Credit protection fee
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Credit protection fee
| Wed, 04-26-2006 - 8:53am |
I did a balance transfer to an old cc account because they offered 3.9% for the life of the balance. I got my first bill and on there they charged me $75 for "credit protection." My question to the gang is, if I'm using this only for the balance transfer, can I have them remove the credit protection? Is this a bad move? My min. payment is $160, by the time you take out the extra fee on top of interest (about $25) i'm not putting hardly anything onto the debt at hand. Any thoughts on this?
Happy Wednesday everyone! The week is almost over...
:)
Brandy

I totally agree with Locochicas -- do not pay for credit protection -- it is the most expensive insurance you can buy and unless it said in very large print that they were requiring you to take this before they would approve the balance transfer -- you are not required to have it. I've never seen any banks REQUIRE this coverage. It is a total scam in my opinion. Call and cancel and make sure they credit back the #75.00 coverage fee they charged you. Good luck
Megan
Ditto everyone else. Credit protection insurance/coverage is a huge scam and a rip-off and another way credit card companies squeeze juice from stones. Insist that they remove it and credit the back charge.
:)
Heather