What is card protection insurance?

What is a credit card?

credit card is a means of payment that allows you to make purchases without having cash, always with the commitment to cancel that expense after a specific time. Each credit card is backed by a financial institution that grants the money you will eventually use and then pay with interest.

Insurance card

The use of cards has become an essential part of our financial life. Although there are endless tools to avoid being victims of some inconvenience, there are always external risks such as theft or electronic fraud. Therefore it is essential to have a backup. 

In this sense, card protection insurance offers these benefits:

  • Protection against car theft identity forgery, among others.
  • Reimbursement of medical expenses in case of theft.
  • Coverage for fraudulent online purchases.
  • Monthly and annual payment plans.
  • Reimbursement for processing your stolen documents.

BBVA Card Protection Insurance

BBVA also offers insurance for cards that you can contract from US$4.10 per month (the annual plan of US$41) and obtain coverage of up to US$10,000 for cards from BBVA and other banks.

These are some of its coverages and benefits:

  • Protection against the forced use of your card due to theft
  • Protect the purchases you make with your BBVA cards against theft.
  • Reimbursement of up to US$250 for processing your stolen documents
  • Fraudulent online purchase coverage
  • Reimbursement of medical expenses for hospitalization as a result of the theft

Electronic fraud

Over time, digital channels have become powerful tools for managing finances and have optimal security; however, you should always be on the alert for these three types of electronic fraud:

  • Phishing: this is a scam that attempts to impersonate the bank so that the customer reveals their card information. They usually arrive through emails or alarmist messages that request data, which financial institutions do not do.
  • Vishing – is a scam that attempts to obtain card information through phone calls. We must not disclose data under any circumstances.
  • Smishing: In this scam, fake links are sent via text messages to obtain sensitive information. You should never respond to these types of messages.

Security advice

They are simple, and every day, we have heard some of these tips on more than one occasion, but it never hurts to follow them and make them a habit when using the cards:

  • It may be obvious advice, but you mustn’t show your password or other card information under any circumstances, especially when making a transaction in a public place.
  • When you go to an ATM, check that it is in good condition, that there is no one nearby, and if you have a mishap, do not ask for help from people nearby. Better contact your bank.
  • Make your online purchases from secure, reputable pages with an “HTTPS” connection and a valid security certificate (image of a padlock to the right of the URL).
  • Do not under any circumstances click on links to misleading offers that sound too good to be true or messages that are intended to scare you. You should always be alert to this type of email or message. It could be a digital scam.

BBVA protects you from scams

In addition to Card Protection Insurance, BBVA offers you these security tools:

  • The main feature of the BBVA Dynamic CVV is that it automatically changes digits randomly every 5 minutes, reducing any risk of fraud.
  • Turn it on and off is a feature of the BBVA App that allows you to “turn off” your credit card if you lose it. When you get it back, you turn it “on” again, and it’s ready for you to use.
  • Through mobile Banking or Telephone Banking, you can block your credit card and prevent any misuse. After securing it, you can request a new card.

Those who see it know that insurance for cards is an unbeatable opportunity to use them with peace of mind, with the confidence that always having a backup gives you.