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fail2deliver wrote:
When i read the terms of the credit card insurance, first thing i thought was rip-off.
They charge you ~1% of your outstanding balance too.. I mean crap, that right there is a minimum payment
Some charge 7.50/100.00 of the balance....WTH? Nuch more than any minimum pyment I ever heard of.
Now that you're back from Kaboom, Afghanistan, you might want to take another look.
@stpn2me wrote:I always get it because I am an insurance freak as well! Reason being, my mom had a stroke about 4 yrs ago. She is alright now, but now she is on disability. While she was in a coma, her insurance that she had on her credit cards and loans paid her payments while she was in the hospital. One loan is actually paying one of her loans off. It is just peace of mind in my case! Plus with me being in the military, I dont exactly have a safe job!
Stpn2me
@haulingthescoreup wrote:Now that you're back from Kaboom, Afghanistan, you might want to take another look.
@stpn2me wrote:I always get it because I am an insurance freak as well! Reason being, my mom had a stroke about 4 yrs ago. She is alright now, but now she is on disability. While she was in a coma, her insurance that she had on her credit cards and loans paid her payments while she was in the hospital. One loan is actually paying one of her loans off. It is just peace of mind in my case! Plus with me being in the military, I dont exactly have a safe job!
Stpn2me
To me, it seems like one of the worries that CC insurance seems to soothe is that you won't have to worry about someone making the payments for you if you are unable to. Not so much a question of not having the money, as not having someone to hit the "send" button. If that's the issue, setting up some sort of automatic payment might cover that --set for minimum plus $20, or whatever, depending on how flexible the site is.
haulingthescoreup wrote:
I still think that a lot of people go for them in the hopes that if the cardholder is somehow unable to pay d/t illness, alien abduction, etc., the minimum payments will be made. We're in a very mobile society these days.
Not saying that this is a reason to get the insurance, I just think that that is one of the motivations.