Notices

Credit Cover is an insurance product that covers your HSBC Credit Card monthly outstanding balance in the event of:

-Loss of life.

-Permanent Total Disability.

-Critical Illness.

2) Why did I receive a communication related to demising this service?

As an HSBC Credit Card holder enrolled in the Credit Cover service, we are sending you this communication to inform you that the product will be demised on 31 December 2020.

3) Why did you demise this service?

Following a recent review, we decided that this service will not be longer offered through us. We’ll not ask the heirs of our credit card holders to settle the outstanding debts on their credit card in the unfortunate event of loss of life.

4) What were the charges/fees of this product?

The monthly premium charge is 0.2% of your monthly statement closing balance.

5) Is my Credit Card outstanding balance still covered in case of Loss of Life, Critical Illness and Permanent Total Disability post demising the product?

In case of loss of life, the Bank will not request the beneficiaries to settle any outstanding amount on HSBC credit cards.

Regarding Critical Illness and Permanent Total Disability events, customers are not covered. If you are interested in having these covers, you can visit your nearest HSBC branch and they can refer you to meet the Allianz Life Assurance Company-Egypt representative located inside the branch who can discuss with you the Allianz life insurance products that include Critical Illness and Permanent Total Disability as optional riders.

6) What if the event of Death, Critical Illness or Permanent Total Disability took place in December 2020 and the supporting documents presented to the bank later in 2021?

In this case, the credit card outstanding balance will be covered as long the incident took place prior to 31 December 2020 regardless of the date of presenting the supporting documents (within a maximum of 180 days from date of incident).