Credit Card Purchase Protection

  gemdogie 10:57 01 Oct 2007

My credit card provider MBNA has just advised me that from 10th November 2007 there will be important changes to insurance cover. It reads as follows ( due to low demand,travel accident insurance,travel inconvenience insurance,lost luggage insurance and purchase protection insurance will be withdrawn ). The purchase protection part gives me most cause for concern.
Has anyone noticed this happening and if so what are your thoughts ?

  tullie 12:48 01 Oct 2007

I would have thought that the law covers you for purchases over £100?

  beeuuem 14:33 01 Oct 2007

The Personal Protection Insurance was additional cover for the goods purchased. The removal of this does not affect your protection provided by Section 75 of the Consumer Credit Act 1974.

"Purchase Protection Insurance
Although we have not personally recommended this policy Purchase Protection Insurance meets the demands and needs of those who wish to protect certain purchases against theft or accidental damage for up to 100 days from date of purchase. This is not a substitute for Home Insurance and cover only applies when you purchase the item in full using the MBNA credit card."

  spuds 16:33 01 Oct 2007

A number of credit card companies have reduced some if not all of their 'free' additions. Those that have not so far, are now doing so. I started with Barclaycard in its fledgling years, and since then, the amount of changes have made the mind boggle.

One thing that I do know, is that loyalty doesn't pay. New customers always seem to fair better with the incentives that are being offered, than long established clients.

  Belatucadrus 17:16 01 Oct 2007

I did notice it and wasn't that impressed, since the Alliance & Leicester card was taken over by MBNA, the interest charges have gone up and I've received calls from them attempting to flog their enhanced card cover package, which I've always seen as pointless. I suspect that this is an attempt to make that particular extra package rather less spurious by reducing the cover available as standard.

  Stuartli 23:53 01 Oct 2007

If you have a debit card with the Visa sign, the cover is very similar to that of a credit card.

In fact, the then Halifax public relations officer said that the cover was the same when questioned three years ago after the bank changed from Switch to Visa for its debit cards.

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