Although balance protection can help you out in a time of need, there are some important drawbacks to be aware of. As with most types of insurance, the amount of premiums you pay depends on your level of risk — cardholders with higher outstanding balances will pay higher premiums. If you have a large outstanding balance , it can be very expensive.
Your credit rating can still take a hit, as interest starts to add up quickly. Credit card delinquency remains very low in Canada — only 0. Rather than purchasing balance protection, a far better way to protect yourself is through self-insurance. With these precautions in place, you should be more than prepared to weather the financial hardship storm without costly balance protection insurance. Premium rate is subject to change upon 30 days notice. Complete terms of coverage, limitations and exclusions are in the Certificate of Insurance that you will receive upon enrollment.
Average Daily Balance is calculated by adding the credit card account balance each day and dividing that total by the number of days in the statement period. Statement Date means the last date of the statement period for which Your Account statement is produced.
Balance Protection. We Celebrate Your Lifetime Milestones! How the Pricing Works. Enrol Today Call Call Review the enrolment information. Follow the steps outlined to enroll. Find a Branch. Learn More.
Travel Insurance Discover the travel coverage that comes with your card, plus optional add-on protection. Life and Accidental Dismemberment coverage is available up until age
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