Credit card insurance is a handy cover for out-of-the-blue emergencies with your card. One such product is Coles Account Cover Plus. Read on to find out how it works.
When most people think about credit card insurance they think about cover for when the unexpected happens. But Coles credit card insurance offers cover for far more than just losing your job or having your card stolen.
Why Coles MasterCard insurance is different
The Coles credit card insurance is called Account Cover Plus and is an optional insurance policy designed to cover account holders against a variety of things.
The insurance policies are underwritten by Latitude Financial Services, which is one of Australia’s leading alternatives to major banks in finance and insurance. With a history of helping people find affordable finance and insurance solutions spanning more than 130 years world-wide, the insurer has developed a unique policy to suit credit card holders.
Coles Platinum MasterCard offers a Merchandise Protection Insurance. This complimentary insurance coverage is designed to protect the items you purchase using your card. If you purchase a new laptop computer and it’s stolen two months later, simply submit a claim and the purchase price will be refunded back to your card.
As a platinum card holder you’ll have access to your own personal concierge, who is happy to help you out with things you need, no matter where in the world you are. Call at any time of the day or night and ask your concierge to help you with ticket bookings, locating restaurants or accommodation, arranging taxis or transfers, or anything else you need done.
Coles MasterCard Comparison
Rates last updated September 28th, 2016.
- Coles Low Rate MasterCard
Purchase rate has been updated from 12.99 to 9.99% p.a.
February 10th, 2016
- Coles Rewards Platinum MasterCard
2 flybuys reward points for every dollar spent + a low balance transfer offer
May 30th, 2016
- Coles No Annual Fee MasterCard
New offer of 10,000 bonus points which is valid until 30 September 2016.
September 1st, 2016
Benefits of Coles MasterCard insurance
The Coles Account Cover Plus credit card insurance policy offers more than the usual coverage you’d expect. Of course there is provision for protecting you against financial difficulties, such as a loss of a job or an illness that might prevent you from working, which means your repayments are taken care of.
You’re also able to insure against broken, lost or stolen goods. If you’ve ever bought something from a store and got it home to find it’s broken or damaged, claiming on the manufacturer’s warranty can be time-consuming and difficult. However, if you paid for the item on your Coles credit card, then you can claim on your credit card insurance from the damaged item for up to 120 days after the purchase.
The biggest difference with Coles credit card insurance is that you’re also able to make a claim for any goods you buy that you see at a discounted price later. This means there’s no need to wait for the sales to happen.
You simply buy the items you need and if you see an identical item at a cheaper price in the same store up to 2 years after you bought yours, your credit card insurance will claim the difference in price on your policy immediately.
Affordable credit card insurance cover
Most insurance policies contain a pre-determined premium amount you have to pay in order to maintain your coverage. The Coles credit card insurance policies are very different and far more affordable.
The premium amount you pay is just 1% of the total balance you carry on your credit card each month. This means if your balance is only $300 at the end of this month, your premium amount is $3. If you’ve paid off your balance to a zero amount, then your policy premium will cost you nothing for that month, yet you’ll still be covered. No matter how much you owe at the end of the month, your premium amount will only be 1% of that total balance.
With so many benefits to the Coles credit card insurance policy, it’s worth taking a little time to see how you can protect yourself against unforeseen circumstances today.Back to top