Credit Card Fraud Insurance Worth It or Not?

Get credit card fraud help: For victims of credit card fraud and identity theft, and those that can help.
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infomaniac
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Postby infomaniac » Sat Jan 08, 2011 4:35 pm

Pete838 wrote:By adding the insurance they extract an ADDITIONAL $534 if your balance stays at $5K. That is equivalent to an additional 10.38% interest at $0.89 per hundred of your balance!


If only all Americans had the common sense to comprehend this.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Jan 14, 2011 10:03 pm

Discover recently got in trouble for offering these services as another poster pointed out.

http://creditcardforum.com/discover-diners-club/1824-discover-disceptive-practices-nytimes-story.html
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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dmband
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Postby dmband » Wed Jan 19, 2011 3:48 pm

I used to work in retail so I know the credit protector plans are the biggest rip offs ever but I have had Lifelock for over a year mainly because I was afraid of a pyscho I dated doing something crazy but what are your opinons on this service?

mohegan
 
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Postby mohegan » Sat Jan 21, 2012 11:46 am

Mogul of Pineapples wrote:I completely agree with jeffysdad. There is no reason to pay for credit card fraud insurance in the USA, where we have laws which limit liability to a max of $50 per account.


What do you mean there are laws that limit Liability of max 50.00 per acct..? Do you mean for charge-backs..? who would give this..? I was scammed with two expensive charge-backs last December 2010 that were for almost 5k, how can i protect my self from this happening again so i can resume doing business online as most of my equipment purchased is 2000+ each item..?..? thx in advance.. Phil

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Pete838
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Postby Pete838 » Sun Jan 22, 2012 8:59 am

mohegan wrote:What do you mean there are laws that limit Liability of max 50.00 per acct..? Do you mean for charge-backs..? who would give this..? I was scammed with two expensive charge-backs last December 2010 that were for almost 5k, how can i protect my self from this happening again so i can resume doing business online as most of my equipment purchased is 2000+ each item..?..? thx in advance.. Phil

The subject is protecting the consumer from fraud, not merchants.

Charge backs are a problem for merchants. Did the CC company give a reason for the charge-backs?
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan



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