Battling Credit Card Fraud: The Types of Insurance You Can Get

Information verified correct on October 23rd, 2016
A man wearing a balaclava and holding a credit card

Beating credit card fraud with the right credit card insurance

Credit card fraud doesn’t have to be a nightmare, as long as you’ve taken a bit of time to work out the right type of credit card insurance to offer you an extra level of protection.

Your credit card could easily become lost or be stolen, or your details could be obtained by unscrupulous people. Regardless of how it happens, it’s possible for someone else to make fraudulent charges using your credit card if that information falls into the wrong hands.

Yet, many credit card providers offer a form of insurance to help protect you against this kind of credit card fraud. A Zero Liability Guarantee is one of the more common types of credit card insurance policy offered. This can mean that you won’t be held liable for any unauthorised transactions that are made with your card.

In order for your Zero Liability Guarantee to be honoured, you will need to ensure that you report your lost or stolen card as quickly as possible. If you delay notifying your credit card provider, you risk them deciding not to reimburse you for any unauthorised credit card transaction you may notice on your statement at a later date.

Keeping this in mind, it’s wise to remember to check your credit card statement on a regular basis to be sure all the transactions noted there are legitimate and expected.

Of course, not all cases of credit card fraud are intentional. Some are simple human-error mistakes that could cause problems within your account. These include a shop-keeper double charging your credit card for the same purchase, or charging an incorrect amount for a purchase.

However, if you lend your credit card to another person and they charge far more than you authorised, you may find you won’t be covered by Zero Liability Guarantee insurance in this event.

You may find an additional form of credit card insurance available on some cards for your protection is Purchase Protection Insurance. This kind of insurance policy can cover the items you purchase using your card against loss, damage or theft, usually within 90 days of the purchase date.

Extended warranty insurance can be very handy if you’ve bought an item that comes with an Australian warranty with your credit card. Most policies of this type can extend the usual manufacturer’s warranty for a further 12 months. So if you’re purchasing electrical or electronic items, this can be very handy.

Some credit cards also offer International Travel Insurance and Accident Insurance Protection policies. While these aren’t usually associated with protecting you against credit card fraud, they can be extremely valuable if you’re planning to travel overseas at any time in the near future.

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Credit Cards Comparison

Rates last updated October 23rd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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