What is credit card protection in travel insurance?

Credit card protection travel insurance is a unique cover included in insurance policies, which protects your credit card from unauthorised charges and identity theft.

In simple terms, credit card protection provides you all possible avenues of protection when you travel. For example, travel insurance companies might alert you when your credit card is being used for overseas purchase. With a credit card protection policy, you get more coverage like this one. Some of these features might include protecting you from unauthorized charges, giving you virtual account numbers when shopping online, providing solutions for identity theft, early warning of fraud, or a simple alerting serving through SMS or email to tell you of any suspicious transactions.

With a credit card protection in travel insurance, you get the assurance of a secured credit card even when you travel abroad. Since not all insurance companies provide this kind of insurance coverage, it’s important that you know which providers offer this feature, especially if you have plenty of credit cards to secure.


Which insurance companies offer this coverage?

Compared to other coverages—personal accidents, loss passport, delays, or emergencies—credit card protection in travel insurance is rare. It’s also very unique because only a selected few providers of travel insurance offer this kind of coverage. This makes finding the right company difficult especially if you are in dire need of a secured credit card.

The good thing is that there are two major providers of credit card protection in travel insurance here in the Philippines: Citibank and HSBC.

Citi Card Protection

The Citi Card Credit & Account Protection coverage keeps your credit card/s safe from identity theft and unauthorised use if ever it gets stolen or lost in the middle of your overseas travel. Credit card protection in travel insurance includes a liability on unauthorised charges, a safer online shopping experience with virtual account numbers to help protect your identity, and solutions against identity theft. They also provide an early warning and alert service via email or SMS to help detect early signs of fraudulent activities.

An annual coverage of 200,000 is provided for each card in case it gets stolen or lost. Unauthorised transactions are covered for 40,000 maximum per claim. The unauthorised charges should be reported to Citibank 48 hours upon incident or the claim will be waived. For fraudulent transactions, due to identity theft, not the credit card itself but the details, Citibank provides 200,000 worth of cover.

For an annual premium of 895, you also get a maximum coverage of 400,000 for loss of credit card and identity theft.

HSBC CardGuard

Compared to the Citi card protection intravel insurance, the HSBC CardGuard is an optional coverage that allows you to immediately cancel any of your cards in the event of it being lost or stolen. It also allows you to get an unlimited cash advance if you happen to lose your travel tickets together with your secured credit card. An emergency cash advance is also provided. As well, this cover policy from HSBC allows you to get emergency passports or driving licenses if you lose it with your card.

*Go to www.gobear.com to use the insurance finder for accurate data on premium and coverage.

Need access to credit card protection travel insurance anywhere in the world? Use GoBear Philippines to find and compare travel insurance for your credit card protection as you travel.