topic Re: First Premier Credit Protection in Credit Cards

First Premier Credit Protection

jlnume — Fri, 30 Apr 2021 04:18:10 GMT

Does anyone have experience with First Premier credit protection. I signed up after being temporarily let go from my job and interest is still charged each month. I couldn't find anywhere in the contract that states it still charges monthly but only that I would still be charged for the protection itself. I've even called and couldn't be given an answer.

Re: First Premier Credit Protection

Anonymous — Thu, 29 Apr 2021 19:23:32 GMT

I would imagine it's like any other insurance where you continue to pay for it whether you use it or not and if you stop paying for it, the benefits cease.

ETA: I misunderstood what was being asked. The program will pay your minimum payment.

"In the event of Involuntary Unemployment or Unpaid Family Leave and upon benefit approval, PREMIER Credit Protection may cover your monthly minimum payment, as of the date the protected event began, until: (1) twelve continuous payments have been covered; (2) you return to work; or (3) your account balance is $0, whichever occurs first.

In the event of Disability and upon benefit approval, PREMIER Credit Protection may cover your monthly minimum payment, as of the date the protected event began, until: (1) twelve continuous payments have been covered; (2) you are no longer disabled; or (3) your account balance is $0, whichever occurs first."

https://connect.mypremiercreditcard.com/Home/PremierCreditProtection?mode=showDisclosure

You would not be responsible for a payment during the covered time.

Re: First Premier Credit Protection

203bravo — Thu, 29 Apr 2021 18:19:48 GMT

Credit protection products are like insurance policies that simply cover your minimium monthly payment - up to a specified number of months - in the event you have a covered qualifying event. Your regular credit card terms still apply - including the accural of interest and payment of the credit protection policy... However, most of these policies will not allow you to make any new charges to the credit card while being covered.

Re: First Premier Credit Protection

Anonymous — Thu, 29 Apr 2021 18:47:32 GMT

You'll do so much better going somewhere else. First Premier is a fee harvester credit card

Re: First Premier Credit Protection

designated_knitter — Thu, 29 Apr 2021 21:18:29 GMT

@Anonymous wrote:
You'll do so much better going somewhere else. First Premier is a fee harvester credit card

While I don't disagree, not all people have the option to "go somewhere else"... especially if OP is currently unemployed.

We all had to start somewhere and while First Premier is predatory, sadly, for many, they may be the only game in town.

Re: First Premier Credit Protection

FinStar — Fri, 30 Apr 2021 04:47:50 GMT

Just a quick PSA - please keep comments and responses on topic. Comments that were irrelevant or off-topic to the OP's question have been removed. Thank you.

Re: First Premier Credit Protection

FinStar — Fri, 30 Apr 2021 04:53:56 GMT

@Anonymous wrote:
I would imagine it's like any other insurance where you continue to pay for it whether you use it or not and if you stop paying for it, the benefits cease.

ETA: I misunderstood what was being asked. The program will pay your minimum payment.

"In the event of Involuntary Unemployment or Unpaid Family Leave and upon benefit approval, PREMIER Credit Protection may cover your monthly minimum payment, as of the date the protected event began, until: (1) twelve continuous payments have been covered; (2) you return to work; or (3) your account balance is $0, whichever occurs first.

In the event of Disability and upon benefit approval, PREMIER Credit Protection may cover your monthly minimum payment, as of the date the protected event began, until: (1) twelve continuous payments have been covered; (2) you are no longer disabled; or (3) your account balance is $0, whichever occurs first."

https://connect.mypremiercreditcard.com/Home/PremierCreditProtection?mode=showDisclosure

You would not be responsible for a payment during the covered time.

My understanding, based on the premise for obtaining such coverage (similar to other lenders who offer similar policies), is the individual needed to have enrolled for this coverage or have been effective before the event.

@jlnume - when did you enroll for the Credit Protection program, was it before or after your temporary loss of employment?

Re: First Premier Credit Protection

jlnume — Fri, 30 Apr 2021 15:07:33 GMT

It was before. I'm currently approved but they continue to charge interest in the balance each month while under the program.

Re: First Premier Credit Protection

jlnume — Fri, 30 Apr 2021 16:47:33 GMT

@203bravo wrote:
Credit protection products are like insurance policies that simply cover your minimium monthly payment - up to a specified number of months - in the event you have a covered qualifying event. Your regular credit card terms still apply - including the accural of interest and payment of the credit protection policy... However, most of these policies will not allow you to make any new charges to the credit card while being covered.

Thanks for the clarification. I assumed interest stopped accruing while under the program.

Re: First Premier Credit Protection

jlnume — Fri, 30 Apr 2021 15:12:05 GMT

It was start that. I've had it for almost a year and plan to close once I start back working next month.

Re: First Premier Credit Protection

FinStar — Fri, 30 Apr 2021 16:51:56 GMT

@jlnume wrote:
It was before. I'm currently approved but they continue to charge interest in the balance each month while under the program.

Ok, thanks for confirming. So, as mentioned further upthread, finance charges will continue to accrue while the claim is active under the program.