CREDIT CARD
BALANCECOVER
Whether you’re applying for a new credit card or have an existing one, you can sign up by clicking here.
What is BalanceCover?
BalanceCover covers the outstanding balance on your personal credit card by repaying or reducing your credit card debt in case of death or disability.
Life is unpredictable. For those unexpected, unfortunate moments that life may throw at you, make sure your loved ones aren’t left picking up the pieces with high credit card debt.
How to access BalanceCover?
No approvals are necessary. You automatically qualify for enrolment once you are not older than 65 years and the maximum coverage amount is $350,000 per customer.
There is no limit to the number of credit cards you can insure, as long as your combined credit card limits do not exceed the maximum coverage amount of $350,000. Business Credit Cards are not eligible for BalanceCover.
Credit Card customers may apply for BalanceCover at any point in time! If for some reason you no longer require this coverage, you can terminate by providing written notice (via email or letter) to the branch of your choice or by cancelling the insured credit card.
Coverage will be automatic once you meet the qualifying criteria and agree to enrol. You may enrol for BalanceCover online via https://balancecover.rfhl.com/tt. If for some reason you cannot access the online portal, you may complete a BalanceCover enrolment form at any one of our branches.
How much does BalanceCover cost?
Your monthly BalanceCover cost is TT$0.44 per TT$100 on the outstanding balance of the previous month’s credit card statement. For example, if your outstanding balance is TT$6,000, the cost would be just TT$26.40.