BOA Credit Protection Plan

[sammyfire2001]

Does anyone have this plan?  I want to bring down my utilization on this card so I wanted to cancel the service just until I get my balance down to $0.  Any thoughts?

[Anonymous]

---

@sammyfire2001 wrote:
Does anyone have this plan?  I want to bring down my utilization on this card so I wanted to cancel the service just until I get my balance down to $0.  Any thoughts?

---

If you feel your job is pretty secure, and you have savings to make those monthy payments, get rid of it. Just save up the monthly plan fee yourself. Put what you would spend on the protector into savings.

[Creditaddict]

I don't really see the point to these added services on cards. with a high balance they could cost you $100's a month. and from stories I have heard it's next to impossible to get the companies to actually pay your balances off.

[jmbfl]

I had this on my Discover card thanks to the browbeating of one of their oh-so-cheerful CSR's. It was better to take it at the time so we could move on. When I decided I was going to take advantage of my intro 0% APR for a while I took it off. It was nice to have when I didn't have to pay for it, but it costs too much if you carry a balance. Add that to the fact that you can't use the card when the payment protection plan is being used and that it is almost impossible to collect on it the whole proposition is garbage. Only time it will really pay off is if you die. A death certificate is easy!

[Anonymous]

^^^ Spot on. you are better off putting it in a saving account or something. I have seen people with Discover Cards well over $150 bucks a month.. cost vary by states but 85 ish cents every $100 dollar you have it on the card adds up fast.  YIKES!