credit/debit card insurance and protection plans .......... good or bad? or just scams??

Question

r we covered against the loss or theft of our card anyway?? ..... if we report that in time ... or do we have to take cover for that??

Answer 1

They are enormous profit makers for credit card companies, which means they arent worth the cost. Remember, they only pay the minimum payment, and generally only for a set period of time.

Answer 2

Well the protection plans which are being provided by credit card companies are very easy to understand. The procedure for the same is also very simple. But at the time of lodging the claim the procedure is hectic and the documents which they demand for the settlement of claim are in huge numbers creating monotonous situation for the insured.

And moreover if anybody provides the required documents. The insurance company rejects the claim on the basis of fraudulent intention / misuse of the provided service.

The best option is to cover your self from a separate from an individual entity (i.e. an individual company) then from any agent or a service provider.

If times permit than try to find out how much claims company has settled on the basis of credit card insurance.

Answer 3

No it's up to the credit card insurance people to get there money back . Because some one mite have got you credit card number and but it on the internet to buy something and you still had you credit card in the house . And i dont think credit card protection plans are a scam

Answer 4

They aren't worth a toss mate, you have to be unemployed for a certain length of time before they kick in and then they generally only pay out for a year, they are nothing more than another interest rate hike by the card companies, they make it sound cheap like oh its only 78p per £100 or whatever but you'd be better off putting the same amount on the lottery for the good the insurance will do you if you are unfortunate enough to ever need it.

Answer 5

if your credit/debit card says mastercard or visa on it, you're protected by law anyway, and are AT MOST responsible for the first $50 ONLY.

The protection plans are NOT necessary - not exactly a scam, more like a way to get rich off of people who don't know how the system works.

Answer 6

If you are not secure in your job or feel insecure about your state of health and you tend to use your card and maintain a high balance, then card insurance is just for you.
If you have savings that you could use to pay off a debt then no insurance necessary.
I was made redundant once with £1500 on the card.
The insurance paid off my minimum payment for 9 months.

Answer 7

I will never pay for that...if you lost your job for whatever resons, it will take a few months for them to start paying your credit card monthly payments, by then your credit card is already taking some acctions to get their money ..even if the insurance is provided by the same credit card company...is just another way to suck peoples money

Answer 8

You shouldn't have a credit card if you don't have the ability to pay back what you owe therefore you shouldn't need protection or insurance.

Answer 9

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. cheers!

Answer 10

Expensive