Credit card repayments cover
Overview
Credit Card Repayments Cover is an insurance plan that will pay your N&P credit card bill when you can't. So, if sickness or an accident stops you from working, you will receive a monthly benefit of 10% of the insured balance every month for the first year or until you return to work (subject to some exclusions).
Credit card repayment protection
If you are unable to work due to accident or sickness for 15 days or more, from the 16th day Credit Card Repayments Cover could pay 10% of the insured balance up to a maximum of £2,500 per month. If you are unable to work due to involuntary unemployment for 30 days or more, from the 31st day Credit Card Repayments Cover could pay 10% of the insured balance up to a maximum of £2,500 per month. Cover will continue until the insured balance is repaid, or 12 monthly benefit payments have been made, or you are able to return to work, whichever occurs first.
In the event of your death, or you surviving a specified Critical Illness, (Aorta Graft Surgery, Cancer, Cognitive Impairments, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Replacement or Repair, Kidney Failure, Loss of Limb, Major Organ Transplants, Motor Neurone Disease, Multiple Sclerosis, Parkinson's Disease or Stroke) for 30 days or more, the insured balance up to a maximum of £25,000 could be paid.
The insured balance is usually the amount outstanding on your card account, at the date of your death, diagnosis of Critical Illness, commencement of your disability or notification of your unemployment.
Important information
To be eligible for Credit Card Repayments Cover, you must be a U.K. resident or a member of the UK armed forces/civil service serving abroad, be the principal card holder and your payments must not be in arrears, be 18 or over and under 65, and in paid employment or self-employed and paying the appropriate class of National Insurance Contributions.
Credit Card Repayments Cover costs 78p per £100 of your outstanding balance each month and in the event of a nil balance no premium is charged. Insurance Premium Tax is included in the non-life elements of your monthly premium at 5%.The minimum premium payable is 78p.
Credit Card Repayments Cover is underwritten by St Andrew's Life Assurance plc (Registered No 3104670) and St Andrew's Insurance plc, (Registered No. 3104671) whose registered address is St Andrew's House, Portsmouth Road, Esher, Surrey, KT10 9SA. St Andrew's Insurance plc are authorised and regulated by the Financial Services Authority.
Card Care
For just £18 per year single (or £42 for 3 years), Card Care can get you back on track should your cards be lost or stolen. We will cancel all your cards and automatically order replacements. If you find yourself financially stranded abroad, Card Care offers immediate assistance. We can provide a cash advance (subject to status) and help you to obtain replacement travel documents. We also cover the cost of personal effects such as your wallet, purse or handbag and the standard DVLA cost of replacing your driving licence if it is lost with the cards.