If you load money onto your credit card is it insured against theft/fraud?

breadmonkey

I heard this somewhere before and would like to know what the story is as I'm currently trying to sort out money stuff for going travelling. Thanks.

Colonel Sanders

breadmonkey wrote: »

I heard this somewhere before and would like to know what the story is as I'm currently trying to sort out money stuff for going travelling. Thanks.

I used to have an MBNA card and they told me it wasn't protected if the card was stolen etc. I'm not sure about other companies tho.

I have a PTSB card now, probably should find out!!!

BuffyBot

Generally no, it is not.

Davy

Colonel Sanders wrote: »

I used to have an MBNA card and they told me it wasn't protected if the card was stolen etc.

http://boards.ie/vbulletin/showpost.php?p=56207813&postcount=13

MBNA cover positive balance on my gold card, and i don't pay any withdrawl fees if its in credit

Random

I have standard MBNA Visa and the woman on the phone told me about 8 times in one call that my positive balance wasn't covered and I should spend it ASAP as I wasn't covered if it was stolen.

The funny thing? The positive balance was €1.48 !!!!

unclebill98

no, not covered one bit.

breadmonkey

I queried this with AIB and got the following reply. I have a student Mastercard.

Dear Mr XXXX


Thank you for your mail.


I confirm that all our credit cards are monitored against fraud, and your card is protected whether your account is in debit/credit.


If I can be of any further assistance please contact me.


Kind Regards
<snip>
AIB CCC Customer Support

unclebill98

Of course they will protect against fraud, but putting your CC into Credit is not a wise idea. UB will freeze your card until the balance is back to zero or minus.

Its not easy to unblock if your in another country, having to make calls etc. Best to use the cc for purchase and your debit card for cash.

breadmonkey

unclebill98 wrote: »

UB will freeze your card until the balance is back to zero or minus.

I don't understand this. Could you explain a bit please?:)

unclebill98

breadmonkey wrote: »

I don't understand this. Could you explain a bit please?:)

UB will put a stop on your CC card if you load money onto it.

Say you intend to buy a holiday online for 2k and you limit is 1500 and go into you bank the next day and lodge 500 onto the card. The holiday company have not charged you yet cause you've not bought it and the money hits the card.

You then go back on line and try book the holiday, you can't do it cause UB have stopped your card and you must call them to explain yourself. They do write to you asking for you to call them.

So, if you wanna buy something that exceeds your limit you can't. Also, if your card is robbed when you've loaded it and used your not covered for the excess money, just the limit.

Not all CC providers are the same and UB only really in force this on new CC holders. BOI will call you too, but will not stop the card.

So imagine, you heading to the Australian out back, you go online line load up your card and off you go. You at some gas station you fill up and try to use you card, it dont work.... Try sort that out in a hurry with the shop owner looking at you and the time zone difference...

And yes, its happened...

Toots

I never knew that!! I front loaded my BOI student credit card when I went to Australia and nothing happened. I never even got a phone call or anything. I work for them now and have never heard of one of our customers being called for loading their credit card. As regards whether the money is insured or not, I really couldn't say. It's a grey area, at one stage the word coming down from above was that yes, the money was covered in case of fraud. Then we were told it wasn't. Best bet is ring your credit card provider, they'll be able to give you a concrete answer. It probably differs from bank to bank.

Colonel Sanders

davton wrote: »

http://boards.ie/vbulletin/showpost.php?p=56207813&postcount=13

makes no difference now (as I changed cards) but this is exactly the opposite of what I was told by customer service when i asked them (was a gold card holder too)

youcancallmeal

I was walking by a BOI branch yesterday and decided to go in and ask. The bank manager happened to be standing by the queries desk when I went in and she told me that BOI credit cards are 100% insured against fraud regardless of whether they are in credit or debit status. She even rang the credit card department to confirm? I gave her the scenario that if my CC was in €1000 credit and someone stole it and took €1000, she said I would be covered fine as long as I had a police report etc.