Credit card question

wdwteach

wdwteach

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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?
 
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.
 
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.
 
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.
 
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.
 
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.
 
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. :)
 
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