Comments on: Should You Get a Credit Card Payment Protection Plan?

By: Card Issuers Staring Down The Barrell of the CFPB

Card Issuers Staring Down The Barrell of the CFPB — Sat, 18 Feb 2012 14:08:37 +0000

[...] into the legality of this “insurance.” These plans have been a thorn in the side of consumers for years because they charge hundreds of dollars annually for enrollment and often fail to protect anything [...]

By: Mimi

Mimi — Sat, 18 Feb 2012 11:26:00 +0000

Actually, I disagree with it not being worth it. I am in an industry with much fluctuation. I have payment protection on all my cards. When I got laid off it was very useful that they paid the monthly payment until I got back on my feet for 6 months.

By: Sarah R

Sarah R — Tue, 26 Apr 2011 13:40:48 +0000

I had to charge the remainder of my college balance on a card and am still paying that portion off after 4 years. I recently transferred it to another card with 0% APR for 2 years, BUT they tacked on the Pymt Protection Plan and now I’m paying extra they same as I probably would be spending on the interest portions of my monthly pymts. After reading this, I’m planning to cancel the plan this afternoon. It seems superfluous, especially since I also have an emergency fund – albeit not that high of one, but enough to last a couple months should I lose my job.

By: Anmol

Anmol — Fri, 26 Nov 2010 10:12:13 +0000

I have the ppl and I was on maternity leave they only freez the account for 3 months and then sent me statement with Â£115 adding for into the balance and then I sent them the maternity letter and they freez it for another 3 months and again Â£115 to balanace what is the purpose for this ppl cause I have been made redundent while still on maternity leave and the inetrest pilled on my credit card from 1250 to 2000.

By: Tracy Borczyk

Tracy Borczyk — Fri, 12 Nov 2010 22:35:34 +0000

Hi, I would like to share my experience with Chase payment protection plan as I have had nothing but fantastic experiences with it. First, I will tell you about myself, because maybe this is why it has been beneficial. I am 25 year old non-profit worker who changes primary residences frequently, as most renters tend to do. By frequently, I mean once a year or every two years. My Chase payment protector allows me to claim my benefit everytime I move- it is activated for 4 months at a time. Furthermore, everytime I have a transportation cost of $50 or medical expense of $50 or more, I can activate my benefits for a month. Well, as a 25 year old NPO worker, you can understand that I drive a bit of a junker car. Therefore, it requires maintenance pretty frequently (but no car payment, thank god) That being said, I can time things just right & literally get a ‘free’ loan from Chase. I put new tires on my car, a new coolant system, amongst other things right after I changed primary residences. That being said, I have about $1500 on my card that I have had 5 months to pay off, interest free. I never keep a balance on my card any other time, and essentially payment protection is free & the other half of the year, I have it activated and can make major purchases I need. It is a win-win for me. I have never had any trouble activating benefits.

I would recommend it for someone like me- someone who has planned major expenses & who can make the plan work for them.