Card Protection Service - Am i gaining anything from this?

Hi
I subscribe to a service that offers protection for my credit/laser cards and bank and building society cards

The annual premium for this service is € 16 and is due for renewal at end of this month.

I wondering if im getting any benefit from this or if its just a waste of money
Anyone got any thoughts?

The service provides following benefits:

Protection against fraudulent usage of all registered cards - up to € 1500
Up to € 200 if personal money is lost or stolen while abroad
They will organize replacement cards for registered cards that get lost or stolen
Valuable property and document registration service
€ 1000 emergency case advances id left stranded abroad
€ 3000 emergency case advance to pay for replacement travel tickets while abroad
Help with costs incurred to locate emergency medical assistance
Up to € 3000 emergency advance to help pay hotel bills if stranded abroad

Thanks

Re: Card Protection Service - Am i gaining anything from thi

I don't think you are getting much out of it, but you are not putting too much into it.

Most of the facilities they provide are provided by the card issuers themselves anyway. We had some cards stolen while in Australia one New Year - a call to BOI in Dublin instigated a process which resulted in someone from National Australian Bank (I think) dropping replacement cards off in our hotel with 36 hours or so.

You are already protected against fraudulent use from the time you report your cards missing as far as I remember.

Locating emergency medical facilities should be a function of your medical insurance.

z

Re: Card Protection Service - Am i gaining anything from thi

Was notified of fraudulent activity on my BOI cc card on Monday.

Hadn't lost the cards.

BOI to cover costs...if they hadn't put a watch on my card or notified me the max card limit would have been reached...as it was half the substantial limit was reached...

Re: Card Protection Service - Am i gaining anything from thi

Like my comment in the thread on payment protection.

"If you are not legally obliged to hold a particular insurance policy then don't".

The only exception I can think of is Health Insurance, and even that depends on your circumstances.

Perhaps you will be the exception and some obscure protection scheme will be of great help. But I can tell you that if you take all the money you might spend on the various protection rackets and put it aside, you'll have enough to cover most of lifes little upsets that these rackets supposedly protect you from, and if they never happen you'll have a small pot of cash to treat yourself with from time to time.

-Rd

Re: Card Protection Service - Am i gaining anything from thi

"If you are not legally obliged to hold a particular insurance policy then don't".

Click to expand...

Off topic slightly but I'd disagree with this quote. Those with no mortgage are not obliged to have house insurance, I certainly will continue such insurance post mortgage; although I wouldn't personally bother with card protection.