Scamming Credit Card Company

[plasticpig]

I received a new credit card recently. I had to phone up to activate the card. They tried to sell me insurance for identity theft. This would cover up to £5000 misuse on my card apparently. When I pointed out that legally I am not liable for fraudulent transactions if I still physically had my card and that I would only be liable for the first £50 if my card had been stolen I was told this was not the case

It's all very well trying to scare people into buying insurance; but the people selling it should at least be aware of what the legal position is. This type of insurance is not insuring the card holder it is insuring the card issuer and the issuer is trying to get the card holder to pay for it.

Edited by plasticpig on Friday 21st January 16:18

[davethebunny]

barclaycard by any chance?

I had the same when i registered mine.

Asked them why i would want to pay insurance to cover their loss

'err...what do you mean?'

'Well it's your money that gets stolen, not mine isn't it?'''

'err'

etc

[Webber3]

It's a bit like mortgage indemnity insurance. The bank want you to pay to insurance their risk.