Reply
Established Contributor
Posts: 623
Registered: ‎08-14-2007
0

Do you get the credit card insurance?

I was just wondering if I should get the credit card insurance that the credit card companies offer. Does anyone in here get it?
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
0

Re: Do you get the credit card insurance?

I wouldn't but I wonder if anyone here as actually had to use it and what effect did it have on their credit report (score,blacklist,tradelines)?
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Regular Contributor
Posts: 236
Registered: ‎07-04-2007
0

Re: Do you get the credit card insurance?

I always get it because I am an insurance freak as well! Reason being, my mom had a stroke about 4 yrs ago. She is alright now, but now she is on disability. While she was in a coma, her insurance that she had on her credit cards and loans paid her payments while she was in the hospital. One loan is actually paying one of her loans off. It is just peace of mind in my case! Plus with me being in the military, I dont exactly have a safe job!
 
Stpn2me
TU - 609 EQ - 584 EX - 572 as of 07 May 2015
Contributor
Posts: 172
Registered: ‎12-12-2007
0

Re: Do you get the credit card insurance?

Does the insurance pay off your balance, or do they make minimum payments.

If it's the latter, then it's a scam. The minimum payment will barely cover interest, so if/when you get outta the coma, you'll have just as much, or more debt then when you went into it.

I don't buy insurance for things unless I absolutely have to, or it's a loss I can't afford to take. If I end up in a coma, I could care less about my credit at that point
Regular Contributor
Posts: 236
Registered: ‎07-04-2007
0

Re: Do you get the credit card insurance?

Ah,
 
Understood. I guess in the case of an auto loan it would be worth it, but I see your point in the case of the credit card. I will have to check on the balance question.
 
Stpn2me
TU - 609 EQ - 584 EX - 572 as of 07 May 2015
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Do you get the credit card insurance?

for me-No way-
Hassle,expensive and restrictive.
Established Contributor
Posts: 739
Registered: ‎06-30-2007
0

Re: Do you get the credit card insurance?

I love when they say, there is no fee if there a balance, I try to explain why I don't want to pay 3 weeks before I have to in order to avoid a fee, also all my charges are back up wit cash in savings
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Regular Contributor
Posts: 238
Registered: ‎08-31-2007
0

Re: Do you get the credit card insurance?

My favorite thing about these things is when they say your debts will be covered in the event that you die.
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Do you get the credit card insurance?

Term life insurance is much cheaper than credit insurance.

Now if I worked in the finance or mortgage industry-
I might reconsider my stance on Credit insurance-



ChaoticKinesis wrote:
My favorite thing about these things is when they say your debts will be covered in the event that you die.


Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Do you get the credit card insurance?

First of all ifr you have awill and beneficiaries listed for insurance, credit cards can't touch those funds.  For the cost of the insurance, you can set the same amount aside in savings and save mor than the min. In the case of no unforeseen events, you have a party fund.  The insurance does NOT make your min payments from all the offers I have read, only defers them.
 
As Timothy said, term life insurance is cheaper.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.