Meaning of “credit protection” in the English Dictionary

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"credit protection" in Business English

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credit protectionnoun [ U ]

uk us

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)