Credit Tips: Credit Card Protection Plan Review

Posted On: January 1, 2006

Author: Janice
Posted: Wed Jul 07, 2004 9:26 pm
Post subject: Credit Card Protection Plan Review

2/8/2002 2:59 pm CDT

I have a question…on my statement it has the credit protection fee which I (stupidly) signed up for..that is $7.95…but then under finance charges it has the charges for my balance and $15.90 finance charge on my credit protection fee….what is this?

Author: Ed Mason
Posted: Wed Jul 07, 2004 9:27 pm
Post subject: Credit Card Protection Plan Review

2/10/2002 11:01 am CDT

What I would do is Cancel the Credit Protection Plan.. It is a waste of your Money.. It will only pay your minimum payment. and also there is usually a 30 day waiting period that you have to comply with before it takes place.. On your billing statement , it would be considered a purchase,
You usually have a 30 day trial period, at which time you can cancel.. Have you gone over the 30days?

Author: sandra
Posted: Wed Jul 07, 2004 9:28 pm
Post subject: Credit Card Protection Plan Review

2/12/2002 0:59 am CDT

That sounds fishy. They are not supposed to charge you interest on a credit protection plan, but if they do it
would be just less than a dollar. Call them up immediately
and ask them about that charge and also cancel that service.

By law you are automatically protected for any unathorized
use and if you use your card for mail order and internet
and items never arrive or are doa. This is just another way
for them to make extra money. Some cards offer credit
protection for unemployment and accidents. It’s better off
to borrow money from a friend or relative for some time
than pay for this. All they pay if you make a claim is the minimum balance they do not pay off your card. And you have to have monthly proof. Spending hours at the unemployement office each month for them to fill out an insurance form. Besides I would not want them to know
I’m unemployed.