really not sure what these are for.
I asked the bank about both and they said,
Card Gaurd is for protection of fraud from your cards
Protection is only on credit card balance and its like 0.75p on 100 pounds or something like that.
I really dont know if its good to have them or not. What should I do? Keep them (whats the benifit) or tell them to cancel (both or one only) and whats good for me in sense of money saving.

Many Thanks

gt94sss2

This page explains the 'benefits' of the two schemes.

As with all insurance, its a personal decision as to whether you need it or not.

If you're not planning on suffering from 'accident, sickness, involuntary unemployment or death' and/or can pay off your balance from savings etc if you do lose your job etc - then you don't really need the Protection Policy for your card.

As for the CardGuard policy - if you only have a few bank/credit cards and are happy to ring all the banks yourself if you lose them, then you don't need it.

If you want the reassurance of having access to the emergency cash advance while travelling (say) or you have lots of card or are disorganised, you may find it simpler to call one number and have them cancel all the cards/arrange replacements of all the ones you have registered with them.

Regards
Sunil