British Thomas Cook recently went bankrupt. This resulted in canceled flights. Unlike those who pay with cash, the person who pays by credit card can receive compensation. Want to know how?
It is becoming more and more common to use credit cards to pay for goods and services. You who have signed a credit card can get the opportunity to avail, among other things, collect points, discounts and travel insurance and other benefits. You can compare the terms at credit card.guru.
You who fly a lot should consider a travel card, because the travel card is tailor-made for just travel. Similarly, there are other similar cards from e.g. gas stations and the like. Therefore, it is also good to compare credit cards with a service like this. Find a credit card that’s right for you.
Did you know that you are protected by law when you pay by credit card? In the event a company goes bankrupt, the card issuer can reimburse the payment. This is carried out with a so-called card complaint. The Consumer Credit Act gives you the right to place equivalent requirements on those who issue your credit card. In practice, the seller’s payment claim has been transferred to the card issuer if the seller is bankrupt.
Usually this does not include regular debit cards, however, there may be exceptions depending on the bank you use. Anyone in such a situation should definitely call the bank and inquire. Thus, it is a better idea to pay for your goods and services with a credit card than a debit card. Note that all goods and services cannot be reimbursed, but with regard to, for example, an airline bankruptcy, you can receive compensation for the tickets.
Get an insurance policy
Anyone who has reasonable control of insurance knows that airline bankruptcies are covered in travel insurance. Just travel insurance is something that is included with some credit cards. Airline bankruptcies or other bankruptcies can be reimbursed under individual home insurance too. This is, as in the case of debit cards above, also less common.
Speculatively (without being able to check background facts), very advantageous credit cards, such as American Express “Black Card” can provide better travel insurance or insurance than other more commonly used credit cards. Therefore, it is of utmost importance to always check the insurance terms when you sign a card. Therefore, we recommend that you always compare credit cards.