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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



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KEEPING AWAY FROM CREDIT CARD PROBLEMS

Once used properly and efficiently, credit cards are handy and suitable devices for just about anyone who is of age. It can even assist you with upcoming activities like buying a house, getting another degree and sometimes going for a leisure trip somewhere abroad with family and friends. Before you allow your teenager or yourself to get a credit card, know some of its advantages and understand some of its procedures.

A credit card can allow you to bUy products or services which you need right now but can’t afford to pay all of it at once. Sometimes it’s often the single way to pay for hotel accommodations, car rental fees or airline tickets.

Credit cards also allow it holders to purchase items over the phone or sometimes in the internet. You can shop and pay your monthly bills in the convenience of your very home! Some credit card companies offer virtual banking that lets you shop and transact business online.

It is also safer to carry a credit card than to carry cash around wherever you go. For the most part, credit cards are very useful in instant emergencies like accidents, car breakdowns or calamities.

You could actually even give anything you purchase protection, avail of travel insurances, free miles and even cash back bonuses if you charge your transactions with your credit card.

One fact is for sure; having a credit card is convenient at times but also remember that a credit card tempts you to spend money you don’t have. Always have the sense to follow up on your credit card to avoid overspending which can give you a big headache in the future. Use your credit cards in ways that you benefit from them, not them benefiting from you!

Understand what you’re getting into before you start building up credit card balances. Once used wisely, they are an absolute help in budgeting. But if not, they will turn up to be your greatest nightmare.