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161,000 credit card customers are in for a €200 windfall...

Certain card-holders are entitled to redress after paying for insurance they don’t need.

CREDIT CARDS NORMALLY are a reason for money sprinting out of your bank account, not into it, but a break from the norm is in store for 161,000 Irish card-holders.

The Central Bank have put in place a voluntary redress scheme with regard to Card Protection Insurance provided by Homecare Insurance Ltd. (HIL), and purchased through a number of providers, including Bank of Ireland, MBNA, and Ulster Bank.

When the insurance was sold, certain benefits were advertised that weren’t actually needed – liability insurance if a card were stolen, for example, which was already covered by the credit card’s own terms.

The expected payouts should be between €100 and €200 according to the Central Bank, with certain customers receiving in excess of €200.

12696032183_a92fbf5998_o Source: Sean MacEntee

The annual premium for any policy of €30-€45 can also be claimed back.

All affected customers should have been contacted by their card provider at this stage.

Anyone who chooses to make a claim, however, will have their policy cancelled.

The Central Bank’s Director of Consumer Protection Bernard Sheridan says it’s “important” that consumers think carefully before submitting a claim.

“If you purchased or renewed one of these policies after 1 August 2006 and have not received a communication, you should contact your credit card provider,” says Sheridan.

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