Hi,
I have query on clearing credit card pending debts after the credit card holder’s death.
My friend passed away recently and his wife informed the credit card bank which is standard chartered bank. they asked her to forward the death certificate and marriage certificate via mail which she did. Now she is been phoned and asked to clear her husband’s outstanding depts. He was holding a gold credit card and he was been holding that card for the past 10 years. Now, I would like to understand whether credit card holders are insured by default by the credit card companies. because I have heard that by default, all credit card holders are insured for some amount depending on the card category. If he is not insured, then is it the responsibility lies with his wife to clear the debts.
Please clarify