Credit Card Protections and Insurance
Most major credit card issuers now offer their members a variety of different free insurance and protection programs. It is highly recommended that you review the insurance terms of your credit card agreement since insurance offered by your card issuer may cover situations beyond those you may originally have thought.
The major credit card insurance programs offered generally include:
If you purchase a product on your credit card and it breaks, is lost, or stolen, you are eligible to reclaim all or part of the purchase price cost from the insurance policy. Not only is this a useful protection to have if you purchase expensive or fragile products, but can also be a very good additional insurance to any home contents insurance policy you have.
Policy covers you should you be the victim of fraudulent use of your card. Both identity theft and credit fraud are on the rise. This policy not only covers the traditional fraud methods but should also cover you for any Internet or telephone fraud.
Stolen Card Protection
Provided you report your card stolen at the first opportunity you have once you have become aware of your card’s theft, this policy should reimburse you for any transactions processed on your card following your last genuine transaction.
This is not something that all card providers offer. This policy will reimburse you the difference between the price you paid for a product and the cheaper price of the same product you later found elsewhere.
If you purchase your vacation on your credit card, there are two insurances you should may have. The first is a cancellation policy. This covers you if you need to cancel your trip between the purchase and the date of travel.
The second is vacation accident insurance. This will cover you in the event that you have an accident, including emergencies, or are killed on holiday.
Both of these are very useful to have. They can be a considerable extra on your travel expenses if purchased independently.
Read The Fine Print
Obviously all of the above credit card insurances and protections are subject to time and monetary limitations. Make sure you check these out. You should also make sure that any purchases made outside of the country of issue are also covered. In some cases, they are not.