How closely do you look at your credit card statements? If you take a closer look, you may be surprised to discover an insurance program or two. Many people agree to such insurance programs via telephone, and without really understanding what they’re agreeing to. They often have 30 day free trials, after which you must remember to call and cancel or you’ll see the charge on your monthly statement.
A typical insurance option is the payment protector plan. With this plan, you typically pay a certain amount per $100 of your balance - for example, you could pay 90 cents per $100 for the plan. If you have a balance of $400, you would be charged $3.60.
What do the plans cover? Depends on the card, but if you have life insurance or a disability plan- chances are you don’t need to pay extra for a credit card sponsored plan that has many limitations to what it will cover. Also- if you are self employed, decline the insurance for sure, since you are automatically disqualified from almost every credit card sponsored insurance option!
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