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Credit card with insurance

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DESCRIPTIONS:

Nowadays, owning a credit may also qualify you for credit insurance. Most credit card users are not familiar with credit card insurance, so it’s either they automatically decline the offer or accept it without enough information regarding the perks of having that feature added to their plastic money. Credit card insurance is available in different forms. Some may be beneficial while some of them are simply unnecessary, so before you sign up for a credit card with insurance, be sure to learn more about it first.

In general, there are four types of insurance for credit cards. These cover you for disability, property, credit life, and unemployment.

  1. Credit life insurance is useful for paying off your debts when you die. The policy’s beneficiary is the company that you owe.
  2. Unemployment insurance ensures that your minimum monthly payment is lowered or sometimes even completely cancelled in case you lose your job. However, your purchases are not covered if you use your credit card after involuntary unemployment.
  3. Disability insurance works to protect your credit rating through monthly minimum payments just in case you become medically disabled. A period of time is set to determine the duration of the payments.
  4. Property insurance cancels the debt on the things you bought with your credit card if those items are destroyed by certain incidents as indicated in the policy.

What to get

If you are interested in getting insurance with your credit card, consider the Manulife Standard Chartered Card. Manulife is one of the reputable insurance companies in the Philippines and it has partnered with Standard Chartered so you can protect your loved ones while enjoying the benefits of shopping and dining with your credit card abroad or locally.

When using the Manulife Standard Chartered Card, you automatically get cash rewards including:

  • A 1% cash reward on the Manulife premiums enrolled in the autopay
  • A 0.3% cash reward on other retail purchases
  • 3% on purchases or spendings made on department stores and dining establishments.

Charging everyday purchases to your credit card also lets you earn as much cash rewards points which you can use for paying a month of your insurance premium.

Sources:

http://personalinsure.about.com/od/disability/a/aa010305a.htm



Featured Credit Cards:

HSBC Red MasterCard


FEATURES:

  • No annual fee for the first year
  • 3.25% finance charge
  • Enjoy Php500 or 3% cash advance whichever is higher
  • Get loads of royal pampering with RED HOT DEALS exclusive only to Red MasterCard holders.

Citibank Platinum VISA


FEATURES:

  • Pay annual fee of Php5000 for the primary card and Php2500 for the supplementary card
  • Enjoy cash advance service fee of Php500 or 3%, whichever is higher
  • Transfer your balance for FREE…
  • Finance charge of only 2.75%

MABUHAY MILES PLATINUM CREDIT CARD


FEATURES:

  • Get free Miles with the lowest point conversion ever to hit the market with only Php38!
  • Gain access to your credit card account anywhere in the world!
  • Enjoy as much as 30% of your credit limit in My Ally Instant Cash
  • Also enjoy a revolving Interest Rate of only 3.25%!

RCBC Black Card


FEATURES:

  • Highest credit limit
  • Peso Payment convenience (gives cardholders the option to purchase in any currency abroad and then pay in pesos when they get back home)
  • Revolving Facility (allows cardholders to pay the minimum of 5% of their total outstanding balance or P500, whichever is higher.
  • Get Cash Advance of up to 50% of your credit Limit or Php250000
  • Annual fee of Php3,600

Featured Articles:

HOW TO PICK THE BEST AMONG THE REST: CHOOSING THE RIGHT CREDIT CARD FOR YOU

With all the offers you get form credit card companies, you may feel a little overwhelmed about what kind of credit card suits you best. Here, at comparecreditcards.com, have a few tips for you in choosing the appropriate credit card for you before you say the big “yes” to any credit card company or get carried away with solicitations over the phone or via mail.

Find out your basic goals. Ask yourself; Why do I need a credit card? You can’t just go and apply for a credit card just to be “in” with another crowd.

Next, determine how much you are prepared to pay for the annual fees and how much you plan to spend every month. This will help you start selecting a credit card that is within your budget.

Now do the research. Go to online resources (like comparecreditcards.com) to find out everything you need. If you have free time, drop by at the banks to inquire personally about all the things you need to find out. These should include the following:

  • The annual fee
  • Required minimum period
  • Finance charges
  • The credit card issuer providing the credit line and its size
  • The extension period (interest free days) before the payment should be made.

Review all the credit cards your have researched. Base your choice of credit card to the one that bests suits your lifestyle and personality. Always remember to choose the credit card that proposes the BEST DEAL for you. For example, don’t go for a credit that offers you free miles if you don’t have any plans of traveling abroad! Get the point?

Now that you know what to do, start looking up your resources and find out the best credit card suited for you.