Credit Card insurance is a scam! We are getting raped.

Tagged: credit card, Off Topic, Scams
Source: Canadian Broadcasting Corporation - Read the full article
Posted: 4 years 27 weeks ago

Everyone's pinching pennies in these tight times — so now might be a good time to double-check your credit card bill for any unexpected charges.

You might find you're paying for something known as "credit balance insurance." Depending on your credit card, it could be called "BalanceProtector" or "Account Protector," but the idea is the same: for a fee, credit balance insurance promises to cover your monthly minimum credit card payments in case of loss of income to due job loss or extreme illness.

 

Comments

Anonymous

Credit Card companies are the Devil. MBNA just informed us thier rates were going to 28%! With the Fed and BOC below 1% this is nothing short of criminal.

People who are struggling, desperate to the point of needing to carry a balance are further victimized by these vampires. We chopped that card up and paid the balance off (I can't tell you how fortunate I feel having come into a little bit of money to be able to do that). Now they are spamming my answering machine saying they want to start over. NOT gonna happen!

The path to a good PC is the path of delayed gratification. Save it then buy it outright.

Until these pariahs are put in jail, the poor will have no relief.

Tiv
Tiv's picture
Offline
Joined: 08/12/2009
Posts: 3584

My Master Card had something on it called Wallet Protection. I didn't sign up for it, but they added it a few years later. I asked them about it and they said I sign-up for it years ago. I said BS and had them remove it. They try to stick a bunch of Insurance and Protection features that they would cover anyway. Or at least they better cover it or I'll take my business elsewhere.

Anything to make a quick buck these days. I've had less problems out of Visa than I have Master Card.

I sleep fine at night knowing we are banning people who deserve it.  Tivon
Don't test my skills, I was trained by myself! Check out my Gaming Videos!

3dGameMan
3dGameMan's picture
Offline
Joined: 12/31/2000
Posts: 4962

BTW: I called Canadian Tire about all these insurance charges that I didn't want in the first place. They were closed on the weekend so I left a message. I'll let everyone know what happens.

3dGameMan
3dGameMan's picture
Offline
Joined: 12/31/2000
Posts: 4962

I just checked my Canadian Tire MasterCard and sure enough I was being charged and wasn't aware of it. I didn't want this insurance nor did I sign up for it. Check your cards and see if you have this so caled credit card insurance. Watch the video on this and you will be amazed at what Credit Card companies are getting away with.