Balance protection is an optional insurance you can add to your credit card to help cover your payments in case of unexpected live events. Coverage includes up to 12 months of credit card payments or up to $30,000 in situations such as job loss, disability, critical illness, or death.
To submit a balance protection claim, select Balance Protection from the three dots in your insured credit account, then go to More options.
Balance protection coverage
Balance protection is an insurance for your credit card that covers job loss, disability, critical illness, and life. View the insurance certificate for all details on coverage and eligibility.
Job loss
If you involuntarily lose your job or stop self-employment, balance protection could cover up to 12 months of payments for the total amount owed on the credit card at the time of loss (up to $30,000).
Disability
If you’re unable to work due to disability, balance protection could cover up to 12 months of payments for the total amount owed on the credit card at the time of loss (up to $30,000).
Critical illness
If you (including your spouses) are diagnosed with a critical illness for the first time and survive the first diagnosis for at least 30 days, balance protection could cover the total amount owed on the credit card at the time of diagnosis (up to $30,000).
Death
If something happens to you (including your spouses) while balance protection is active, balance protection covers the total amount owed on the credit card (up to $30,000) upon proof of death or dismemberment.
Spouses are only insured for critical illness and death if you reside outside of Quebec.
Balance protection coverage exclusions
Balance protection doesn’t include coverage for job loss due to termination by an employer, self-harm, or other cases. Learn more about coverage exclusions in the insurance certificate.
Balance protection monthly premium
A balance protection monthly premium is a cost you pay to insure your credit account. The monthly premium is $1.39 per $100 of your daily average balance for the billing cycle, plus taxes.
What is an daily average balance
The daily average balance is the average amount owed on a credit card during a billing cycle.
How to calculate daily average balance
To calculate the daily average balance, sum up the balance at the end of each day during the billing cycle and then divide by the number of days in the billing cycle.
You won’t incur a monthly premium if your total balance is $0. If your total balance is up to $100, the monthly premium will be adjusted based on how many days the balance remains unpaid.
How to get balance protection
Go to Credit then select your account to get balance protection on your credit account. If you have multiple credit accounts, coverage will only apply to the insured credit account.
Neo app
- Log in to the Neo app
- In the Account tab, select Credit
- Select your credit account
- Tap the three dots at the top and select Get balance protection
- Follow the instructions to subscribe
Web
- Log in to member.neofinancial.com
- Click on Credit from the left side menu
- Select your credit account
- Click on the three dots at the top and select Get balance protection
- Follow the instructions to subscribe
How to cancel balance protection
Go to Credit then select your account to cancel the balance protection. Get a refund for the paid premium and the coverage will remain active for the remainder of the statement period, if you cancel within 30 days (60 days in Quebec). If you cancel after 30 days (60 days in Quebec), no refunds will be offered and balance protection will remain active until cancellation.
Neo app
- Log in to the Neo app
- In the Account tab, select Credit
- Select your credit account
- Tap the three dots at the top and select Balance protection
- Select More options then tap Cancel balance protection
Web
- Log in to member.neofinancial.com
- Click on Credit from the left side menu
- Select your credit account
- Click on the three dots at the top and select Balance protection
- Select More options then click on Cancel balance protection
How to submit a balance protection claim
Go to Credit then select your account to submit a balance protection claim. TGI (Trans Global Insurance) processes claims and will contact you if they need more information.
Neo app
- Log in to the Neo app
- In the Accounts tab, select Credit
- Select your credit account
- Tap the three dots at the top and select Balance protection
- Select More options then tap Submit a claim
Web
- Log in to member.neofinancial.com
- Click on Credit from the left side menu
- Select your credit account
- Click on the three dots at the top and select Balance protection
- Select More options then click on Submit a claim
How to dispute a balance protection claim
If you’re unhappy with the resolution of your balance protection claim. Email TGI (Trans Global Insurance) on clientcare@transglobalinsurance.ca or contact at 1 (844) 930-6022 between 8:00am and 5:00pm (MT), Monday to Friday.