CC protection plans

[Anonymous]

Good everning all. Are CC protection insurance a good thing or waste of money? thanks in advance.

[Anonymous]

For most people, a waste of money. Like extended warranties pushed by electronics stores, it's something the average person will never need.

[Anonymous]

Got you. thanks for the response

[CountryLivin]

Big waste of money!

[Anonymous]

It does come in handy I didn't buy an extended warranty at the store but I went and bought a big screen TV about 3,000 dollar one. Well fast forward to about 4 months after I bought. My German Shepherd decides to catch a fly well he got the fly the TV and the TV stand lol.

TV was totally destroyed. I contact my CC company because I remembered I got the warranty from that explained to them what happened. Was on hold 30 min came back told me they was shipping me a box for the TV and I would need to take pictures of the stand. Send them in. Got box mailed shattered TV as instructions. Call them tell them tracking number was on hold for another 30 min. She came back told me they refunded my purchase price of the TV and since I bought the stand on the CC as well gave me refund on that as well. Process took 3 total days.

[Anonymous]

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@Anonymous wrote:
It does come in handy I didn't buy an extended warranty at the store but I went and bought a big screen TV about 3,000 dollar one. Well fast forward to about 4 months after I bought. My German Shepherd decides to catch a fly well he got the fly the TV and the TV stand lol.

TV was totally destroyed. I contact my CC company because I remembered I got the warranty from that explained to them what happened. Was on hold 30 min came back told me they was shipping me a box for the TV and I would need to take pictures of the stand. Send them in. Got box mailed shattered TV as instructions. Call them tell them tracking number was on hold for another 30 min. She came back told me they refunded my purchase price of the TV and since I bought the stand on the CC as well gave me refund on that as well. Process took 3 total days.

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What you are referring to are credit cards that provide additional warranties to what the manufacturer provides.  There are highly beneficial and do not cost extra.  What the OP is referring to are insurance plans that certain cc companies offer that will pay your credit card off in the event of various life events like unemployment, disability or death.  These are optional insurance plans that cost extra and are generally not worth the expense.

[Anonymous]

They usually only pay the minimum on your CC, not the balance like a lot of people assume. So you're still stuck with crippling debt. I doubt too many people get themselves in so bad of a bind that they have no emergency savings to at least pay minimums, and if they do, they have bigger problems than unsecured credit cards.

The premiums can sometimes be $10-15 a month to cover a $25 minimum payment... You get the idea...

[Anonymous]

Thanks everyone for your responses. I always decline just was curious.

[Anonymous]

In Coiledvipers defense I did title it protection plan lol. When I realized it I changed it in the post and not title. My bad.