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Credit Card Protection

  • 11-12-2009 1:20pm
    #1
    Rmmb
    Registered Users, Registered Users 2 Posts: 26 ✭


    Hi i am self employed and closing at the end of the month, i had been paying credit card protection on my personal card which the bank have now cancelled, as i am deeply in debt, i'm wondering what this payment protection actually covers??


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    If the card has been cancelled by the bank, the associated payment protection has probably ceased as well. If it has, you won't be covered by it (as you are no longer paying premiums). First thing to do is clarify that with the card issuer first.


  • #3
    Cicero
    Closed Accounts Posts: 14,144 ✭✭✭✭Cicero


    Self employed and payment protection on a personal credit card????????...not entirely sure that you were officially covered for anything or at least not what you thought you were covered for...death, disability and critical illness are the typical things covered under payment protection- redundancy is also covered ....but not for people self employed...in addition, this policy doesn't cover your credit card outstanding balance...it typically covers:
    10% of your outstanding monthly balance
    up to a maximum monthly payment of approx 650
    and ...only for a period of 12 months.....

    There is another type of card protection called 'purchase protection'- this covers accidental breakage or theft of items purchased on your CC for usually a period of about 90 days- it's handy thing to have- I have it free on my CC- but I would be slow to buy the policy, as either your home insurance or travel insurance MAY cover these items also...

    hope the above helps...in the absence of more detail I cannot comment further..


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