Credit Cards And PPI, The Facts

  • Which Cards Had PPI

    Egg, Capital One, Barclaycard, MBNA, Monument, Vanquis, Thomas Cook, AA, Morgan Stanley, Marbles, Goldfish, Shell, Egg, Beneficial and of course AMEX among others.

  • How Much Was PPI

    The cost was typically 65p to 75p per £100 of balance cover.

  • Final Countdown

    Time is running out to make a claim against the Credit Card provifders for mis-sold PPI, the time to act is now. 

Reclaim PPI On Credit Cards

Did you ever have a credit card? You may be owed thousands in PPI, claim before the deadline or your money will be lost.

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Reclaim PPI From Credit Cards Providers

Credit Cards And PPI

Credit cards are BIG money spinners for the banks and all the other issuers. Let's look at some of the history, the providers and why the banks love them and how they can be seriously bad for you financial wealth.

The worlds first credit card was Diners' Club way back in 1951, although initially it was simply a charge card. It took a whole decade to become a fully fledge credit card. Some say in that case, the honour should go to American Express, with the launch of it's travel and entertainment card in 1958.

Now as a society, we couldn't live without them. Every single bank issues them and plus of course, you have some real favourites in there too. Here are some past and present - Egg, Capital One, Barclaycard, MBNA, Monument, Vanquis, Thomas Cook, AA, Morgan Stanley, Marbles, Goldfish, Shell, Egg, Beneficial and of course AMEX.

Just as there are many names, there are just as many interest rates on offer, some as low as single figures for an APR, should you not pay your balance off in full each month and others that could quite easily reach 30% plus territory. Especially the ones designed to "build up your credit score."

But, if you were a bank and wanted to have some fun and make serious money into the bargain, all you really needed to do, was add Payment Protection Insurance on your credit card offering. Now you could make some really serious money!

So if you had it, or maybe you still do, what about the cost? Well back in the day, the cost was typically 65p to 75p per £100 of balance cover. More recently this has been higher and can be especially the case on "sub prime cards." So simple enough and the PPI, would cover your minimum balance payment each month and in some cases even up to 5% of the balance figure. Death cover too, might also be included.

All sounds great, but there was just one tiny wee snag that you probably weren't told about. That premiums might have appeared reasonable enough, BUT, if you were carrying a debit balance, remember the monthly premium was added to that too, so you actually paid interest on that each month as well.

Like an example? - okay, here you go. Well, let's say you had a £10k balance and the cost of the PPI was 75p per £100 of cover - that would set you back a handsome £75 per month, then of course there would be the interest cost on top. On a 20% credit card rate, This would sting you another £1.50 per month.

Let's be generous and say the PPI protected 5% of the balance - so, in this example £76.50 gives you £500 of cover. Reasonable? Good value for money? Well, no is the short answer. Like personal loans, you had a deferred period in which you couldn't claim. Normally this would be 31 or 61 days. Thereafter, you would normally be covered for a full 12 months. However if you compare it to a stand alone Accident, Sickness and Redundancy Policy, then immediately you can measure to some degree, the profit for the card issuer

Historically, ASU cover as a stand alone policy. That is to say, paid monthly from your account as a separate payment, might have cost £6-£7 per £100 of monthly cover. So in the above example, taking even the higher figure, this would have cost £35. So a massive 100% plus, more expensive - no wonder the bank tried to sell you a shiny new credit card, every single time you walked in to the branch, or why a Barclaycard rep seemed ready to pounce on you, every time you visited an airport.

Luckily at Beat the Banks, we know how it worked and how the rules should have been applied, every single time you were sold a credit card with PPI, but simply weren't. All our Claims Experts are former bank lending managers and as a company we have literally hundreds of years of banking, insurance and legal experience.

If you think you have been mis-sold PPI on a credit card, the team at Beat the Banks are happy to help. You can call our office on 01382 200474 or for free on 0800 193 1234.

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Find out why by watching our videos. We care, we fight your fight, and, we go back further and work harder to make sure you get more. Give your one chance your best chance with Beat the Banks.

PPi - The Final Countdown

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Contact us today, start your claim journey and together we will beat the banks.

Or call us: 0800 1931 234

Address

11 Albert Square, Meadowside, Dundee, DD1 1DD

Phone

0800 1931 234

Fax

+44 (0) 1382 201 284

Email

claim@beatthebanks.co.uk

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Beat The Banks

11  Albert Square

Meadowside

Dundee

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Company Registration No: SC413541 PPI Reclaims (Scotland) Ltd Claims Licence number CRM29125.