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OzzMosiz

Card Protection Etc

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Just activated my new current account and had the guy on the phone trying to sell me card protection (protects against identity fraud and all my other cards too (though I will be discontinuing them once I've settled in with this new account). It costs 60 quid a year - is it worth it??

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From Link

"if your card is used or stolen you are fully protected by the UK Banking Code. The Code is a voluntary system that sets out standards for good banking practice, including limiting liability for cardholders that are victims of fraud. Under the Code, if someone else uses your card before you tell your card issuer it has been lost or stolen or that someone else knows your PIN, the most you will have to pay, in theory, is £50.

In practice the bank or building society will usually refund the full amount lost. But if the cardholder were negligent, for example, by keeping their PIN near their card, they would have to meet all the losses.

If your card is used fraudulently but you still have the card in your possession you will not be liable to pay for any part of the losses. You would probably still have your card in your possession if you are a victim of counterfeit skimming or card-not-present fraud."

So from the standpoint of fraud you don't need it.

If you're taking out protection to cover you in the event of illness or redundancy that's a different matter.

PS. I'm a bit of an expert on this having had a cash card cloned, the full amount that was taken was refunded within 24 hours of getting a crime number (That's all my bank seemed to be interested in, presumably for their insurance)

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MM is right, fraudwise you don't need it.

I've heard that it is difficult to claim on for covering payments. There's a lot of small print and get-outs apparently.

I've never bought it, but then I don't rack up anything that can't be cleared at the end of the month.

NDL

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Its a scam. You don't need it

Ok. What happens if someone clones my card and empties my account - how would I go about

proving it wasn't me? Would I have to cough up legal fees (this is the angle the guy on the phone

used to try and tempt me).

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I have been using HSBC's cardguard for a few years now, the yearly fee started at £12, now it is up to £20 per year, aswell as protecting all my cards it also provides key guard so if i lose my keys they can be posted back to me (in theory), also the policy now covers upto 5 household members and identity fraud protection, so do i need this cover or should i cancel the policy?.

Edit - http://www.hsbc.co.uk/1/2/personal/credit-...ction#cardguard

Edited by Mark5290

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when you register a new credit card, the operator on the other end uses very careful words to corner you into accepting agreements... just remmeber to SAY NO clearly and concisely. If he/she says what happens when you lose your card - SAY YOU TAKE FULL RESPONSIBILITY OR ALREADY HAVE INSURANCE!

I am sure these call centre guys are highly trained professionals er

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I had some nice lady ring me up about this, and said "ok, take me through the benefits" and they were all pants. They also said they would photocopy and store important documents like deeds "My reply, the bank holds them anyway!!!" (not that I own a house). I was also told I would get £50 for a wallet if it was stolen - wow wee!!!

Oh, and the biggest sales point, i.e. fraud protection was immediately put aside as I said i'm already covered by the law!!!

It's always fun to wind these sales people up! Unless you're watching TV, of course!

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One of the ones to watch is the repayment protection if you lose your job. Usually it is limited to 6months or something... but if you run the numbers that often equates to less than 2 years worth of subscription payments.

What's worse is for credit cards, they charge you x% per month. This then means if you have a minimum payment going out on a large balance, then most if not all of the repayment portion of it will then go on card protection. Eg balance of 3,500 minimum payment = 50 interest = 40 card protection = 9.5 ... which means the bank wins as well as the cpi company...

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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