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Credit card with insurance

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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:

MASTERCARD BLACK – BDO Credit Card


FEATURES:

  • Enjoy FREE membership for both your primary card and supplementary card for the initial year!
  • Earn rewards points on every Php50 worth of transactions on your BDO MasterCard Black!
  • Get special assistance whenever you travel with BDO Travel Desk!
  • Stay in the comfort of your homes and let BDO Black MasterCard do the payment of your monthly utility bills!
  • Supervise your finances with simplicity as you get lots of savings and discounts!
  • Avail of 24/7 customer service whenever you need it!

RCBC Bankard JCB Credit Card


FEATURES:

  • Worldwide Acceptance in more than 180 countries on all major establishments
  • Shop, dine and travel anywhere and pay in any currency required
  • Convert your outstanding balance to your new RCBC Bankard JCB Credit Card.
  • Enjoy 24/7 customer service wherever you are.
  • Get as much as 30% of your credit limit anywhere you may be!

BDO MASTERCARD SHOP MORE


FEATURES:

  • Pay just Php900 for the initial year!
  • Avail of a cash advance fee of 5% or Php300 whichever is higher
  • Have a finance charge of 3.50%
  • Avail of up to 30% Cash Advance of your credit limit!
  • Get rewards points each time you purchase items at SM by the Peso Payback Rewards Program
  • Get up to 5 supplementary cards on your first year!
  • Relish on exciting freebies and discounts through SM Exclusive programs and BDO Delights!
  • Avail of the ongoing installment promos for as low as 0% interest in different electronics ad appliance stores, furniture shops, health and beauty services, restaurants, jewelry shops, travel packages and more.

BDO Shop More MasterCard has wide recognition and acceptance on major establishments throughout the Philippines and plus 20 million locations in 275 territories and countries wherever MasterCard is accepted.

Landmark – Anson’s Card


FEATURES:

<ul>
<li>Free membership for 12 months</li>
<li>Lowest monthly fee of Php80 per month</li>
<li>Earn rewards when using your cards and exchange them for free gift certificates</li>
<li>Avail of Weekly Wednesday discounts</li>
</ul>

Featured Articles:

Should you let your kid have his own credit card?

Fact: there is already an increase of teens and college students who have their own credit cards. Credit card companies now aim on the two groups since they are the ones who spend more money than adults.

Educate your child on how to manage spending with a credit card. Parents an even use instances in the present state of affairs as an example to discuss to kids the pros and cons of credit cards.

Smaller credit limits are usual with these types of cards and while it may be easy to apply for one, credit card companies charge large interest rates and fees to the teenage credit card holders.

People who are below 18 are not legitimate in obtaining credit cards without the consent of their parents. Unfortunately, some kids fill out forms and receive credit cards without the knowledge of their parents. To avoid this, talk to them and help them realize the importance of beginning a solid credit history with their first card. Emphasize that it is of utmost importance to their future.

As a parent, start by reading the guidelines with your child. Make sure you call to attention all the terms written on the fine print. Avoid coming to the rescue if the bills get way out of control. This will teach him to be responsible in handling his money. A credit card spent by a teenager and paid by his parents initiates bad credit habits

Let the child bear in mind that his credit card sho uld be used in emergencies only. Monitor ALL his spending activities. Some credit cards even allow the parents to create their own credit limit for the supplementary cards. This is very logical especially if you are too busy with your career.

Parents can help their kids spend sensibly with the correct use of credit cards. At this early stage, it is better to prepare them in the reality of life by teaching them not to abuse its benefits.