AmEx: "Account Protector" Clause

Anonymous — Fri, 15 Feb 2008 10:34:18 GMT

My fiance and I are looking for our our "full-time" card, the one we use for everything. So far, Blue Sky looks pretty good. I like AmEx's consumer protection stuff, like the double warranties.

Anyway, my question has to due with a clause I found in the contract. Does anyone know how this works? Is it worth it?

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SUMMARY OF THE ACCOUNT PROTECTOR PROGRAM FROM AMERICAN EXPRESS
The Account Protector Program is an optional feature and is not required to obtain credit. For a monthly fee of 85¢ per $100 of your month end account balance, some or all of your account balance will be cancelled if you experience one of the qualifying events while enrolled. If you become involuntarily unemployed, hospitalized, disabled, take a covered leave of absence, or experience one of the covered life events (marriage, purchase of new home, relocation of more than 150 miles, starting college, divorce, birth or adoption of child(ren), death of spouse, or call to active military duty), we will cancel your minimum monthly payment as of the date of the event up to 24 months depending on the type and length of the qualifying event. You remain responsible for making payments when due on your account, including accumulated finance charges and fees, when the debt cancellation period ends. If you should die, your account balance up to $10,000 as of the date of death will be cancelled. There are eligibility requirements, conditions, and exclusions that could prevent you from receiving benefits under the Account Protector Program. You may find a complete explanation of the eligibility requirements, conditions, and exclusions in sections 1-7 of the Account Protector Terms and Conditions which will be mailed to you upon enrollment. Not available in all states. The Account Protector Program may be cancelled by you or us at any time. You have 30 days from enrolling to cancel without cost by writing to P.O. Box 25183, Santa Ana, CA 92799-9503. This summary of the Account Protector Program is subject to the Account Protector Terms and Conditions, which you agree to be bound by if you enroll.
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Re: AmEx: "Account Protector" Clause

Anonymous — Fri, 15 Feb 2008 10:40:03 GMT

Ah, yes. I believe this is available in many/most other major card. I tend to see a majority of posters who don't use it and I have seen some who have said it's helped saved them.

This is optional. You can chose not to have it. You can chose to have it later and if you do, you can easily cancel. Sometimes, they'll entice you to get it by offering a gift like a free DVD player. Laugh, I think I've received checks in the mail for $3.25 to sign up for it, I can't remember which bank though.

It's insurance for your credit card.

Re: AmEx: "Account Protector" Clause

Anonymous — Fri, 15 Feb 2008 10:46:38 GMT

Here is a thread on credit card insurance from a couple of months ago. You might want to read it--

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=31428#M31428

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AmEx: "Account Protector" Clause

Re: AmEx: "Account Protector" Clause

Re: AmEx: "Account Protector" Clause