Credit Cover

Opt for greater security in meeting your everyday financial obligations

Opt for greater security in meeting your everyday financial obligations

  • Credit Cover insures your credit card repayments should you unexpectedly lose your job or fall ill.
  • You only pay insurance premiums if you use your credit card limit.

Conclude Insurance agreement

What is Credit Cover?

  • You can be sure that the used credit limit can be repaid in case of unexpected unemployment or incapacity for work.
  • Credit Cover will help discharging credit card liabilities, if you should lose your job or stay on sick leave for more than 30 days in case of illness or suffering a trauma.
  • You will be charged for insurance only if the credit card limit is used.
  • We will reimburse 5% a month of the used credit for up to 12 months. In case of payment of final 12 insurance indemnity, total remaining amount of used credit limit will be paid out.
  • Unemployment cover shall take effect 90 days after the entry info force of the insurance contract.

For example: Rivo’s story

Rivo was working as a sales manager. The future seemed bright and he had been promised a significant raise in the near future. He was spending more as a result, buying himself some new furniture. But he was in for an unpleasant surprise when the director announced that they would be merging with another company – and that Rivo was to be made redundant. The only good thing about the situation was that Rivo had had the foresight to sign a Credit Cover contract.

The credit limit Rivo had used up on the day he was told that he was to be made redundant was 500 euros. The monthly compensation rate indicated in his policy is 5%. Over 11 months, his insurance company will pay him 25 euros per month. If he hasn’t found a job by the end of the year, the company will pay him the additional 225 euros in the 12th month.

Guaranteed sense of security

  • The insurance contract covers your credit card repayments in the case of unemployment and incapacity for work.
  • You needn’t worry about your quality of life taking a turn for the worse or ending up in financial difficulty due to extra liabilities if you have an accident. If your income is curbed due to illness or accident or you lose your job and your income dries up altogether, you won’t even have to think about how you will make your credit card payments. The insurance will take care of it for you.

Economical and worry-free

  • You only make the insurance payments if you use your credit card.
  • The size of your insurance payments depends on how much of your credit limit you have used by the last day of the month. The rate is always the same: 0.55% of the used limit. On this basis you can calculate how much next month’s insurance payment will be.
  • For example, if you only used 100 euros by the end of January, the insurance payment debited on the agreed date in February will be just 55 euro cents.
  • Direct debit credit cards will have the insurance payment debited on the same day as the main payment. If you have a credit card with revolving payment, the insurance payment will be debited on the day that interest is paid.

Simple and convenient

It is a simple but valuable product, as it allows you to use your credit card without any concerns.

What do I do if I need to get my credit limit compensated?

Monthly compensation is paid in the event of incapacity for work or unemployment. If you need to apply for this kind of compensation, let Swedbank P&C Insurance know.

Calculation of compensation begins 30 days after you inform the bank of the need for compensation and if you are still ill or out of work. The first payment is made after 60 days.

5% of the total credit limit used by the date of the insurance incident is paid each month. This sum is transferred to your credit card account. During the compensation period you are unable to use your credit card. Payment of compensation ends once you return to work or regain your health.

What should I do if I am involved in an insurance incident?

If you have signed a Credit Cover contract and should happen to lose your job or become incapacitated, please inform us immediately. In the event of compensation of an insurance incident, please also let us know as soon as you have recovered or found a new job.

Please read the terms and conditions carefully before you sign the contract, and consult an expert if necessary.


Credit cover is offered by Swedbank P&C Insurance AS.

  • Insurance claims handling
  • +372 888 2111 (24h)
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