What is Credit Card insurance?

Credit card can give more than convenient purchasing power and great perks like travel or cash back rewards. Some cards additionally provide the added benefit of insurance. Insurance may partially reimburse you for eligible travel expenses, or loss or damage to car rentals or qualifying purchases.

Credit card insurance is subject to terms, conditions, limitations and exclusions (including pre-existing medical condition exclusions). These are described in the insurance certificates that you receive with your credit card. Some insurances may require purchases, auto rentals, common carrier fares and other trip costs to be charged to your credit card (other conditions may also apply). Forbes

Payment Protection Insurance

PPI was intended to cover credit repayments, such as loans or credit cards, if person was unable to work due to illness or redundancy. Some of the people who say they were sold PPI but:

• didn’t know they had bought

• would not have been able to claim under the policy due to exclusions or limitations

• didn’t even need the policy as they had sufficient cover elsewhere

So, if you feel that these apply to you then you may have a reason to complain.

The fact that you signed an agreement at the time of the sale, or that you have previously tried to make a claim under the policy, doesn’t necessarily mean that the policy can’t have been mis-sold… But if you think you have been mis-sold PPI, don’t wait for a letter, just contact the business in question. You can read more about payment protected insurance.