My recent experience with credit card companies has totally left me disenchanted with everything related to banks and credit card providers. Fortunately, I have a lawyer friend who made me aware of my folly before I could damage my long term financial stability. The following is my story.
I get a call one day from the bank promoting the idea of credit card insurance to me which was so attractive that I almost jumped at it instantly. However, sense prevailed when I thought that it sounded too good to be true. Hence, listening to my inner call of caution, I brushed off the telecaller.
Another 10 calls, excessive persuasion and loads of promises later I opted to go for the deal that I liked from the beginning. The idea of the credit card insurance was that I would be giving them premium per month and in case I got disabled or unemployed they would pay off my balance.
Sounds quite nice, doesn’t it? The catch was the fine print. When I did lose my job after taking a loan out for the new car, the company blatantly refused to honor any commitments. My financial back broken and no prospect of an income for the next month, I was left quite devastated.
I went to a professional lawyer for advice and was promptly told that I did not have a case. Apparently the fine print of the credit card insurance, which I never got to see by the way, included particular instances in which case the company would honor the deal but my situation was not covered.
Thankfully I did bail myself out with a new job, but I also decided to educate other people of such scams. It is alright for you to have a credit card if you are aware of the particular terms and conditions but it is downright foolhardy for you to go for credit card insurance.
