Credit card protection insurance

Card protection insurance is designed to cover your minimum monthly credit card repayments if you are no longer able to pay your credit card bill because you are not working due to illness, sickness or redundancy.

Like most types of protection insurance, this is a controversial subject and a type of product that has been miss-sold in the past. Some companies try and push this product as mandatory if you take out a credit card with them. This is never the case and if you do want to take out card protection insurance you may well be better off buying it from a different source. As with all financial products it pays to compare a variety of providers to find the best product for you.

Card protection insurance usually provides a regular monthly payment for a fixed term, most often six months or a year. Debit card protection insurance is also available but the most common type of card insurance is to protect credit cards. Card protection insurance won’t pay out in all instances, for instance if you resign from your job so make sure you read the terms and conditions of your policy.

	Is it worth having credit card protection insurance? Credit card protection insurance can provide cover if you lose your credit card or someone commits fraud using your card, but is it worth taking out a separate policy when you may already be covered?
	The pros and cons of card protection insurance Card protection insurance can apply to credit cards, debit cards or store cards but many experts believe section 75 of the Consumer Credit Act already provides enough cover.
	Tesco launch New Year loans, credit card and insurance offers Tesco Bank has released details of its 'winter warmers' promotions with a reduction in personal loan rates and free vouchers for new pet and car insurance customers.
	Consumers paying over the odds for credit card ‘pitfalls’ A worrying amount of UK consumers may be paying over the odds on credit card repayments simply due to poor credit card practice, MoneySupermarket is warning.
	Credit card data reveals ‘stereotypical’ gender spending Santander's analysis of millions of credit card transactions has uncovered the surprisingly stereotypical spending patterns of men and women.