Credit Card Purchase Protection

For the first time in 2004, UK purchases made with credit and debit cards exceeded purchases made with cash.* Shoppers spent £269 billion using "plastic" versus £268 billion using cash.** Coupled to this, there were over 1.8 billion transactions using a credit card. This equates to approximately 60 transactions per second.*

Purchase Protection Insurance safeguards purchases made with a credit card. Most items are protected against accidental damage, theft and robbery up to 100 days after the date of purchase.

Typically this insurance is included within a credit card package and costs just a few pence a month.

Features and benefits

Purchase Protection covers most personal items bought with a credit card.

• Cover is immediate, giving extra peace of mind to the consumer, knowing that their purchase is protected from day one.
• Claims can be made up to a maximum limit of £1,000 per item and up to a maximum £15,000 limit in any 12-month period.
• Claims can be made up to 100 days after the item was purchased.
• A 30-day cooling off period allows the consumer to make sure the cover is right for them.
  

Eligibility

To be eligible for the product you usually need to be a customer of a credit card company that provides this cover.

Exclusions

Exclusions include:

• Claiming for less than £50;
• Cars purchased with a credit card;
• Goods that are lost;
• Goods that are already covered by another form of insurance (e.g. home contents, travel insurance or manufacturers warranty);
• Cash and tickets or goods left in a public place and have not been securely locked away.

For a full list of the exclusions then please refer to the policy terms and conditions. If you would like a copy, simply click on "contact us" and detail your request.

*Source: APACS
**Source: BBC Website Dec '04