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English definition of “credit protection”

credit protection

noun [U]
 
 
FINANCE, BANKING, INSURANCE an arrangement in which a credit card company allows you to stop making payments and does not charge interest if you lose your job or become unable to work because of illness or injury: We received a statement noting an outstanding balance of £65.40 for credit protection, which the bank said I had taken out with the original credit agreement.
(Definition of credit protection from the Cambridge Business English Dictionary © Cambridge University Press)
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