Tuesday, May 27, 2008

Credit Card Protection

Credit card protection paying for credit card theft insurance borders on the ridicolous. You just dont need it. If your card is stolen, by law the most you will be liable is up to $50 for unauthorized charges made to yur account and some banks waive that and replace your card. Equally needless is credit card disability insurance that promises to cover your payments if you get sick or disabled. WHile your monthly payments might be covered, interest will continue to accrue so the debt will pile up. The company just puts your payments on hold and the balance continues to grow while you'r sick or disabled. First figure out if you're already paying these silly fees. They all appear as "Loss Protection" or something close to that on your statement and the fee is likely to be about six or seven bucks a month. If you see it call and cancel. Ask for a retroactive refund if it is not something you requested.How much you can save $6.95 a month or about $84 annually.


Jojo said...

Hi sis...dropping by.

Korek ka dyan. We need a credit card protection. I actually signed up for insurance ($1.25 a month) just in case somebody steals my card and purchased over $100.