Dear Valued Customer,
As part of our continued transition to the Republic Bank suite of products, we are pleased to welcome you to Republic Bank BalanceCover insurance coverage for credit cards.
Effective April 4, 2022, Scotiabank Credit Card Protection Plan will be rebranded as Republic Bank’s BalanceCover. BalanceCover is a simplified and more cost-effective solution while providing the benefits, security and the guarantee of having your credit card balance repaid, in full, in case of death or critical illness.
Here’s how it works:
- Life and Critical Illness insurance coverage at one fixed premium rate of $0.52 for every $100 (regardless of currency) of outstanding balance on your card. For example if your balance, at the time of billing, is $500, your premium would be $2.60 ($500 x $0.52/$100 = $2.60).
- Both Primary and Secondary cardholders on the same account are covered without the need for additional premium. Covering both cardholders at no extra charge lowers the cost of your plan and ensures that your credit card account is fully protected.
Our records indicate that your credit card account is currently enrolled in the insurance plan. In order to make this a smooth transition for you, your credit protection will be automatically converted to BalanceCover with no need for you to come in to the branch.
Please call us at 1-284-494-4725 (4RBL) or email us at conversion@rfhl.com should you have further questions or concerns. We also encourage you to stay tuned to our social media pages or website, https://www.republicbankbvi.com/bvi-conversion for more information.
Sincerely,
Marion Blyden
Country Manager
Republic Bank (BVI) Limited