Credit Card Insurance: Features and Benefits

Did you know that you could get insurance on your credit card as well? If not, then here’s a blog that will help you get a better understanding of credit card insurance and how you can benefit from something like this.

What Is Credit Card Insurance?

If you use your credit card regularly, for all kinds of transactions, then you are probably very well aware of how to get the most out of it. However, credit card companies also offer insurance against your credit card to cover for any risks or liabilities that may spring up with daily usage. 

Do not want to get into any major losses simply because something happened to your credit card? Approach your credit card company today and ask them about the insurances offered on your credit card.

Key Features of Credit Card Insurance

Here are the major features of credit card insurance you must be aware of:

Fraudulent Transaction Coverage

Credit card insurance often includes coverage for unauthorized transactions made on your card. If someone steals your card information and makes purchases without your consent, the insurance can reimburse you for the fraudulent charges.

Lost or Stolen Card Replacement

If your credit card is lost or stolen, the insurance may cover the cost of replacing the card. This can save you from the hassle and potential financial loss associated with replacing the card on your own.

Emergency Assistance

Some credit card insurance plans offer emergency assistance services, such as emergency cash advances or card replacement services, especially useful when travelling abroad.

Travel Insurance

Many credit cards come with built-in travel insurance benefits, including coverage for trip cancellation, trip interruption, lost luggage, and medical emergencies while travelling.

Purchase Protection

Certain credit card insurance policies provide purchase protection, which reimburses you if items purchased with your credit card are stolen, damaged, or lost within a specified time frame after purchase.

Extended Warranty

Some credit card issuers offer extended warranty protection, which extends the manufacturer’s warranty on eligible purchases made with the card.

Credit Monitoring

Some credit card insurance plans offer credit monitoring services to help detect any suspicious activity on your credit report, aiding in early detection of potential identity theft or fraud.

Must Read: Features and Benefits of Axis Bank Credit Card

Benefits of Credit Card Insurance

Now, let’s talk about the major benefits of credit card insurance:

Financial Protection

Credit card insurance provides financial protection against various risks and liabilities associated with credit card usage, giving cardholders peace of mind knowing they’re covered in case of unforeseen events.

Convenience

Having credit card insurance eliminates the need for cardholders to purchase separate insurance policies for certain risks, such as travel or purchase protection, streamlining their financial planning and reducing paperwork.

Cost Savings

By covering certain expenses, such as fraudulent transactions or lost luggage, credit card insurance can save cardholders money that they would otherwise have to spend out of pocket.

Travel Benefits

For frequent travellers, credit card insurance offers valuable travel benefits, including trip cancellation/interruption coverage, emergency assistance services, and rental car insurance, enhancing the overall travel experience.

Added Value

Credit card insurance adds value to credit card offerings, making them more attractive to potential customers. It’s a way for credit card companies to differentiate their products and retain existing customers.

Also Read: How To Protect Credit Card Transactions From Frauds

Conclusion

Credit card insurance is a great way to get protection on your credit card, giving you added peace of mind as well. There can be many situations when credit card insurance comes in and saves the day for you, such as – a stolen credit card, damaged credit card, fraudulent transactions on your credit card, and a lot more.

We can’t go much further into the specifics of credit card insurance because it depends from one bank to another. However, if you want a credit card that offers all the benefits and cashback offers, then get yourself the Airtel Axis Bank Credit Card today!

This is one of the best credit cards that you can get, and make extra savings every day. Use this credit card for your prepaid recharges or postpaid bill payments on the Airtel Thanks UPI app, get airport lounge benefits, discounts on delivery apps, discounts at partner restaurants and a lot more. Apply for this credit card right now to get all the benefits!