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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.
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.
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.
You'll do so much better going somewhere else. First Premier is a fee harvester credit card
@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.
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.
@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?
It was before. I'm currently approved but they continue to charge interest in the balance each month while under the program.
@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.
It was start that. I've had it for almost a year and plan to close once I start back working next month.