Purchase Protection Insurance - withdrawn by MBNA?

NopainNogain_2

A letter today from MBNA. At the end of the letter is this, thought you all should know!

"Important changes to your Insurance Cover
We continually review our products to make sure they meet your needs. Due to low demand, Travel Accident Insurance, Travel Inconvenience Insurance, Lost Luggage Insurance and Purchase Protection Insurance will be withdrawn from 10 November 2007."

Purchase Protection Insurance was certainally important to me, if there is none with MBNA, I'm off! I suppose by 'low demand' they mean that I hadn't actually claimed!!

I thought that Credit Cards (but not Debit Cards) legally have to provide Purchase Payment Insurance. Is this not correct?? Any thoughts?

bwgames

Odd, that is practically the only reason I'm keeping my MBNA card (for the travel insurance), if they withdraw it, I'm cancelling it.

Just out of interest, what MBNA card do you hold?

sphrp2

I got this letter too (SonyCard AmEx) and wondered how they can do it. I don't know much about it but with some careful googling it seems that section 75 of the consumer credit act protects you, but some credit card companies offer more protection on top and, unfortunately this bit of CCA doesn't apply to all providers:
"One advantage of paying for goods and/or services with a credit card, such as Access, Visa or MasterCard, is that if there's a problem the credit card company may be liable to the same extent as the supplier (Section 75 of the Consumer Credit Act 1974). Consequently, if you're entitled to compensation, you can withhold an appropriate sum when you come to pay off your next credit card account.
Obviously, this is a far easier way of recovering compensation than suing the supplier for it. Note, however, that certain cards (such as Diner's Club and American Express) aren't covered by Section 75 because they fall outside the Consumer Credit Act 1974. " http://www.bbc.co.uk/consumer/guides_to/credit_liability.shtml

I'm open to correction if I'm wrong, as I said, this was just googling but the bbc tend to be quite a good source.

roddydogs

Not the same as "purchase Protection" this apply s to anything over £50, up to £1000, for 100 days after purchase, if you lose it or break it.
Capital 1 has this free insurance, dont know which others do.(£25 excess)

NopainNogain_2

Hi, bwgames! What MBNA card do I hold? Good question!

We went with MBNA:
1) For the 1% Cashback on the Conran MBNA Card.
2) For the Purchase Protection

The Conran Card is no more! There was a fair old mess with its demise, and I'm not even sure what replacement we've ended up with. It's not a Cashback Card, though, so EGG Money is now getting all of our business, even before Purchase Protection got the chop.

D_e_n_i_s_e

the question now is which card can we go with for purchase protection?

NopainNogain_2

roddydogs - thanks for your post!

I too had confused Purchase Protection with the Consumer Credit Act's legal liability of Card Providers jointly with suppliers - got it sorted now.

I still want the Purchase Prot, though; and MBNA now no longer provide it!

EGG Money do, sort of! It's "if your purchases get damaged, lost or stolen before you get them home, or for up to 30 days, whichever comes first" [my emphasis].

They also provide an Internet Shopping G'tee! I feel I have to say that I have no connection with EGG, other than as a satisfied EGG Money card holder!!!

roddydogs

D_e_n_i_s_e wrote: »

the question now is which card can we go with for purchase protection?

Capital one as posted.