10 Products That Are a Rip-off

8. Credit Card Payment Insurance

For a monthly fee you can put payment insurance on your credit card.This insurance protects you from job loss, illness, and some policies even have life events. It sounds like a good idea right? Wrong.There are at least three main reasons why these plans are not a good idea. The first is that the plans are very expensive. On a $1200.00 monthly bill paid in full every month you would have paid 10% of your monthly balance just to suspend payments. Secondly, using these plans is very tedious. The credit card companies require quite a bit of paperwork and many times the paperwork gets lost in transit. Lastly, The credit card payments may only be deferred. Most of these plans are full of restrictions and rules about how and when the plan can be used. Fighting with credit card companies takes time and when you are finished it would have been better to pay down your balance instead of trying to get the companies to apply a payment to your account.