Common menu bar
Breadcrumb
- Home
- > Resources
- > Publications
- > Payment Options
- > Credit Card Balance Insurance
- > Credit Card Balance Insurance comparision table
Credit card balance insurance comparision table
The information contained in this table is updated periodically by FCAC. Financial institutions can change the costs as well as the terms and conditions of their products at any time. Contact the financial institutions directly if you wish to obtain the latest information on their products.
| Issuer | Card Type | Name of Insurance Plan | Monthly Premium1 (per $100) ($) |
Age to Qualify2 | Maximum Benefit ($) |
|---|---|---|---|---|---|
| Alterna Bank | All cards | Credit Wise | 0.993 | Under 70 | 30,000 |
| Alterna Savings | All cards | Credit Wise | 0.993 | Under 70 | 30,000 |
| Amex Bank of Canada | All cards (except charge cards and Costco) | Balance Payment Insurance | 0.99 | Under 70 | 10,000 |
| Amex Bank of Canada | Costco | Amex Account Protector Ultimate | 0.99 | Under 70 | 20,000 |
| ATB Financial | All cards | ATB Financial Personal MasterCard Balance Insurance Plan | 0.99 | 18-64 | 25,000 |
| BMO Bank of Montreal | All cards (except US Dollar and Prepaid MasterCards) | Balance Insurance | 0.94 | Under 65 | 15,000 |
| Canadian Tire | Standard | Credit Protector | 1.104 | 18-655 | 20,000 |
| Canadian Western | All cards | Credit Wise | 0.993 | Under 70 | 30,000 |
| Capital One Bank | All cards | Account Balance Coverage | 0.89 (per $100 of outstanding balance) | Under 70 | 10,000 |
| CIBC | All cards (except U.S. dollar cards) | Payment Protector | 0.896 | Under 65 | 20,000 |
| Citizens Bank of Canada | All cards | Balance Protection Plan | 0.83 | Under 70 | 15,000 |
| Coast Capital Savings | All cards | Credit Balance Insurance | 0.75 | Under 65 | 25,000 |
| CUETS Financial | All cards | CUETS Financial MasterCard Balance Protection | 0.907 | Under 65 | 10,000 |
| Desjardins | All cards | Credit Balance Insurance | 0.75 | Under 65 | 25,000 |
| GE Money Canada | Hbc credit card/MasterCard | Account Protector8 | 1.49 | 18-74 | 10,000 |
| HSBC Bank Canada | All cards | Credit Care Insurance | 0.99 | Under 65 | 25,000 |
| JPMorgan Chase Bank NA | Sears MasterCard | Chase Account Balance Protector Plan10 | 0.99 | 70 | 10,000 |
| JPMorgan Chase Bank NA | Sears Card | Chase Credit Protection Plan10 | 1.29 | 70 | 10,000 |
| JPMorgan Chase Bank NA | Best Buy Reward Zone VISA Card | Chase Protect-A-Pay Plan12 | 0.89 | 70 | 10,000 |
| JPMorgan Chase Bank NA | Best Buy Card | CardCare11 | 1.19 | 65 | 25,000 |
| JPMorgan Chase Bank NA | Future Shop Card | FutureGuard11 | 1.29 | 65 | 25,000 |
| Laurentian Bank | VISA Complicité Card | Protection coups durs | Free | N/A | Up to 3 skip payments in case of a strike or lockout13 |
| Laurentian Bank | All cards | Assur-payment | 0.97 | Under 65 | Up to 15,000 natural death and 30,000 in case of accidental death |
| MBNA Canada Bank | All cards | Credit Wise | 0.993 | Under 70 | 30,000 |
| National Bank | All cards | Payment protection plan | 0.99 | Under 65 | 50,000 |
| National Bank | All cards | Payment protection plan 65+ | 0.29 | 65 and over | 10,000 |
| National Bank | All cards | Payment protection plan Economic Option | 0.49 | Under 65 | 50,000 |
| National Bank | All cards | Payment protection plan, Autonomy | 0.79 | Under 65 | 50,000 |
| President's Choice Bank | Standard | Balance Protection | 0.99 | Under 65 | 15,000 |
| President's Choice Bank | Standard | Account Balance Protection - Involuntary Job Loss | 0.79 | Under 65 | - |
| RBC Royal Bank | All cards (except U.S. dollar cards) | BalanceProtector14 | 0.89 11 | 18-65 | 15,000 |
| Scotiabank | All cards | Balance Protection15 | 0.95(14)16 | Under 65 | 20,000 (per card) |
| TD Canada Trust | All cards (except U.S. dollar cards) | Balance Protection Insurance | 0.8911 | 18-65 | 10,000 |
| Vancity Credit Union | All cards | Balance Protection Plan | 0.83 | Under 70 | 15,000 |
| Walmart Canada Bank | Walmart Rewards MasterCard | Balance Protection Plan | 0.85 | 18-74 | 20,000 |
| Westminster Savings Credit Union | All cards | Credit Balance Insurance | 0.75 | Under 65 | 25,000 |
1. There are different ways to calculate the premium. Check with your credit card issuer for more information. For joint or supplementary coverage (for example, for a spouse), the insurance premium may be higher. Check your insurance certificate for the terms and conditions of your coverage.
2. At age 65 years, coverage reduces to accidental death & accidental dismemberment.
3. Premium charges are capped at $20,000. If one's monthly statement balance is over $20,000 the monthly premium charge will be based on a balance of $20,000.
4. There is no additional premium charged for spousal coverage on the primary cardholder account.
5. For Credit Protector, enrollment is between 18 - 65. You are not eligible to enroll after your 66th birthday. At age 66 Life coverage transfers to Accidental Death and Dismemberment.
6. The cost is $0.89/$100.00 of your monthly statement balance, plus applicable taxes.
7. Taxes may apply in certain provinces.
8. While only Account Protector is currently the only product being actively marked in Canada, customers may still be enrolled in other products. Check certificate of choice for the number to call to submit a claim or request a certificate.
9. Premiums are assessed on the month end balance (or balance at cycle) in all provinces except Quebec. In Quebec, the monthly premium is based on "per $100 of average daily balance", calculated on the statement date.
10. Taxes may apply in certain provinces. This service is in development , contact JP Morgan Chase for more information. Premiums are assessed on the month end balance (or balance at cycle) in all provinces except Quebec. In Quebec, the monthly premium is based on "per $100 of average daily balance", calculated on the statement date.
11. The monthly premium is based on "per $100 of average daily balance", calculated on the statement date.
12. Taxes may apply in certain provinces. This service is in development , contact JP Morgan Chase for more information. The monthly premium is based on "per $100 of average daily balance", calculated on the statement date.
13. Certain conditions apply, interest will continue to accrue during the billing cycle.
14. The spousal co-cardholder of the insured Primary cardholder is eligible for coverage at no additional cost.
15. Monthly benefit payment of 5% of outstanding balance if Borrower is unable to work due to disability, job loss, strike or lockout. Benefits are extended to an eligible Co-Borrower on the same account at no additional cost.
16. The monthly premium is based on "per $100 of average daily balance".
N/A : The service or fee is not applicable.
— : There is no age to qualify.
Footer
