Credit balance insurance premiums range widely from 29 cents to $1.50 per $100 on your balance. Below is a list of Canadian credit cards and their insurance fees:
| Credit card issuer |
Name of insurance plan |
Monthly premium (per $100 balance) |
| The Brick Credit Card |
Payment Protection Plan |
$1.09 |
| Canadian Tire |
Credit Protector |
$1.10 |
| American Express |
Balance Payment Insurance |
$0.89 |
| BMO Bank of Montreal (All credit cards) |
Balance Insurance |
$0.94 |
| Capital One |
Account Balance Coverage |
$0.85 to $0.99 |
| CIBC (All credit cards) |
Payment Protector |
$0.89 |
| Citibank Canada |
Credit Shield |
$0.99 |
| Desjardins |
Credit Balance Insurance |
$0.75 |
| Diners Club |
N/A |
N/A |
| GE Money Canada [HBC (The Bay) Credit Card/HBC MasterCard] |
Account Protector |
$1.49 |
| GE Money Canada (HBC Credit Card) |
ChargeGard |
$1.29 |
| GE Money Canada (HBC Credit Card) |
SafeGard |
$1.50 |
| GE Money Canada (HBC Credit Card) |
AccountGard Protection |
$1.49 |
| GE Money Canada (HBC MasterCard) |
ChargeGard Plus |
$0.99 |
| HSBC Bank Canada |
Credit Care Insurance |
$0.99 |
| JP Morgan Chase Bank NA (Sears MasterCard) |
Account Balance Protector |
$0.99 |
| JP Morgan Chase Bank NA (Sears Card) |
Credit Protection Plan |
$1.29 |
| MBNA Credit Card |
Credit Wise |
$0.99 |
| National Bank |
Payment Protection Plan |
$0.99 |
| National Bank |
Payment Protection Plan 65+ |
$0.29 |
| National Bank |
Payment Protection Plan Economic Option |
$0.49 |
| National Bank |
Payment Protection Plan, Autonomy |
$0.79 |
| President’s Choice Bank |
Balance Protection |
$0.99 |
| RBC (All credit cards) |
BalanceProtector |
$0.89 |
| Scotiabank (All credit cards) |
Balance Protection |
$0.75 |
| TD Canada Trust (All credit cards) |
Balance Protection Insurance |
$0.89 |
Monthly premium calculations differ from bank to bank:
CIBC Visa – Charges on the balance as of the statement date.
RBC Visa – Charges on average daily balance, calculated on statement date.
TD Visa – Charges on average daily balance, calculated on statement date.
National Bank – Charges on the balance as of statement date.
BMO MasterCard – Charges on outstanding balance from the previous month's statement.
ScotiaBank –Charges on outstanding balance from the previous month's statement.
The Bay – Charges on the balance as of statement date.
Canadian Tire – Charges on the balance as of statement date.
The Brick – Charges on balance as of statement date.
Sources: Financial Consumer Agency of Canada, BMO, Scotiabank, CIBC, TD Canada Trust, RBC, Canadian Tire, HBC, The Brick, National Bank
|
|
When to Watch
Fridays 8:30 p.m.
(9 p.m. Newfoundland & Labrador)
Saturdays at 5:30 p.m.
Sundays at 2:30 a.m., 6:30 a.m. |
|
Recent Episodes
