Money Plants

Wednesday, March 08, 2006

Credit card and free insurance

So your credit card claims to offer you free insurance? It offers free death and disability insurance, compensation on loss of luggage, delay of flight etc.?

A few things you must know...
1) Much of that insurance cover would apply in case of death and disability arising out of air travel. A small portion will apply to non-air travel.
2) Claims cannot overlap. That means in case of loss of luggage or delay of flight, if the airline is paying you compensation, the card company won't give you any.
3) You need to keep the card active. That means, you need have used your card at least a few times before making the insurance claim. For instance, to be eligible to avail these claims the card must have been used at least once in the preceding 90 days prior to the date of claim in case of Stanchart. Similar rules apply to all other cards.
4) Hidden tricks are always there. Some card companies offer you an insurance cover and charge you a tiny amount of premium in your monthly bill. The amount per month maybe so small that you may find it irrelevant to dispute. But this is not something you asked for. The card company simply charges you for it and if you don't dispute it, they sign you up for the scheme by default. Beware of these traps. If you find such weird charges, call the company and demand an explanation.

Raise your voices guys. Banks, insurance companies, mutual funds, almost everyone out there is making money based on your ignorance. Wake up. Read the rules. Take a little bit of effort to be a good customer. Challenge fine prints and asterixes. And soon service providers will know its not so easy to trick customers.

5 Comments:

  • very true. We must raise our voices, they guys are really fooling the customers.

    By Blogger REFLEX, at 7:20 AM  

  • Hi MG,

    Thanks much for your posts on the request I had made on LTA!

    Could you have a post on IPOs? Could you touch upon the following points?

    1. When does a trading in stock market happen for the IPO?

    2.Usually what determine the share price after you subscribe for an IPO.Will the list price(?) be always higher than the IPO price?

    2.How to go about investing in IPOs? Can I always purchase enough shares in an IPO to my liking?How does trading in an IPO and subsequent trading take place?

    3. What does the price band in an IPO and at listing mean?

    3.The cost to the investor involved as against investing in a regular stock.

    4.Is it always an attractive investment option?

    HS

    By Anonymous Anonymous, at 11:47 PM  

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