Credit Card Protection

[Anonymous]

Do I really need to be paying a montly fee for credit card fraud protection?  Aren't I only liable for up to $50 according to the FTC for unauthorized charges to my account? Also, is credit card insurance necessary?

[Anonymous]

CC insurance is a rip off IMO-

It is expensive and can be difficult to collect on.

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Cheetah376 wrote:

Do I really need to be paying a montly fee for credit card fraud protection?  Aren't I only liable for up to $50 according to the FTC for unauthorized charges to my account? Also, is credit card insurance necessary?

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[Anonymous]

I agree with Timothy.

If you are aware of your credit status on a daily basis...not needed.

[Anonymous]

Good info Sylvia and Timothy--for those cards i do have it on I am calling and cancelling

I love this forum--always good info !!!!

[Anonymous]

It is a ridiculous rip off.  And it doesn't suspend the interest rate, it just handles your minimum payments.  And there are so many exceptions and clauses designed to prevent you from actually activating the service.  They always ask for documentation and proof and it takes a lot of mailing and faxing to actually activate.  Not worth it.

[Anonymous]

Cool.  Thanks for the info.  What about fraud protection?  I think I'm paying a fee each month to ensure that if there are any fraudulent charges made to my account, the card company will cover all charges.  Do I really need to pay each month for this service?

[Anonymous]

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Cheetah376 wrote:

Cool.  Thanks for the info.  What about fraud protection?  I think I'm paying a fee each month to ensure that if there are any fraudulent charges made to my account, the card company will cover all charges.  Do I really need to pay each month for this service?

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What major CC doesn't come with this protection already?

Isn't it actually a law?

[Anonymous]

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cheddar wrote:

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Cheetah376 wrote:

Cool.  Thanks for the info.  What about fraud protection?  I think I'm paying a fee each month to ensure that if there are any fraudulent charges made to my account, the card company will cover all charges.  Do I really need to pay each month for this service?

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What major CC doesn't come with this protection already?

Isn't it actually a law?

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Yep, you are liable only for the first $50, provided you notify the CCC immediately.  But, most CCCs have a zero liability policy -- meaning you owe zip if fraudulent charges are made and you notify them.  File a police report also.

Really pisses me off that all the CCCs prey on people's fears (of identify theft, illness, unemployment, dismemberment) to sell these worthless "protection" products.

[Anonymous]

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masdeocho wrote:

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cheddar wrote:

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Cheetah376 wrote:

Cool.  Thanks for the info.  What about fraud protection?  I think I'm paying a fee each month to ensure that if there are any fraudulent charges made to my account, the card company will cover all charges.  Do I really need to pay each month for this service?

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What major CC doesn't come with this protection already?

Isn't it actually a law?

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Yep, you are liable only for the first $50, provided you notify the CCC immediately.  But, most CCCs have a zero liability policy -- meaning you owe zip if fraudulent charges are made and you notify them.  File a police report also.

Really pisses me off that all the CCCs prey on people's fears (of identify theft, illness, unemployment, dismemberment) to sell these worthless "protection" products.

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So in essence, you're buying insurance against the possibility of a $50 loss.

This makes no sense.  Would you buy insurance on new jacket you bought for $49.99?