May 29, 2009
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News: A Caveat Emptor of CC Payment Protection Plans
With the economic turmoil the Bush legacy has left us, many credit card consumers are turning to credit card protection offers. Although continually pestered and inundated with constant phone calls and exit trailers when I open new credit card accounts, I myself, have dismissed them long ago. A quick "No" after the first syllable of an offer shortens the conversation considerably and saves both myself and the 'sales-person' valuable time.
But now, remembering that one event long ago, I have to reconsider. Just like the $5/mo. ($110/yr.) premium that local phone companies scrape off most unsuspecting consumers concerning "house wiring". This option provides for phone wiring inside our homes (beyond the 'd-mark') going bad. If there's a phone problem which turns out to be in your home, phone people will 'attend' to it if you have this coverage. How many times does this happen? It had never happened to me. So I cancelled that coverage. Then, one day, living across the street from our local ‘punch-down’ box, I noticed the 'phone-guy', playing inside the box when my phone stopped working. That put me in a panic. I had wired most every room in my house, feeding from the single jack the phone company had provided. If the problem was 'determined' to be with my wiring, the telco would charge me $250 just to check out the problem. After disconnecting everything except the one jack they had installed, I reported the problem to the telco using my cell phone. Of course, they threatened me that, if the problem was found to be inside my house, I would be charged $250. Eventually, the 'telco-guy' walked across the street and asked if I had a phone problem. I explained it had started as he was working on the 'punch-down' box across the street. When he went back to the box and ‘touched’ something, my phone started working again. I asked the guy what he did to fix it and he said: "Nothing. I didn’t find anything wrong" (they never own their mistakes). So, with this in mind, I will apply lessoned learned to credit cards. In these hard-pressed times, we should consider credit card protection.
The supplemental series entitled "Credit Card Protection Protection" will delve into the pros and cons that consumers should be aware of. Please read on.