Credit insurance...ever try it?
I have my own thoughts on the subject, but has anyone ever tried the credit insurance that most cards offer? They charge you a percent of your monthly balance, and if you are sick or out of work and can't pay your bills they pay the minimum payments for a predetermined amount of time. Any thoughts?
Nope I have never tried it.:D
I never tried but this is a good idea. In case of worst scenario, it can help you cope in so far as addressing debts is concerned. It may take a chop of your budget but it's still a good expenditure item.
oh yeah? i didn't know there's such thing as credit card insurance
bono
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Someone called me before from my credit card company offering my an insurance that in case I die or something they will shoulder all of my debts for only a small monthly fee.
I had one but since my credit card is now cancelled I dont have any idea what would happened to the insurance. By the way, if someone offered you to get one please dont get it it would add additional cost to your monthly dues.
If the coverage is for your credit shield, it is no longer in effect because your card has already been cancelled. But if its coverage includes life insurance it may still be effect if you have fully paid the required premiums.
[QUOTE=drpepper;1123]oh yeah? i didn't know there's such thing as credit card insurance[/QUOTE]
Most credit cards try to get you to sign up for it before you even get the card. I would ask myself why would the credit card company even offer it if it did anything but benefit them? I don't think this is a wise purchase...
For some people it can be a good idea, if it covers payments if you become unemployed. For a while there were massive layoffs in my field, and I actually thought about getting the insurance. Well, I didn't because I didn't want to increase my debt, and I really regretted it later.
I have never tried it, and never will. Things like credit card insurance and car-rental insurance are 99% of the time redundant and therefore useless!
