How the pandemic has influenced card payments
admin / June 15, 2022
Credit card purchase insurance. Credit cards are, without a doubt, the most widely used payment method by most users, especially since the arrival of the pandemic and the problem that cash presented in terms of virus transmission.
Something that many users are unaware of, is the amount of associated insurance that their credit cards have, among which we can find basic purchase protection insurance, or some much more sophisticated for higher level cards.
Whatever our case may be, it is important to know and claim the use of these insurances, since in this way we will be offering an extra protection to our cards, as well as to the financial operations we carry out through them. Without going any further, by having a purchase protection insurance, we will have the opportunity to recover the money in the event of a fraudulent purchase, something that we would not be able to do without such insurance.
As we have been saying, credit cards are a payment tool to which we give a greater use on average. In fact, studies show that in country, most users have more cards than they should. The ideal is to have one or two cards, for example a credit card and a virtual one. However, most users have so many different cards that many of them do not actually use them.
Another of the most common mistakes related to credit cards is that we tend to choose them because of the advantages they offer in terms of payment deferment, cost reduction when withdrawing money from the ATM, or even the bonuses and discounts we can enjoy when we have them.
We pay attention to all these things, long before even paying attention to much more important elements, such as knowing whether the card in question is associated with some kind of insurance and whether it can be effective or not. For this reason, we should be much more conscious with the choice of our plastics, and pay attention to what really matters.
One of the most common insurances associated with cards, as we have already mentioned, is the purchase protection insurance, and we should be aware of certain questions about it. To begin with, it does not have the same coverage in all cases, but they all agree that they protect our card against unforeseen events, theft, fraudulent use, etc.
In order to be able to claim the use of this insurance, the bank will require you to comply with three conditions. The first one is that you must make the total payment with the card associated to the insurance, something that is vital if we want the insurance to really protect us, although it is true that there are exceptions in which we can use the card to pay partially.
The second condition is that the claim times of the particular conditions of the insurance must be respected. It is really a period of time more than high to be able to make the claim, since it usually oscillates between two and three months, generally.
The last condition is that the insurance will cover in most cases for theft, but not usually in case of theft. This means that purchase protection insurances work almost exclusively in the case of theft, so if it is theft, we will not be well protected. Therefore, we must know how to differentiate between what is robbery and what is theft. Robbery is usually a violent act in which force and intimidation are used. So, if we are robbed but these elements are not used, the insurance will not protect us against the incident.