Credit Card Protections and Insurances
Most major card issuers now offer their members a variety of different credit card protections and insurances on their accounts. Always review your card terms and conditions. You may find that you have more protections that you originally thought.
The major credit cards generally offer the following protections as part of your standard card agreement:
If you purchase a product on your credit card that is later damaged, lost or stolen, you could be able to reclaim all or part of the purchase price. This can be a very good additional insurance to any homeowners/rental insurance policy you have.
Fraud protection covers you if you are the victim of fraudulent use of your card. Identity theft and internet fraud are huge issues. This policy not only covers the traditional fraud methods but should also cover you for any internet or telephone fraud.
Stolen Card Protection
If your card is lost or stolen, report this to your creditor right away. This policy should reimburse you for any transactions processed on your card following your last genuine transaction.
Not offered by all card providers, 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. There is generally a 30 day window of opportunity to claim this. Don’t delay if you want to take advantage.
If you purchase your vacation on your credit card there are two useful beneficial insurances you may have. The first is a cancellation policy. This may cover you in the event that you need to cancel your plans between the period of purchasing the holiday and the date of travel.
The second is travel accident insurance. This should cover you in the event that you have an accident – including emergencies, evacuations, or are killed on while on your trip.
Both of these are very useful to have as they can be a considerable extra on your holiday travel expenses if purchased independently.
Obviously all of the above credit card protections and insurances are subject to time and monetary limitations. Additionally, you should also make sure that any purchases or use of your credit cards outside of the country of issue are also covered by the policy. Not all companies will honor any charges made outside of your home country.