Why use Credit Card Protection Insurance?
Thursday, April 22nd, 2010 at
5:19 pm
When I get a new credit card, I’m usually dunned by salesmen on buying credit protection, free for 30 days, etc. What is the advantage and disadvantage of this? Isn’t this already provided for in the credit card agreement?
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I worked part time for a CC company, and they aren’t worth it…there are so many clauses that if your id does get stolen, or if you do become disabled…99% of the time you need to pay for it anyways…I wouldn’t buy it…I worked for a Visa company and it was SUCH a rip off!
The protection insurance is simply a huge moneymaker for the banks. You’re paying them to pay themselves if you lose your job and can’t pay them yourself. Amazing concept. And they completely overcharge you for it too.
Never take it.
In the UK now that they’ve sold us on pin numbers instead of signatures it is up to you to prove fraud rather than them, they were at fault for not detecting a forged signatures before but as pins can be garnered electronically you can be defrauded through no fault of your own, but the Bank’s insurance no longer covers it. Worse, the Internet does not even require a pin or sig for payment!