Review of Asda Money Products

Written by Karen Bryan

Asda Money offer a variety of financial products including credit cards, travel, home and car insurance.

Asda Money Credit Card

asda money credit cardIf you are a regular Asda shopper, you can earn 1% cashback on your Asda in-store and online shopping, plus on fuel purchases. If you spend £200 a month in an Asda supermarket and £100 a month on fuel, this would give you £36 in cashback per year. Not exactly a fortune, but a little bonus for spending that you’d be doing anyway.

It’s 0.5% cashback on all other purchases made with an Asda Money credit card. If you use your credit card to pay for as many things as possible, e.g. train tickets, household purchases, clothes and restaurants, this could add up over the year. But you do need to check if there is a fee for payment by credit card. Some travel companies charge a 2.5% credit card fee, so you’d be better to pay by debit card.

If you pay for specific types of Asda Money insurance (such as pet, home and annual travel insurance), using your Asda Money Credit Card, then you’ll receive 5% cashback. But you should remember to shop around for the cheapest insurance quote, which could cost less than the Asda Money insurance price minus the 5% cashback.

If you buy lots of clothes from George.com, the Asda Money Credit Card offers 0% interest for 6 months when you spend at least £200.

This is a pretty good cashback card, as it doesn’t have an annual fee and you get some cashback on all purchases. With some credit cards, like Santander 123, there’s an annual fee (£36), and you only get cashback on certain categories of shopping.

As with all credit cards, getting cashback is only a bonus if you pay off your full balance every month. Getting 1% cashback is not a good deal if you are paying around 19% interest on an outstanding balance. If you don’t pay off the full balance every month, you’d be better to look for a credit card with the lowest rate of interest.

Asda Travel Insurance

travel insuranceAsda Travel Insurance offer three levels of cover; Value, Premium and Superior. As we usually travel abroad at least twice a year, I got quotes for all three levels of cover for an annual worldwide travel insurance policy for my husband and myself.

The prices quoted were:

Value – £66

Premium – £77

Superior – £92

At the bottom of the first page of the online quote form, there was a box to enter a promotional code. It’s always a good idea to have a look for promotional codes when buying products or services. I prefer discount codes to cashback. This is because the price is reduced at the point of sale, so you know that you will definitely pay a lower price.

I always go for top of the range annual travel insurance, as I think that the additional benefits are well worth the extra money.

As an illustration, with Asda Money’s Value Travel Insurance, the maximum paid for cancellation is £1,000 and the excess (money deducted before any claim is paid) is £100. With the Superior product, the maximum paid for cancellation is £5,000 and the excess is £50.

The Superior travel insurance offers £5,000 worth of supplier insolvency, which is not included on the Value travel insurance. This covers you for instances such as your accommodation provider going bust if you have put together your own holiday by booking flights and accommodation separately.

I liked the fact that you can tailor Asda Money Travel Insurance to your own needs.

When you press select on your preferred level of cover, you can select or deselect options such as baggage and money cover. This was useful to me, as our home insurance already covers money and valuables away from home, so I don’t want to pay for this cover again on my travel insurance. When I entered that I didn’t require the baggage and money cover, it reduced the price of the annual insurance quote by £14 to £78.

There’s also an option to add travel disruption. I think that this is worth having, as it covers you for events such as ash clouds, other natural disasters and civil unrest.

Adding this to the quote for Asda Money Superior Travel Insurance was another £27,  bringing the price up to £105.

On a recent holiday, we got stuck in Malta for two days due to an ash cloud. We were able to claim the extra accommodation costs from the airline due to EU legislation. However, if you are flying with a non-EU airline outside the EU, you would need to claim these extra outlays from your travel insurer.

Asda Money Home Insurance

houseAsda Money Home Insurance comes in two levels, 3 Star and 5 Star. The 3 Star policy offers £400,000 worth of building cover and £50,000 of contents cover. The 5 star policy offers buildings insurance of up £750,000 and £75,000 of contents cover.

Home Emergency Cover comes as standard. This covers the cost of calling out a trades person to repairs things like a burst pipe.

Although the levels of cover provided in the 3 Star Asda Money Home Insurance are high enough for the value of our home and contents, I’d still opt for the 5 Star cover, as it includes Tech and Personal Possessions Cover.

Tech Cover means that your electronic gadgets are insured when they are out of your home. I know how easy it can be to have an accident with a gadget. I managed to drop my Sony Experia Ultra phablet into the sink on a train. The water damage killed the phablet.

You can pay extra to reduce the excess. I look at how much extra this will cost before I decide, but I generally stick to a £50 excess.

I always add accidental damage to our home insurance. We don’t bother with bicycle cover. My husband’s bicycle only cost around £100. With a £50 excess, it’s not worthwhile.

Asda Money Car Insurance

skoda fabiaAsda Money no longer offer their own branded car insurance. They have a Car Insurance Comparison service, which lists quotes from a variety of car insurance firms.

At the bottom page of the general information on car insurance, I noticed that Asda offer tyre price comparison. I entered the registration number of our car. The prices, which included fitting at a local garage started at £40, which I thought was good value.