| Credit Card Protection Revealed |
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| Ok so the credit card companies already make a killing from the poor retailers of their surcharge and fees, then they make plenty of interest and charges off their cardholders, you would not think they would agressively hassle you via telemarketing and through direct mail about their credit card protection plans or insurance plans for if you get your card stolen or if you lose your job. Many people write us asking if these plans are needed.. the answer is NO. You are already protected:Government already makes sure consumers are protected. You are only responsible for $50 at maximum per card, if even that much. If your card is lost stolen and you call or send notification via their online website then you have nothing to worry about.
Also there are a few other tips we offer if you are an active credit card user. Make sure you sign the back of your credit card! A thief can simply sign the cardholder’s name in the blank space and then sign sales receipts with matching signatures. According to VISA and MasterCard rules, merchants and financial institutions are not permitted to accept unsigned cards. If you do have theft call police immediately and make a police report. Chances are you will be fine no matter if there were charges on your card or not. You most likely will not have to pay a dime in charges from the time your card was misplaced or stolen. If you feel that you absolutely need to enroll in credit card protection insurance because you feel a loss of job or major financial breakdown coming in the near future then maybe it is a good idea to plan ahead and use their program but otherwise there is really no need for it. Most people do not have enough credit cards to have to worry about a service that watches over all your cards. And it is simply not that hard to call 1800 Mastercard or Visa and have them find out what cards you carry and how to go about cancelling them. Some people have reported paying as much as $35 a month for these unnessary charges. Why? Job Loss, Short-term disability, Hospitalization, Family Leave, Military reserve or Guard call to duty – If you really think you will be in those situations then when it happens and you cannot consolidate debt or find an legal credit attorney who can bail you out then file bankruptcy, but dont pay worthless fees per month to plan on something that negative to happen. Be careful credit protector programs that offer 30 free days and those silly mail in rebate forms you have to fill out for we have received complaints of them charging after the 30 days free service and people not cancelling them in time. Read More about Credit insurance Write us your worst credit card nightmares – we would love to hear and share to prevent it from happening to someone else. |