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Credit Card Protection - BOI

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  • 12-11-2007 10:31am
    #1
    what2do
    Registered Users Posts: 414 ✭✭


    I've just received the renewal notification for my credit card protection which costs EUR25.00 and it automatically debited from account.

    Does anyone know whether this is of any benefit to me? It is something that has always come off my account and I've never really thought about it?!


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


    Sounds like when you got the card you became part of a scheme such as http://www.sentinelcardprotection.com/index.htm

    It's entirely optional, so contact your card issuer ifd you no longer want it.


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    #3
    what2do
    Registered Users Posts: 414 ✭✭what2do


    Thanks! Do you know whether this is worth having?


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    #4
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    It really depends on your personal preference - if you have lots of cards from different banks and/or travel a lot, it can be useful in the event of loss or theft to save ringing everywhere and anywhere.


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    #5
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    what2do wrote: »
    Thanks! Do you know whether this is worth having?

    No. 96% of claims under this type of insurance are refused. [This figure is a little old, but was printed in a national newspaper.]

    Have you any sickness benefit at work? Income/Salary Protection?

    Are you a member of any employee group insurance scheme?

    Have you health insurance?

    Have you a Life Insurance plan that has extra features attached to it that could be of benefit to you in times of illness?

    Factor these things into your decision.


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    #6
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    kaiser sauze wrote: »
    No. 96% of claims under this type of insurance are refused. [This figure is a little old, but was printed in a national newspaper.]

    Have you any sickness benefit at work? Income/Salary Protection?

    Are you a member of any employee group insurance scheme?

    Have you health insurance?

    Have you a Life Insurance plan that has extra features attached to it that could be of benefit to you in times of illness?

    Factor these things into your decision.

    I think you may be mixing this up with Payment Protection - a different product :)


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    #7
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    BuffyBot wrote: »
    I think you may be mixing this up with Payment Protection - a different product :)

    Ok, then clarify what the original poster is referring to?


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    #8
    what2do
    Registered Users Posts: 414 ✭✭what2do


    Basically as far as I can it is an insurance policy and covers any transactions charged if my card is stolen, however I didn't read the policy that carefully and now I've left it at home so can't check until this evening to check whether my understanding was correct.


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    #9
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    what2do wrote: »
    Basically as far as I can it is an insurance policy and covers any transactions charged if my card is stolen, however I didn't read the policy that carefully and now I've left it at home so can't check until this evening to check whether my understanding was correct.

    I was under the impression that fraudulent transactions are covered automatically on any card. It smells like a scam to me.

    You're being charged for the privilege of what you already have as standard. Maybe the forms for your claim have gold strips around their borders?


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    #10
    what2do
    Registered Users Posts: 414 ✭✭what2do


    Think it is a bit of a scam, called them to cancel and they were wondering why as it has been in place since I got the CC (10 yrs ago!)... looks like a case of should have payed closer attention to what goes across my account! Shame on me :)


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    #11
    warthog_76
    Closed Accounts Posts: 11 ✭warthog_76


    what2do wrote: »
    Think it is a bit of a scam, called them to cancel and they were wondering why as it has been in place since I got the CC (10 yrs ago!)... looks like a case of should have payed closer attention to what goes across my account! Shame on me :)
    yes its a scam. the banks make huge money our of this & rarely payup. why should you insure them against a potential bad debt?


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    #12
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    warthog_76 wrote: »
    yes its a scam. the banks make huge money our of this & rarely payup. why should you insure them against a potential bad debt?

    Don't forget the gold plated claim forms. They've to pay that somehow.


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    #13
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    what2do wrote: »
    Think it is a bit of a scam, called them to cancel and they were wondering why as it has been in place since I got the CC (10 yrs ago!)... looks like a case of should have payed closer attention to what goes across my account! Shame on me :)

    How is it a scam? Before cards went chip and pin it was very relevant. However at the end of the day, you signed up for it which why I'm miffed as to what your problem is in the first place?


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    #14
    what2do
    Registered Users Posts: 414 ✭✭what2do


    Perhaps scam is a slight exageration however I do think I was soooo excited at getting a credit card that I never really looked that closely at the T&C's however no excuse for never questionning it since.


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    #15
    Mickelodian
    Closed Accounts Posts: 32 ✭Mickelodian


    Your credit card is covered under regulations that allow you certain rights regardless of wheter you have 'insurance' on the card. Firstly your household insurance negates the card insurance...seconly you are liable ONLY for the first 50 euro if the card is used fraudulently as long as you report the theft immediately. This Insurance is basically popped under you nose when you apply for the card and many people simply sign not knowing what it is for. It is never printed on a seperate sheet and you will never be informed of what it is. Cancel it...its useless.


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