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Credit card payment protection insurance

The credit card companies own cover tends to be expensive

 

  • Cover offered independently can be much cheaper

 

  • Often just called Payment Protection

 

  • Like mortgage protection but to cover credit card bills

 

  • Some cover just the minimum monthly repayment

 

  • On some you choose the amount to cover

 

  • Some will cover a portion of the outstanding balance

 

  • You choose what to cover, as premium is based on each £100 of the outstanding

 

  • They sometimes last for 12 months, but can be limited to 6 months

Types of income protection plan