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How can I protect my Card repayments?Hot Topics
When you apply for a credit card, you will be offer payment protection insurance to pay via your credit card bill.This means that if the unexpected happens and you can't pay your credit card bills because of an accident, sickness or involuntary unemployment, the Payment Protection Insurance will cover the monthly payments for you. Cover will be charged as a proportion of your monthly balance, and though costs vary between different credit card companies an average figure would be about 75p per £100 of your monthly statement balance. As a general rule, if you need to claim on your Payment Protection Cover, the insurance will pay 5% of your outstanding balance after 15 consecutive days and will continue to do so for a period of up to 11 months. In the twelfth month your entire remaining balance will be cleared along with any interest owed. If you or an additional cardholder dies, your insurance will cover the full outstanding balance subject to a maximum of £10,000. * Terms and conditions will vary for different credit card issuers.
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