St Andrew's Group subsidiary St Andrew's Membership Services has launched a payment card protection policy called Card Care.
St Andrew's Membership Services chief executive John Blundell said the UK card protection market was worth around £120m. He said the company intended to rival the two main existing card payment protection providers CPP and Sentinel.
"Our product will provide the full range of benefits associated with a card protection product but our main focus is on providing `break-down cover for your wallet'.
"With more and more people travelling abroad and using their debit and credit cards to withdraw cash and make payments, it is essential that they are able to get a fast, efficient and customer orientated recovery service to allow them to continue to their trip with the minimum of hassle," said Blundell.
Card Care has already been selected to provide cover for major card issuers Sainsbury's Bank, Halifax and Bank of Scotland, and has held discussions with other banks, retailers and specialist card issuers, said Blundell.
