insurance on cc

[Anonymous]

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@Anonymous wrote:

Yes you can access the security deposit to pay the balance, by closing the account.  When you close the account and request return of deposit, they apply the deposit to any amounts outstanding, then return the balance.

As for the insurance, I would look into life, disability and health insurance for your whole situation and not just on a card by card or loan by loan basis.

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+1

Also, every time I see this topic mentioned in financial forums the unanimous verdict is that this type of insurance is expensive and ineffective. 

I can, however, see this as cheap insurance that they won't close your account from lack of use.

[Anonymous]

Not really. You have to use the card in order for the insurance to generate use. Just subscribing to the insurance won't do it.

[Anonymous]

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@Anonymous wrote:
Not really. You have to use the card in order for the insurance to generate use. Just subscribing to the insurance won't do it.

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True.  The insurance only charges as a percentage of balance.  No balance, no cost.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Not really. You have to use the card in order for the insurance to generate use. Just subscribing to the insurance won't do it.

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True.  The insurance only charges as a percentage of balance.  No balance, no cost.

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I was thinking more along the lines of the fraud insurance Chase & Discover are always pushing for $7 a month.