Mastercard's 'Card Protection Plan': problems

A couple of weeks ago I received a form to take out a 'Card Protection Plan' for my Mastercard. I binned it.

Today I discovered that €75 was taken from my credit card for a 'Card Protection Plan.' It was too late to ring Mastercard when I found out this evening so I will ring them in the morning about it.

Some questions:

1) Is it a condition of taking out Mastercard that they charge for 'card protection'?

2) Do most people pay extra for such protection?

3) If I don't take it out and my card is stolen, am I liable for all purchases on it? If not, what additional thing does the above protection provide?

Thanks.

The problem isn't one for Mastercard, you should contact the bank/issuer who provided you with the card.

Looks like an error on ther side.

1) It is not a condition of taking out Mastercard that they charge for 'card protection'

2) Looks very expensive, other issuers are cheaper. Most people do not take out this insurance.

3) You will not be liable for purchases if the card is stolen, provided you do not disclose the PIN and take the usual procassions when using your credit card.

Card protection is a JOKE and any right minded person should not take it out.

It is a devise to make money for card issuers.

Contact your issuer and they should refund you, provided you haven't ticked a box.

Thanks so much for that very comprehensive reply, Blackberry.

I rang up Bank of Ireland about the €75 and they connected me to the British company which offers the 'card protection' for Bank of Ireland Mastercard. The guy on the phone said that in 2006 I paid for a card protection plan for three years and did, as you suggested, tick a box allowing it to be renewed. The thing I binned was, he said, a letter allowing me to opt out of my commitment in 2006 and when that was not returned he said by default they charged my credit card.

I explained to him that I had no need for it etc, and he said I could opt out of it in 3 years time etc. By the end of the conversation he said he'd make an exception and refund the money to me.

Hard to believe such protection serves absolutely no purpose for holders of credit cards. Thanks once again.

I'm just bumping this due to my comment above in 2009. In the past two months, some organisation has sent me a claim form for compensation from the above swindle. I was very surprised to receive it so clearly somebody or organisation has been pushing for a return of that money. I assume other people here received the same claim form?