Credit Card

Credit card payment protection

Credit Card Payment Protection could cover your credit card repayments if you have an accident, become ill or find yourself unemployed through no fault of your own.

This payment protection cover is optional and is available through The Co-operative Bank. 

Who's eligible?

To be eligible for this cover, provided by Norwich Union, you must be:

  • Aged 18 or over, and under the age of 65
  • A UK resident, excluding the Channel Islands and the Isle of Man
  • Working 16 hours or more per week in permanent paid employment
  • The principal card holder.

Terms and conditions apply.

Benefits

Unemployment, Accident & Sickness Cover If you are unable to work for 14 consecutive days, it could meet your minimum monthly repayments until you return to work. The cover could last for up to 24 months for an accident or sickness claim, and 18 months for an unemployment claim.
Life Cover If you die, it could pay the outstanding balance at the date of your death.

Cost

The monthly premium charged to your account is just 76p (including Insurance Premium Tax at the appropriate rate) for every £100 on your outstanding credit card balance each month. 

Limitations

Some limitations and exclusions exist, the most significant of which are listed below. These are not all of the exclusions and limitations, and it is very important that you PDF document read the the Policy Documentation carefully:

Cover may be limited or there may be specific exclusions if you:
  • Are self employed
  • Are on a fixed-term contract
  • Are on maternity or paternal leave
  • Are currently off work sick
  • Have not been in permanent employment for 6 continuous months
  • Leave the UK to live abroad
  • Retire early from work
  • Voluntarily reduce your hours of work to less than 16 hours per week.
It will not cover a claim resulting from: Certain pre-existing medical conditions
An unemployment claim can only be made:
  • If you have been in permanent paid employment for a minimum of 16 hours per week continuously for 6 months
  • In the event of compulsory redundancy after the first 90 days.

What's 'paid employment'?

Paid employment is defined as paid work of at least 16 hours per week. This includes self-employed work and statutory maternity and parental leave but it does not include temporary work. Examples of temporary work include that done on a casual basis or through a recruitment agency.

 

Yorkshire Building Society acts as an Introducer to the Co-operative Bank for the provision of credit cards and related payment protection insurance. The Co-operative Bank is authorised and regulated by the Financial Services Authority (No. 121885), subscribes to the Banking Code, is a member of the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No. 006110).
 
Credit card agreements regulated by the Consumer Credit Act are not regulated by the Financial Services Authority.

Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, credit cards, loans, mortgages and more.

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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).