topic Re: Credit Card "Emergency Benefit Payment" in Credit Cards

Credit Card "Emergency Benefit Payment"

Anonymous — Mon, 28 Mar 2016 14:48:03 GMT

Credit card includes a once yearly "Emergency Benefit Payment" that can be activated to make a minimum monthly payment on our behalf. We have not used it before, and as we are just making minimum payments on this particular card currently to focus payments elsewhere, we thought we might go for it but are concerned using the benefit will somehow damage our credit score. Not sure if it reports like a timely payment or there is some sort of alternative flagging that goes on in the background. Anyone have insight to something like this?

We can pay the bill ourselves. Our thinking was it's a "free" (nothing is ever actually free LOL) benefit of the card we never use - if we can use it penalty free and focus that payment elsewhere this month it will help us with out debt free goals a little bit faster!

Thanks for your time!

Re: Credit Card "Emergency Benefit Payment"

hawaii-girl — Mon, 28 Mar 2016 14:44:53 GMT

What card is this for? It would be useful to reply after reading the Terms and Conditions.

Re: Credit Card "Emergency Benefit Payment"

Anonymous — Mon, 28 Mar 2016 14:55:32 GMT

I believe it is just a regular Capital One credit card. Not really sure how to answer beyond that, sorry. Obviously credit cards are not my forte, or we wouldn't be stuck here

Re: Credit Card "Emergency Benefit Payment"

hawaii-girl — Mon, 28 Mar 2016 15:11:47 GMT

Oh, sorry... I meant it would be useful if I could read the Terms and Conditions on the card's website to be able to reply in a more meaningful way.

Which Capital One card? The Platinum? Or is it a Quicksilver or Quicksilver One?

Re: Credit Card "Emergency Benefit Payment"

Dalmus — Mon, 28 Mar 2016 15:13:36 GMT

Typically, the "emergency benefit payment" programs have to be enrolled in, and they charge $xx per $100 of balance you carry. Then, if a Life Event prevents you from paying your minimum payment, you can claim this benefit. Usually it has to be unemployment, or sudden illness (or death) that prevents you from making the payment.

I don't recall ever seeing one that will make payment for you "just because." I'll admit, I don't usually look into the Terms and Conditions of these offers very deeply because I don't like the idea of paying the monthly fee, so it could very well be.

If you can confirm precisely which card from CapitalOne (Quicksilver, Venture, Platinum, etc), I sure there are plenty of people here who can look up the terms and conditions of the programs quick and give you their take on if it would effect your score or not.

Re: Credit Card "Emergency Benefit Payment"

Anonymous — Mon, 28 Mar 2016 15:21:38 GMT

Thanks, folks LOL. I did not even realize there were types aside from bank and Visa/Mastercard/etc. It is a Visa Platinum.

Also to be clear, I am not referring to any sort of program that makes payments up to a certain point on your behalf if you lose your job or something. We are stably employed, and grateful for it!

We do not pay for some sort of insurance like that. This is a one time Emergency Benefit Payment. We have never used it, but got an email saying it's being phased out soon. Perhaps this is all a sign that we have done good to never try to use it lol.

Re: Credit Card "Emergency Benefit Payment"

hawaii-girl — Mon, 28 Mar 2016 15:30:49 GMT

Well, I couldn't find anything in the Terms and Conditions for the Platinum card that is anything like you describe. I suggest you call the number on the back of the card or (preferably) that's listed in the email you mentioned. Or you could post a question on the Capital One Facebook page. Good luck with it.

Re: Credit Card "Emergency Benefit Payment"

Anonymous — Mon, 28 Mar 2016 15:34:32 GMT

Many thanks I could not find any information, either.

Re: Credit Card "Emergency Benefit Payment"

Anonymous — Mon, 28 Mar 2016 15:40:32 GMT

A once-a-year minimum payment for free sounds way too good to be true!

Re: Credit Card "Emergency Benefit Payment"

Dalmus — Mon, 28 Mar 2016 17:18:23 GMT

Maybe its not Capital One? Their Platinum cards are typically MasterCard.

The Playstation card is a Visa, but I don't think its techinically a platinum...

Best of luck to you, though! Sounds like a great benefit!

If you can anonymize it, can you post a copy of the email? I'm dying to know what card it is. lol

Re: Credit Card "Emergency Benefit Payment"

jsucool76 — Mon, 28 Mar 2016 17:22:20 GMT

This is the benefit of which you speak.

If for any reason you are unable to make the Minimum Monthly Payment due on your Account, you are eligible for the Emergency Payment benefit by requesting benefit activation no later than 5 business days before the Minimum Monthly Payment is due. Upon approval, PAYMENT PROTECTION will make a benefit payment on your behalf to your Account in the amount of the current Minimum Monthly Payment plus the monthly charge for PAYMENT PROTECTION for the cycle in which you activate this benefit. You are eligible for this benefit only once per calendar year.
Exclusions: If you are eligible for the Inability to Work benefit and the Emergency Payment benefit at the same time, only one such benefit payment will be made.

I dont think this is something that is still available to new cardmembers, and i'm not surprised cap1 is phasing it out.