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Sunday, August 13, 2006

Credit Card and Insurance

Credit card and insurance are two very important financial services in modern sociaty. In a world that is built on the basis of credit, credit cards is a part of daily life for most ordinary people. Insurance, on the other hand, is something to protect you from uncertainty which may happen unexpectedly to anybody. The idea of insuring the future is now accepted by more and more people. Insurance and credit cards go hand in hand in many ways.

Coverage for certain insurance policies are sometimes provided as benefit by credit cards issuers at no extra charge. For example, Chase i-card provides the following insurance coverage:

$500,000 Worldwide Automatic Travel Accident Insurance coverage

Purchase Protection - an insurance program that covers purchases against damage or theft for 90 days from purchase date

Auto insurance and travel insurance are usually such benefit for cardholders.

For an additional premium, insurance protection plans are also available for cardholders to protect an outstanding balance on the cards. Usually, the insurance policy will cover the following:

Critical Illnes Protection: For a primary or spousal cardholder under 65 years of age and were to be diagnosed with certain critical illnesses, such as Cancer, Heart Attack or Stroke, the insurance policy would pay in full the balance owing on the insured account up to a maximum.

Disablitily Protection: For primary cardholders under 65 years of age who become temporarily disabled as a direct result of an illness or accident, this insurance policy will make the minimum monthly payments with certain limitation.

Accidental Death Protection: For primary or spousal cardholders over 65 years of age and were to lose their life as a direct result of an accident, the full outstanding balance (to a maximum limitation) will be paid in full by the insurance plan.

Job Loss Protection: For a primary cardholder under 65 years of age and he or she becomes involuntarily unemployed, the insurance policy will cover the minimum monthly payments based on the balance to a certain limitation until the cardholder is working again, or until your balance is reduced to zero.

Dismemberment Protection: For a primary or spousal cardholder who were to lose the sight in both eyes or lose a limb as a direct result of an accident, the insurance policy will pay the outstanding balance up to a maximum.

Strike Protection: For a primary cardholder under 65 years of age who become unemployed due to a strike or lockout, the insurance policy will make the minimum monthly payments up to a limitation until the insured resume working or the balance is reduced to zero.

Loss of Life Protection: This insurance policy will pay the full balance on the credit card account to a certain maximum if the primary or spousal cardholder under 65 years of age lose their life.

Insurance for credit cards is a service that is getting hotter. However, usually this service is provided by the card issuer. The cardholder is notified normally by mail along with their monthly bill or at the time when they get the cards. There are growing concerns about fraud within unsolicited credit card insurance marketing activities. Some thieves use this as a way to steal your personal confidential information. As a rule of thumb, never give your confidential information over phone!

The above information is informational only. For accurate insurance policy, please contact your card issuers or local insurance agents before you take out any insurance policy.

If you are interested in Life Insurance, Auto Insurance, Health Insurance, Home Insurance, or other Specialty insurance, visit to get a free insurance quote.


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How to Deal with Credit Card Debt

There's no doubt that credit card debt is a problem. More than 30 million people have a credit card in the UK, and many of those have more than one.

It stands to reason, then, that credit card debt accounts for a significant proportion of the grand total of �1.1 trillion personal debt in United Kingdom.

Credit cards are an incredibly useful way to buy goods whether in store or online and the idea of paying for expensive items or holidays etc and putting off the day when you actually have to part with your own cash is very appealing, not to say tempting.

Unfortunately, temptation can get the better of you and before you know it, you have more credit card debt than you can handle.


The most important question you have to ask yourself is: can you handle having a credit card(s) without letting your debt get out of control? Do you have a history of overspending where credit cards are concerned?

If that�s the case, the simplest solution might be not to have a credit card at all and just use a debit card or of course cash for all your transactions.

But if you can trust yourself not to spend irresponsibly with a credit card, it is still important to use it sensibly and it will help to follow some of the basic rules.


There are more than 1,000 different cards to choose from so you really will be spoilt for choice, but you have to make the right choice. You should look further than the high street for the best deals as often it�s the bigger names that carry the bigger interest rates. Search on the internet for sites that compare different cards and their rates.


Without doubt the best way to use a credit card is to pay your balance in full every month. That way, you won�t have to worry about interest mounting up and also you can be sure you are not spending more than you can afford, thus allowing your debt to spiral.

Paying the minimum amount every month is no way to handle a credit card because it will take you literally years to pay off a relatively modest debt as the interest is allowed to mount up. Worse, of course, is paying nothing at all from month to month as you could also be charged penalty fees.

If this isn�t possible, then it is more important than ever to make sure you are not paying more interest than you need to, which brings us to�


You cannot have failed to notice the multitude of credit cards on the market offering a very tempting 0% interest rate. The downside of these is that the 0% interest only lasts for a limited period, after which you could find you are paying an excessively high rate.

There is a way round getting tied into unfavourable interest rates by this initially attractive proposition: once the 0% interest rate finishes, simply switch your balance to another card offering 0% interest for a limited period. And when that finishes� well, you get the message.

Even if you don�t want to get on the 0% interest merry-go-round, you should still assess the credit card market regularly to see if it would be worth your while switching your balance elsewhere. There is no point in paying extra interest when switching is so easy.


The best advice as far as store cards go is leave well alone. The interest rates these cards carry are ridiculously expensive when compared to ordinary credit cards. Sometimes they offer money-off incentives. If you are tempted by these, make sure you pay the balance in full every month to avoid paying the excessive interest.


Tell the credit card company about it. Don�t just sit there and watch the unpaid bills drop through your letterbox. That way, the interest will just get bigger and the charges pile onto your original debt.

All reputable credit companies will be open to suggestion and willing to negotiate because they want to make it as easy as possible to recover the debt.

Enlisting the services of a professional debt counsellor can be beneficial for negotiating with your creditors � they can sometimes get the interest frozen and are experienced at securing more favourable terms for repayment.

It pays to change your attitude by taking advantage of the credit card companies rather than letting them take advantage of you.

For more information on credit card debt, go to:

-->by: John Porter

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