Credit cards (TDC) are a financial tool that allows people to access different forms of purchasethis gives you access to items that might seem difficult to have in other circumstances, however, with these you open the doors to buy many places.
These tools or financial products also provide additional benefits such as:
- points for purchases
- air travel miles
- cash-back
However, the National Commission for the Protection and Defense of Users of Financial Services (Condusef), pointed out other benefits that credit cards have and that very few people know about, it is one of the inherent insurancewhich is mostly covered within the annuity fee for using this type of financial productas is a TDC.
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How does my TDC insurance work?
Having insurance will help you cushion unforeseen expenses in the face of different incidentsthis responsibility is shared between the person who takes out the insurance and the insurer or financial institution with which the contract is signed.
In addition to the insurance provided by the cards is always a good practice count a additional insurance as backup, whose policy helps you deal with the risk situations and specific needs of each person. If you don’t have an idea of what type of insurance or coverage might work best for you, you can be guided by the age group you belong to:
- 20 to 30 years: They prefer to prioritize Car insurance to protect your assets.
- 30 to 40 years: invest in Medical Expense Insurance to protect against unexpected illnesses or accidents.
- 40 to 50 years: The idea of protecting family members in case of premature death makes them invest in a Life insurance.
What are the coverages granted by the TDC?
According to the information provided by the Condusefnotes that Save Insurancethe coverage Plan will depend directly on the type of card you handle, in addition to the financial entity that issues it. Likewise, we will leave you some of the insurance that you may have assets within your TDC.
- Forgiveness of debit balances: It forgives debit balances up to the date of death of the cardholder who owns the account.
- Travel Accident Insurance: When paying with your card for plane or bus tickets from the transport companies authorized within your card, you will have coverage against accidental death or the loss of a bodily member in the event of an accident within this means of transport.
- Protection against theft, loss and cloning: It covers the economic loss derived from the fraudulent use of credit cards, due to loss, theft, forgery or alteration of the cards themselves.
- Luggage loss insurance: Protect your belongings when they are lost or delayed during the transport service you are using to travel, as in the Travel Accident Insurance, it only applies if you bought the tickets through your credit card.
- Protection against theft and robbery at the teller: Replacement of money lost during an assault while performing an operation at an ATM.
- Car insurance for rent: Covers damage to the rental car, in case of collision or theft within the United States and Canada. It does not cover personal medical expenses insurance or civil liability to third parties. In the same way, to make this coverage valid, the car rental must be made with a credit card.
- Emergency travel insurance abroad: Protects against injury or illness during a trip. The coverage applies to the cardholder, as well as their spouse and children under 23 years of age.
How do I know which insurances are active in my TDC?
It is important to know if you credit card has these benefitsthat is why it is recommended to call your banking entity and ask about the types of insurance and its coverage available to make use of it. In addition, within your contract you can also find this information
To verify the existence of these benefits, we recommend you call your bank and ask about the type of insurance and the coverage you have available to make use of them, you can also look for the information in your card contract.
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Another option is to enter “Credit Card Site” of the Condusef to know and compare: the CAT, commissions, interest rate, benefits and insurance of the different credit cards, through the link https://revista.condusef.gob.mx/wp-content/uploads/2022/02/263_seguros.pdf
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