Credit Card Protection Cover?

quad_red

Hi all,

Getting a new BOI credit card and they want to know do I want protection cover?

Any advice on this?

Aren't there already protections in place against fraudulent use?

What do people here think?

Cheers,
Quad

BuffyBot

Payment protection?

AFAIK that doesn't cover anything to do with fraud, it's coverage for if you become to ill to work, or are made redundant and can't pay your credit card bill.

quad_red

No, it's not payment protection. I should've been more specific. From the BOI website:

Card Protection Cover

Losing your credit, cheque and store cards can make you feel stressed and anxious. What should you do first? Who should you call? For a small annual fee Card Protection Plan (CPP) provides insurance and assistance cover to help make a bad situation much better.

* Cover of up to €1,700 against unauthorised use of cards provided loss is reported to Homecare Insurance Limited within 24 hours of discovery (unlimited cover after notification), emergency cash, hotel bill payment and travel ticket replacement
* Lost luggage retrieval and cover for cash, wallets, handbags and driving licences lost at the same time as cards
* 30 day money back guarantee

BuffyBot

CPP - well personally I've never bothered with it since my first card (and have never needed it).

Basically what you get is the ability to call one number when your wallet is lost/stolen and they do all the ringing around/cancellations of cards for you. Good travel insurance should cover the rest.

As for claiming - well like most insurance providers, everything is dandy until you try and make a claim. Then it's an enormous amount of work to get them to pay up in my experience. It's really something you have to decide the value of.

quad_red

And so (excuse my ignorance) what happens if you don't have it and your card is highjacked?

As in, I've had a credit card for years and have never had a specific 'card protection' policy.

I was under the impression that if stuff was fraudulently charged to my credit card, then there was a process where the bank would accept it as fraud and I would not be held responsible for the charges.

Is this incorrect? If someone highjacks my credit card number tomorrow and goes on a spending spree, am I liable?

BuffyBot

Once you notify the card issuer or the loss asap, you're not liable for anything from that point on.

If a fraudulent transaction does appear on your card before you know the card has been stolen/compromised, there are processes for disputing it.