Card Protection

Card Protection?

Credit Card Protection is a generic term for remote assistance provided when you (or your family) lose your credit cards at home or abroad.

A call to the card protection company triggers a series of communications to each of your card companies to advise them that your cards are lost or stolen. Card Protection often includes insurance if lost or stolen cards are misused, as well as extras such as replacement key service and change of address services. Card Protection can be expensive if purchased through your credit card company, so it’s best to shop around for insurance to make sure you get the best price.

Card Protection policies are available from most banks and credit card providers and usually cost upwards of £12 per month. Some companies also offer the option to insure all cardholders in your household, which costs around £30 per year.

If your credit cards have been lost or stolen you are usually liable to pay only the first £50 of any financial loss. This limit does not apply if you have lost your card as a result of reckless behaviour and provided you have not given out your Personal Identification Number (PIN) to anyone else.

It is advisable to double check this as many banks will only cover unauthorised spending on a card from the date reported stolen and not before. On the other hand, most Card Protection policies will cover you for a limited amount before the missing cards are reported.

A few years ago it was found that a number of CPP policies had been mis-sold, leading to millions of customers being granted compensation. The deadline for submitting a claim elapsed in February 2015.


Q: Is it worth the cost?

A: It can be, especially if you are in a position where your credit card is used regularly. As with any type of insurance you need to ask yourself what the potential damage would be to you if your card were lost or stolen.

It is also worth remembering that there is a certain amount of card protection covered by Section 75 of the Consumer Credit Act 1974 whenever you make a purchase, but this will not help with lost or stolen cards.

Jargon Buster

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