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By Amy Purser Staff Writer
Tuesday, 1 July 2008
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Barclaycard Platinum Credit Card with Free Gadget Insurance
What does the free Barclaycard gadget insurance include?
- £500 cover for gadgets & £500 cover for personal possessions
- £350 mobile phone insurance + £2,000 airtime abuse cover
- 90 days worldwide coverage
- 3 claims per year
- 14 day deferred period before items are covered
- Items older than 3 yrs not covered
- £25 excess per claim
- Theft from a commercial vehicle, convertible or soft-top not covered
- £8.99 per month after initial free period
 Apply for a Barclaycard Platinum credit card now
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THE release of their range of Platinum credit cards with free gadget insurance has given Barclaycard something to shout about this week.
But is the free gadget insurance just another gimmick to lure new credit card customers?
What’s the deal?
For customers eligible for one of their Platinum credit cards, Barclaycard is offering free gadget insurance as a deal-clincher.
The range of Barclaycard Platinum credit cards entices you (so long as you have a very good credit history) with four options, all including 0% interest on balance transfers for varying lengths of time.
All four credit cards include the free gadget insurance for six months.
What’s the catch?
The free gadget insurance has a few limitations, and one big fat sting in the tail.
The gadget insurance only covers gizmos bought on the card up to a value of £500, meaning that many laptop owners would not benefit from the offer.
Alongside this, the insurance lasts for just 6 months and with just 90 days of worldwide coverage, is probably not suited to travellers setting out for a 6 month stint in Guatemala.
Barclaycard also charges an excess fee if you make a claim on any of your gadgets. You’ll have to fork out £25 to claim for the loss or damage of your gadget.
The Barclaycard Platinum gadget insurance does not include any cover for gadgets stolen from a commercial vehicle or a soft-top or convertible is not covered.
So what is the sting in the tail?
After the free six months, you’ll start being charged £8.99 a month until you request it is cancelled.
Barclaycard is no doubt hoping that the majority of their cardholders will forget to cancel the insurance – at least for one month, if not longer.
In Barclaycard Platinum’s defence, you are able to opt out of the gadget insurance when you apply for the card.
What else is out there?
You can always opt for standalone gadget insurance from a third party gadget insurance provider, and a separate credit card which offers similar financial benefits to the Barclaycard Platinum credit card.
Gizmoguard, an online gadget insurance company, covers against theft or accidental damage of PDA’s, Satellite Navigation Systems and audio equipment for under £34, or as little as £24 if you don’t leave the UK.
The policy is for a full year, as opposed to Barclaycard Platinum’s six months.
Like the Barclaycard Platinum gadget insurance, the Gizmoguard insurance covers products of value up to £500 however it charges no excess.
As such, the Barclaycard gadget insurance is better if you are making just one claim in the first six months, but an external gadget insurer that charges no excess is a cheaper option for two or more claims.
For those unable to get their mitts on a hard-to-obtain Platinum card, an Egg credit card also offers attractive 0% balance transfer periods.
You will get the benefits of this deal until 1st September 2009, and for an additional 5 months in 2010 and 2011.
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