credit card insurance

Credit cards and their insurance: this is what covers us

Credit cards are the great allies when making purchases. Each time its implementation is greater and more widespread. The use of cash is reduced, and with the COVID-19 crisis, there is a greater use of plastic to pay. Many people are unaware that credit card insurance is a great ally when it comes to paying. Do you know what type of coverage you have on your cards?

What is credit card insurance?

As a general rule, credit card insurance is included, you do not have to pay anything for it. They offer a variety of coverages, and we can find out their coverages by consulting the contract or policy conditions. Credit card insurance protects us against various contingencies. As fraudulent use, death or outstanding balance.

Can the coverage be improved?

Credit cards come with basic insurance, which will depend on the exclusivity of the card in its coverage. For example, customers of the American Express card enjoy very good coverage as a standard. Yes, depending on the type of card, the coverage that your insurance offers us can be extended.

What coverage do they usually offer?

They are varied and will depend on the type of card and subsequent hiring of some improvements; but they are usually the following:

Outstanding balance

It is one of the basic ones. In case of death or serious circumstances of the owner. As prolonged unemployment, the outstanding capital that remains to be paid from the card. All of this is covered by insurance.

Travel contingencies

From a delay at the airport, flight cancellation, illness of the holder and his medical expenses, loss of luggage ... It is usually offered as an extra in the most common cards; and as basic coverage in the most exclusive ones.

Fraudulent use :

It is another of the coverage that usually comes standard. Includes ATM robbery, phishing .

Purchase protection

Any problem that arises during the acquisition of a product. For example, we buy something in an online store and it never arrives. Or an error in a physical purchase that could not be resolved, such as a duplicate charge.

Electronic device protection

Given the boom in the use of mobile devices, protecting electronic devices is a good cover. It is offered in an additional way and you have to pay for them. From screen breakage, theft or even loss. This type of insurance is taking a lot of force.

In order to benefit from the advantages of credit card insurance, it is always necessary to be able to demonstrate that a contingency has occurred to us. For example, going to a police station to falsely report the theft of the terminal to get it replaced is not a good idea. In addition to being a crime, the perpetrators of this scam often end up with a simulation complaint.

In the case of travel contingencies. It will be enough to save the tickets of the expenses that we have made during the incident period to be able to have our backs covered. And very important, have the insurer's phone number at hand to be able to claim.

Credit card insurance is there to help us in case of problems. Thanks to them, we can have guarantees that can always come in handy. Knowing your coverages and when we can use them is the best way to enjoy them in case of need.

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