Credit card "account cover"/"shopper protection": how to avoid the fee?

OldBugger on 16/01/2014 - 13:08
Last edited 16/01/2014 - 13:25

I have a Coles and 28 degrees credit card which has this type of account insurance. They say that if your closing balance is nil on the date that your statement in printed, you won't pay any premium.

I guess I have to know when the statement will be printed and ensure my balance is zero just before??

Or is it a case, like the customer care have told me, that I wait for the statement and then simply pay off the card balance by the due date (which will be a week or two after the statement I'm guessing)?

Any advice on how you are going about this?

Cheers

Financial

Comments

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  • savara on 16/01/2014 - 13:40

    Just call & ask them about statement day.

    • OldBugger on 16/01/2014 - 14:28

      I've done that twice and got conflicted info. Just wondering what others have done.

  • PissLUR on 16/01/2014 - 14:33

    you will have to pay before the statement is printed to avoid the premium.

  • tonester on 16/01/2014 - 16:38
    +1

    check your statement - monthly periods rarely deviate by more than a day :)

  • unco on 16/01/2014 - 22:02
    +1

    I just paid off my balance for the first month whenever I made a purchase.
    Then wait for the first statement to arrive and you'll see when it is dated.

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