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Credit card insurance is a popular upsell offered by credit card companies to their card members. It’s usually an insurance policy that covers you if you lose your job.
Most people we talk to are confused by their level of coverage. But you can Get More Info here, if you want to enlighten yourself. They think their credit card insurance pays out their balance or more. The majority of credit card issuers have insurance that just covers the minimum monthly payments for the next 6 months. That’s it, that’s all.
What their pitchmen don’t tell you in the fine print is the number of hoops you need to jump through to get the insurance to kick in. We have spoken to so many people that should have qualified for coverage to kick in, yet it never did because they weren’t employed long enough, didn’t get a form sent in on time or were missing information.
According to expert tag and title agents and in our experience, credit card insurance that covers your minimum monthly payments just isn’t worth the fight and cost. I have personally had my bank call and tried to upsell me on buying credit card insurance from them. They also knew full well that I always pay my balance in full every month. So why were they being so aggressive about selling me insurance? It’s all about money and making more profit per card member.
There are tons of articles on the internet where people have discovered credit card insurance was just a collossal waste of money. Stop the madness and save your money, most credit card insurance policies are not worth it.
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That blog is so true, when I broke my back and asked to use the insurance on both my loan and my credit card they said I was not approved. I even provided them with the hospital and doctor’s paperwork to prove that it happened and I was not working, or earning any income. It took me a year, and calls to the complaints department VP to fit for my premiums back that I had paid. I will never waste my money like that again.
Great blog!
credit card insurance is a scam