What is credit card insurance? In a nutshell, this is an insurance policy that gives the cardholder protection if you ever lose your credit card or worse, have it stolen. It is best for people that are worried about being held liable for costs especially if the wrong hands take full advantage of it. In the UK, the number of identity fraud cases via stolen credit cards has been scarily increasing and in order to keep yourself safe you can use an online wallet like Unicvv as well.
Why should you avail of credit card insurance? First of all, it is not only a hassle to report your credit card stolen; it can be a real nightmare if someone steals it. Reporting it to the credit card company can also be very time-consuming especially if it was your wallet that contained not just one CC in it that was stolen. It can take you all day on the phone.
Who wants that stress? With a CC protection insurance policy, you only need to call one number to report your missing card and they normally work 24 hours a day, seven days a week! All you have to do is register your credit card details to the insurer and also provide them some other documents such as your passport or your driver’s license. It’s that simple to avail of credit card protection.
Another benefit of CC insurance is they save you the time and stress of calling each and every card company just to get your card canceled. They do it for you! Because with the information you provided them, they can take charge of letting the credit card providers know the status of your credit card, have it canceled, and provide you with replacement cards as soon as possible.
Not convince yet? Here’s another reason why should get credit card insurance: you won’t have to worry about paying for things you never purchased! Because with CC protection, you can be assured that when you fail to remember the specific time that you lost your card, you will only get charged by the CC company the first £50 of fraudulent use. Some won’t even charge you for anything!
And because most people nowadays rely on the purchasing power of plastic, when their credit card gets stolen, they are left without a penny. But when you have a credit card protection insurance policy, you will also be provided with emergency spending money. This is not given out for free though. This is considered as either a form of a cash loan or cash advance.
For a small annual premium, you can ensure all your credit, debit, and store cards. But before you avail of one, check to make sure that your home or travel insurance policies do not offer credit card protection. Also, check with your CC provider as most banks nowadays come with a card protection policy. You don’t want to pay for a credit insurance policy you already have! Overall it is a good idea to protect yourself from fraud by ensuring your credit cards.