Credit card question

Discussion in 'Teacher Time Out' started by wdwteach, Jul 17, 2011.

  1. wdwteach

    wdwteach Cohort

    Joined:
    Jun 23, 2005
    Messages:
    716
    Likes Received:
    0

    Jul 17, 2011

    Does anyone have a payment protector plan on their credit card? I signed up for it when I got the card but the monthly fee is expensive? I am thinking of getting rid of it. Anyone know about this?
     
  2.  
  3. Ms. I

    Ms. I Maven

    Joined:
    May 13, 2004
    Messages:
    5,810
    Likes Received:
    132

    Jul 17, 2011

    I've had credit cards since I was 18 & I've never had any kind of credit protection plans on any of my cards. For a monthly fee, it's supposed to help you if you can no longer pay due to illness or injury, but I never needed it.
     
  4. swansong1

    swansong1 Virtuoso

    Joined:
    May 19, 2007
    Messages:
    6,403
    Likes Received:
    1,237

    Jul 17, 2011

    Just another way for the credit card company to make a buck. Add up all those fees you have been paying since you got the card and see how much you have given the company.
     
  5. Marci07

    Marci07 Devotee

    Joined:
    Jun 2, 2008
    Messages:
    1,017
    Likes Received:
    0

    Jul 17, 2011

    I never gotten one. I always refuse them. In the years I've had credit cards, I've rarely kept a balance for more than a year. I usually use credit cards to make big purchases and then take advantage of the 0% interest. I don't use them for small purchases and I have rarely paid interest. Most of the times I don't have a balance on them. For this reason, I don't think it would be worth to pay the payment protection plan.
     
  6. JustMe

    JustMe Virtuoso

    Joined:
    Jun 7, 2006
    Messages:
    7,946
    Likes Received:
    3

    Jul 17, 2011

    I depends on your situation, I suppose, but I agree with swan.
     
  7. Peachyness

    Peachyness Virtuoso

    Joined:
    Jul 14, 2006
    Messages:
    6,181
    Likes Received:
    1

    Jul 17, 2011

    What does the payment protection plan protect? I've had credit cards for about 10 years now and never had any sort of protection plan.
     
  8. TeacherApr

    TeacherApr Groupie

    Joined:
    Oct 14, 2007
    Messages:
    1,256
    Likes Received:
    3

    Jul 17, 2011

    You don't need it. I can't remember details but I know that most states have their own "protection" when it comes to credit cards when it comes to fraud, sickness, etc. which is supposedly what these protection rip offs do. There is also the fair debt and collection act that protects you as well. DON'T GET IT.
     
  9. wdwteach

    wdwteach Cohort

    Joined:
    Jun 23, 2005
    Messages:
    716
    Likes Received:
    0

    Jul 17, 2011

    I am going to dump it. Thanks!
     
  10. Rebel1

    Rebel1 Connoisseur

    Joined:
    Jul 22, 2008
    Messages:
    1,522
    Likes Received:
    0

    Jul 17, 2011

    Good luck and don't let them talk you into keeping it.

    Rebel1
     
  11. DaleJr88AmpFan

    DaleJr88AmpFan Cohort

    Joined:
    Apr 19, 2008
    Messages:
    565
    Likes Received:
    0

    Jul 18, 2011

    Yep, dump it!! You have a LOT of protection already provided to you as part of your cardholder agreement. Save your money and treat yourself to something fun instead. :)
     

Share This Page

Members Online Now

  1. Mr.history,
  2. waterfall,
  3. Frederiksted
Total: 452 (members: 4, guests: 417, robots: 31)
test