Some credit card company's have something called credit protector. It seems too high of a price to pay, since it costs as much as .89 cents on a dollar that you owe. However, if you have it, how advantageous has it proved to be for you to have?
2007-03-25 00:49:15 · 4 answers · asked by s K 2 in Business & Finance ➔ Credit
.89 cents for every dollar you owe seems a bit high. You're basically paying 89% interest.
I don't know which card you have but I think there are a bunch of them that offer credit protection for a lot less then that. I have not used it because the basic premise is that it will pay your balance should you be unable to do so and I never leave a balance on my cards so it really wouldn't help me. It seems to me that you could get a disability policy or life insurance policy for a lot less then .89 cents for every dollar owed.
If you owe $10,000, it's going to cost you $8900 just for the coverage. That's ridiculous.
2007-03-25 00:59:44 · answer #1 · answered by Faye H 6 · 2⤊ 0⤋
Avoid this or other insurance options offered by your credit card companies.
They are often extremely expensive and protect the credit card company and not you.
If they want insurance on your credit card account, let them pay for it not you.
2007-03-26 20:13:06 · answer #2 · answered by Matt 4 · 0⤊ 0⤋
Figure out how much they would have charged for this "service" and put that amount in the bank. If anything happens that the 'service" would have covered, you will have enough money to pay more than it would have paid.
2007-03-25 03:33:49 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
I don't use this type of card but if you want to know more about credit card information visit
http://creditcardbiz.blogspot.com
and
http://onlinepaymentoption.blogspot.com
2007-03-25 00:52:53 · answer #4 · answered by Anonymous · 0⤊ 3⤋