Credit cards and insurance

Some financial institutions offer optional insurance with their cards and many users end up taking them out even without knowing it. They are not mandatory. We advise against this type of insurance and encourage consumers to check if they have taken it out.

How to claim card insurance charges

Is credit card insurance mandatory? There are many users who have been surprised to find that the bank has charged them for this concept without them being aware of it.

These insurances are complementary to the cards, they are contracted optionally. The problem with these insurances is that sometimes the consumer is unaware of their contracting, since it is done by simply indicating with an X that it is accepted, X that may even have been pre-marked in the contracts by the bank’s employee. In the card applications something similar to this will appear:

In any case, we advise against contracting this type of insurance. The premiums paid are usually high and the coverage offered is usually very limited.

In addition, such contingencies are usually covered by other insurances, such as home, accident or life insurance, which the holder has already taken out on his own or are simply covered by the law itself. It happens with the liability of the cardholder for fraudulent use in case of theft or loss, which is legally limited to a maximum of 150 euros if there has been a fraudulent use before communicating the theft or loss to the entity.

What you can do

The premium for this type of insurance usually appears as another charge on the card, as if it were a purchase, so in many cases it goes unnoticed.

• • If you have unintentionally contracted one of these insurances, the first thing you should do is review your contract to check that the option is marked and signed. If so, the only thing you can do is to request the cancellation of the insurance so that you will not be charged for it in the future.
  • If you also find an irregularity in the contract, you can claim and request a refund of all premiums paid so far.