Grab a credit card that gives you better rewards & more!
Credit Card BYTES FROM OUR KITCHEN

Credit Card Protection Schemes

"

A credit card may help you enjoy a panoply of benefits and get value for money on your expenses, but it can sometimes put you in a tight corner. Most major card issuers in Singapore understand your dilemma and have come up with card protection plans that offer complete peace of mind.

These plans are of two types – a) Those offering comprehensive protection on the outstanding balance of your card in the event of death, accident or detection of a terminal illness; b) Those offering fraud and online use protection.

a) Insurance on Your Credit Card Balance

If you were to meet with an accident or get diagnosed with a life-threatening disease, it is hard not only for you but also for your family. You may then leave behind an unmanageable level of outstanding debt on your card. Surely, this is the last thing you would want.

To protect your family from debts in case of your death, card companies and banks offer insurance plans that are either complimentary on the cards or come at a nominal premium. This means that instead of your family having to clear off your credit card debts in the unfortunate event of your demise, the insurance company will pay off the balance.

b) Card Safety – A Key Feature of Most Cards

Lenders in Singapore have realised that card security and protection against unauthorised transactions are often the biggest concerns that customers like you face.

To allay your concerns, apart from coming up with robust security features and technologies, most banks also offer comprehensive protection schemes that indemnify you against any unauthorised use or limit your liability.

These protection plans are offered as a free service or for a token charge.

Let’s turn our attention to some of the most popular card protection schemes in Singapore.

Top Credit Card Protection Plans in Singapore

1. POSB/DBS CardCare Protector: This plan offers comprehensive coverage on card balances for up to S$200,000. You’ll have to pay for what you have spent. A premium of S$0.58 is payable on every S$100 of outstanding monthly balance on your card.

Up to S$200,000 will be paid out in the event of accidental death of the insured cardholder, up to S$100,000 will be covered in the case of death or TPD (total/permanent disability), and up to S$100,000 in the case of diagnosis of a terminal illness such as critical or early-stage cancer.

The combined monthly outstanding balance on principal and supplementary cards will be considered. You should also know that a waiting period of 90 days would apply on claims arising due to diagnosis of cancer.

This coverage plan doesn’t apply to those whose with pre-existing medical conditions.

You may get the plan terminated within 14 days of receiving the COI (Certificate of Insurance) through a written request. A full refund, without interest charges, will be initiated by the bank.

2. UOB CreditSure Plus: To make sure that your family isn’t held liable for the outstanding balances on your UOB cards and CashPlus account, opt for the CreditSure Plus plan.

Get up to S$200,000 or 2.4 times your aggregate credit limit, whichever is lower, on accidental death. Get up to S$100,000 or 1.2 times your aggregate credit limit, whichever is less, on TPD, death or detection of terminal illness.

In case of full or partial disability, you’ll also be granted a 6-month waiver on CreditSure Plus premium and loan instalments (monthly).

Premium starts at S$0.55 per S$100 of outstanding card balance. Balance on both your principal and supplementary cards will be taken into account. Premiums for this plan will be automatically debited from your UOB card or CashPlus account. This saves you from the unreliability of manual payments that can lead to defaults, missed payments, or late payments.

3. Citi Card Insure Gold: This plan offers comprehensive coverage on the aggregate balance on your credit cards and/or Citi Ready Credit in the event of diagnosis of critical illnesses such as cancers, stroke, heart attacks, or other severe medical conditions that lead to hospitalisation. Death is also covered.

You can claim up to 4 times your card/credit line balance – S$80,000 or 2.4 times your combined credit limit, whichever is lower, in case of death, disability or a major ailment. In addition, you or your family will be paid the remainder of the insurance payout, after deduction of the covered outstanding card balance, as a benefit.

In case, you spend a minimum of 7 consecutive days in a hospital, your card/credit line balance of up to S$3,000 will be paid for.

You’ll be charged S$0.42 per S$100 of outstanding balance on your card or Ready Credit account. The closing card balance, including unbilled instalments, will be considered for calculation purposes. No fees would be charged for the months without any closing balance. Contact the bank for further query or assistance.

4. Standard Chartered CardSafe Guarantee: This is a security measure that ensures that you aren’t held liable for unauthorised transactions charged to your valid Standard Chartered card.

No registration is required and no fees have to be paid to enjoy this benefit. Contact the bank’s hotline as soon as you detect a fraudulent transaction. The bank also sends you SMS alerts if you charge more than S$500 in a single transaction. You may alter this default threshold amount by logging onto your internet banking account.

This protection plan will only be valid for online transactions conducted through webpages not backed by Mastercard SecureCode and Verified by Visa. The bank expects you to contact them immediately upon the discovery of an unauthorised transaction. If you fail to do so immediately, you’re expected to inform the bank within 14 days of the relevant card statement date.

5. OCBC Credit Card Protection Plan: This insurance policy administered by OCBC and underwritten by ACE Insurance Limited offers coverage of up to S$500,000 on fraudulent transactions charged to your card.

This plan also offers reimbursement for expenses in relation to replacement of valuable documents and also offers emergency travel assistance. You’re expected to inform the bank within 24 hours of card loss or misuse.

The single plan is available for a yearly premium of S$52.43 and the household plan is available for S$93.63. The household plan includes you (the policyholder) and up to 4 persons who share your registered home address.

In order to apply, simply download the right form from the OCBC website, fill it out and send it to the bank via mail or fax.

If you’re the policyholder and lose your money during travel, you’ll receive up to S$1,500 as cash assistance, up to S$4,000 in hotel bills, and up to S$10,000 for replacing your travel tickets. These advances have a 28-day interest-free repayment period and have to be settled in full within the period.

6. American Express Card Defence: This facility ensures that you enjoy complete peace of mind during travel. If you lose your card, passport, valuable documents, or keys, call the American Express hotline for immediate assistance.

For a monthly charge of S$4.50, you can stay protected during your travel. This protection plan can be extended to your entire household.

With a single call, you can arrange replacement for your lost or misused card. You can also register and store electronic copies of important documents to ensure that you never misplace them again. You’ll also receive notifications for renewal of registered documents, wherever applicable.

Attach a Card Defence coded key tag to your keychain and enjoy complete peace of mind. If you lose or misplace your keys, anyone who finds it, will simply have to call the security number on the key tag and you’ll be immediately notified by the bank.

This facility also provides you cash advance of up to S$10,000 for your emergency needs during travel. You’re expected to repay it within the interest-free period or as notified by the bank to avoid penalties.

Credit card protection plans are ideal for anyone who lives by the code “it’s better to be safe than sorry”. Whether it is about not encumbering your family with card debts or avoiding situations that might lead you to get caught on the wrong foot, these plans have been designed keeping your safety and convenience in mind.

A credit card may help you enjoy a panoply of benefits and get value for money on your expenses, but it can sometimes put you in a tight corner. Most major card issuers in Singapore understand your dilemma and have come up with card protection plans that offer complete peace of mind.

These plans are of two types – a) Those offering comprehensive protection on the outstanding balance of your card in the event of death, accident or detection of a terminal illness; b) Those offering fraud and online use protection.

a) Insurance on Your Credit Card Balance

If you were to meet with an accident or get diagnosed with a life-threatening disease, it is hard not only for you but also for your family. You may then leave behind an unmanageable level of outstanding debt on your card. Surely, this is the last thing you would want.

To protect your family from debts in case of your death, card companies and banks offer insurance plans that are either complimentary on the cards or come at a nominal premium. This means that instead of your family having to clear off your credit card debts in the unfortunate event of your demise, the insurance company will pay off the balance.

b) Card Safety – A Key Feature of Most Cards

Lenders in Singapore have realised that card security and protection against unauthorised transactions are often the biggest concerns that customers like you face.

To allay your concerns, apart from coming up with robust security features and technologies, most banks also offer comprehensive protection schemes that indemnify you against any unauthorised use or limit your liability.

These protection plans are offered as a free service or for a token charge.

Let’s turn our attention to some of the most popular card protection schemes in Singapore.

Top Credit Card Protection Plans in Singapore

1. POSB/DBS CardCare Protector: This plan offers comprehensive coverage on card balances for up to S$200,000. You’ll have to pay for what you have spent. A premium of S$0.58 is payable on every S$100 of outstanding monthly balance on your card.

Up to S$200,000 will be paid out in the event of accidental death of the insured cardholder, up to S$100,000 will be covered in the case of death or TPD (total/permanent disability), and up to S$100,000 in the case of diagnosis of a terminal illness such as critical or early-stage cancer.

The combined monthly outstanding balance on principal and supplementary cards will be considered. You should also know that a waiting period of 90 days would apply on claims arising due to diagnosis of cancer.

This coverage plan doesn’t apply to those whose with pre-existing medical conditions.

You may get the plan terminated within 14 days of receiving the COI (Certificate of Insurance) through a written request. A full refund, without interest charges, will be initiated by the bank.

2. UOB CreditSure Plus: To make sure that your family isn’t held liable for the outstanding balances on your UOB cards and CashPlus account, opt for the CreditSure Plus plan.

Get up to S$200,000 or 2.4 times your aggregate credit limit, whichever is lower, on accidental death. Get up to S$100,000 or 1.2 times your aggregate credit limit, whichever is less, on TPD, death or detection of terminal illness.

In case of full or partial disability, you’ll also be granted a 6-month waiver on CreditSure Plus premium and loan instalments (monthly).

Premium starts at S$0.55 per S$100 of outstanding card balance. Balance on both your principal and supplementary cards will be taken into account. Premiums for this plan will be automatically debited from your UOB card or CashPlus account. This saves you from the unreliability of manual payments that can lead to defaults, missed payments, or late payments.

3. Citi Card Insure Gold: This plan offers comprehensive coverage on the aggregate balance on your credit cards and/or Citi Ready Credit in the event of diagnosis of critical illnesses such as cancers, stroke, heart attacks, or other severe medical conditions that lead to hospitalisation. Death is also covered.

You can claim up to 4 times your card/credit line balance – S$80,000 or 2.4 times your combined credit limit, whichever is lower, in case of death, disability or a major ailment. In addition, you or your family will be paid the remainder of the insurance payout, after deduction of the covered outstanding card balance, as a benefit.

In case, you spend a minimum of 7 consecutive days in a hospital, your card/credit line balance of up to S$3,000 will be paid for.

You’ll be charged S$0.42 per S$100 of outstanding balance on your card or Ready Credit account. The closing card balance, including unbilled instalments, will be considered for calculation purposes. No fees would be charged for the months without any closing balance. Contact the bank for further query or assistance.

4. Standard Chartered CardSafe Guarantee: This is a security measure that ensures that you aren’t held liable for unauthorised transactions charged to your valid Standard Chartered card.

No registration is required and no fees have to be paid to enjoy this benefit. Contact the bank’s hotline as soon as you detect a fraudulent transaction. The bank also sends you SMS alerts if you charge more than S$500 in a single transaction. You may alter this default threshold amount by logging onto your internet banking account.

This protection plan will only be valid for online transactions conducted through webpages not backed by Mastercard SecureCode and Verified by Visa. The bank expects you to contact them immediately upon the discovery of an unauthorised transaction. If you fail to do so immediately, you’re expected to inform the bank within 14 days of the relevant card statement date.

5. OCBC Credit Card Protection Plan: This insurance policy administered by OCBC and underwritten by ACE Insurance Limited offers coverage of up to S$500,000 on fraudulent transactions charged to your card.

This plan also offers reimbursement for expenses in relation to replacement of valuable documents and also offers emergency travel assistance. You’re expected to inform the bank within 24 hours of card loss or misuse.

The single plan is available for a yearly premium of S$52.43 and the household plan is available for S$93.63. The household plan includes you (the policyholder) and up to 4 persons who share your registered home address.

In order to apply, simply download the right form from the OCBC website, fill it out and send it to the bank via mail or fax.

If you’re the policyholder and lose your money during travel, you’ll receive up to S$1,500 as cash assistance, up to S$4,000 in hotel bills, and up to S$10,000 for replacing your travel tickets. These advances have a 28-day interest-free repayment period and have to be settled in full within the period.

6. American Express Card Defence: This facility ensures that you enjoy complete peace of mind during travel. If you lose your card, passport, valuable documents, or keys, call the American Express hotline for immediate assistance.

For a monthly charge of S$4.50, you can stay protected during your travel. This protection plan can be extended to your entire household.

With a single call, you can arrange replacement for your lost or misused card. You can also register and store electronic copies of important documents to ensure that you never misplace them again. You’ll also receive notifications for renewal of registered documents, wherever applicable.

Attach a Card Defence coded key tag to your keychain and enjoy complete peace of mind. If you lose or misplace your keys, anyone who finds it, will simply have to call the security number on the key tag and you’ll be immediately notified by the bank.

This facility also provides you cash advance of up to S$10,000 for your emergency needs during travel. You’re expected to repay it within the interest-free period or as notified by the bank to avoid penalties.

Credit card protection plans are ideal for anyone who lives by the code “it’s better to be safe than sorry”. Whether it is about not encumbering your family with card debts or avoiding situations that might lead you to get caught on the wrong foot, these plans have been designed keeping your safety and convenience in mind.

reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.