Not worth it Avoid credit card insurance

Being from the UK, I'm amazed that payment insurance is still being sold anywhere... The fines for UK banks have been colossal and they've been made to refund anyone who was mis-sold so why would you as a bank risk it?

How to avoid buying credit card insurance: Bank: Would you like balance protection? You: No

@awesomatorr10

5 жыл бұрын

That worked for me but there are people that are more vulnerable and my not understand or get bullied into it. When my sister got her first credit card when she went off to University she got pressured into it by the salesperson because she didn't know. They use fear to get you to answer quickly and without thinking it through. She did cancel it immediately after she was able to discuss it with our parents.

@kppopsubs

5 жыл бұрын

@@DaEverything1 agents are usually very agressive in selling those credit card insurances one time this bank called me, although I said no multiple times, the agent just won't let go of the call

@DaEverything1

5 жыл бұрын

@@kppopsubs Even better, you can just hang up the phone!

That Chinese lady has no idea what planet shes on..

@lloydchristmas4547

5 жыл бұрын

She sold you the idea that's she's Chinese though.

@AfricanGirl

4 жыл бұрын

lol. wow

This happened to my dad. He went through his statements and saw these insurance charges. RBC was charging him for a few months. After a long phone call, they agreed to refund only 3 months of charges. The insurance is a scam. Stay away

Did that guy wreck his credit score by getting multiple credit cards in one day?

@rochester3

4 жыл бұрын

you can do as much hard checks as you want in the same day. it becomes a problem when you try to do it the next day or 2 week from then.

I am Happy they went to MY Bank ! I can’t wait for the morning to call them 😂😂😂

Insurance in general is a scam. It's never in your favor. I have a friend who had a tree fall on her car and she thinks the insurance worked out with her until I explained how this was her 1st claim ever and she's been paying insurance for over 20 years. So she has paid out over 40K in insurance and they replaced a car that's worth about 12k. She would have been 28K+ better off had she just put that money in a savings account.

@danjowithbanjo

5 жыл бұрын

In some states like Mo (I know it's not Canada but us yanks are pretty close) have an option to prove assets or different liquidable accounts as an insurance to cover in the event of a accident.

@pinkietoes

5 жыл бұрын

That's not how risk works...

@systematic101

5 жыл бұрын

@@pinkietoes where did I say I was explaining how risk worked?

@leilanidru7506

5 жыл бұрын

minhle1291 how does risk work? Also Can you just not get insurance if you’re able to cover the cost of damages for yourself with your fully funded emergency fund? Do you have to read the fine print of every insurance claim because it always seems like when it comes time for them to cover the thing you’ve been paying them for months or years to cover they always find some excuse or exception to either back out of it completely or give you a shittier version than what you were paying for.

@pinkietoes

5 жыл бұрын

@@systematic101 you're saying person A would have been better off without insurance but you are comparing outcomes from implied risk vs actualized risk

Ask for a refund. You need to go through a process but they WILL refund you. I needed to wait 7 weeks but I got around 1300 back. Good luck all. Look up example emails that you can send them

As a health insurance agent in the US, this really makes me angry. I can lose my license, face fines and even jail time for misleading my clients. This is why the insurance and financial industry has such a terrible reputation. This is why I prefer to be 1099 because I can decide how to run my own business, provide the right plans that I believe are the best plans, and not be pressured to sell. This is just unbelievable.

Take the money you were going to spend on credit card insurance and save it instead. If "life" happens use the money you saved to pay.

I called to cancel the insurance on my unsecured LOC, 2 weeks later I get a letter that my interest rate is being I creasedby 1%. It's no coincidence the increase is to make up for the lost revenue. Sad they use these tactics

I live in the US and got my first credit card from Bank of America in 2011. They didn't talk about the insurance at the financial center but I got a call about it soon after my card arrived in the mail. The person on the phone gave me a sales pitch and then asked me if I wanted it. I said "no". He then asked if I would like them to send me the information so I can at least think about it. I said "okay". The following month I was charged the insurance fee and still hadn't gotten the information he said they would send. I called the bank and they took me off the plan as well as reversed the charges. A while after, I get a piece of mail telling me that I am included in some class action lawsuit against BoA for the bank adding customers to the plan even when they explicitly said they didn't want it. I am not sure how that turned out. I never followed it and missed the claim date. At least I didn't loose any money though.

Td bank stole over 1400$ off me personally I switched too tangeine

@phinagage6085

5 жыл бұрын

How did they steal from you?

@KevsGuide

3 жыл бұрын

Ask for refund

@BlackWhite-xk7fb

3 жыл бұрын

@@KevsGuide actually I had to file multiple complaints and eventually after months and months and speaking with td bank management I received a check I the mail for $850 not the $1400 but it's a start

Credit Card Balance Protection is a scam. I was fired when I refused to aggressively sell those policies to elderly people.

I love CBC Marketplace

This man's credit score is gonna be wrecked

I've applied for credit cards quite a lot, I've also applied for car loans. Each time I was asked if I wanted insurance and it was very clear what the cost would be. (around 0.10c per $100 I believe). There are no hidden fees.

I don't buy insurance on most things. Even for phones or laptops. Im always thinking about the extra fee Im paying...especially since it only lasts for a year or two and the device should last til then. If my phone started getting buggy, id rather invest in a new one then try to repair an old one. The only time I ever agreed to insurance was when I booked my first solo trip to Japan. I was already hesitant, as things can change in 3 months and I was worried if they had a big natural disaster were to happen there. Id be willing to give an extra $100 if I could get my $1500 back

In the UK this is called PPI payment protection insurance

On my first credit card, it was $0.99 per $100... It did NOT cover if you lost your job, and only made the minimum payment if you got sick/injured. The only time it would pay in full is if you died. Moreover, unlike interest (in which you get a 21 day grace period), there is no grace period with the insurance, it's charged on the balance just prior to the statement being issued. I cancelled it after 2 months, it was a hassle to take it off, and they continue to try and sell it to me to this day whenever I have to call in for something else. The only bigger scam I can think of is when Staples tried to sell me a "1 year warranty" for $20 on a backpack that I paid $39 for. I told them I would take my chances and buy a new one if anything happened. I still use the backpack today, 3 years later.

this actually happened to me too with the Walmart Mastercard!

My mother and father were blind to this charge as well and it helped them get into some serious debt. I managed to help them get rid of it, including on my own that I realized I had too. We were never asked if we wanted it or not. My mother got a full refund but my father and I didn't. To be fair, my fathers one of those people who just wants to the problem to go away without any hassle so he didn't put any pressure onto getting his money back. My mother got just over 800 back.

i bank with td and that was automatically on my card without me asking. when i called to remove it from my account the teller offered me a one time offer of half the price for it.. i obviously insisted that i did not want/ need it. come on banks.. really?

Is the Payment Protection Insurance (PPI) that you always see advertised on TV in the UK?

@janfreddy123

5 жыл бұрын

Seems to be the same concept according to your local financial regulatory body www.fca.org.uk/ppi/ppi-explained

What I found out when I lost my job because I had to go on dialysis was that the balance protection would NOT cover me for job loss because of some fine print. They denied my claim. Well at that point I said I do not want that insurance anymore because I paid thousands on it and for what?

They got me with this when I was like 16 and dumb. I was lazy about cancelling and ended up spending over $40.

Happened to me with PC master card. I didn't pay much attention for over a year. But they refunded all the money I payed into it. They were really nice about it

So tired of scams everywhere you look!

Bottom line, avoid credit cards completely.

I refused the the insurance, then noticed they charged it to my card. I called 3 times to refund the charges and cancel the insurance. Every time, they say ok, then keep slipping in the fees.

@leilanidru7506

5 жыл бұрын

trevor fontaine sure those sons of bitches, that’s high way robbery.

@ashkanahmadi

5 жыл бұрын

cant you report it to a court, police station or any authority?

They offered me insurance, but I refused back then. I was broke so why pay more money, especially if I never use it. Luckily, Im very strict about paying off my credit asap. Today, I went to my bank cause I was pre-approved for a personal line of credit and heard its good to have. He asked me if I wanted insurance, and I was thinking but he said Id only pay on the balance I use. And its very small amount (ie, if I take out $5000, I would only need to pay 50 cents for insurance). So I said sure cause it sounded very reasonable. But Im open to opinions cause Im still young haha Ill use a bit and pay it off asap so it doesnt get dormant but just good to know

Schools need to teach financial literacy courses.

Juts noticed this on my scotia card.. guess ill be making a call wonder if they will refund me all the money i have paid over the year's.

Usary

Facts.

$129? for credit card insurance 🙄 only in this USA of America there's damn insurance on everything n for every damn things that not needed🤦‍♀️

I am in debt .. a lot ... because of college .. and then ended up real sick and lost my job ..

You should ONLY use a credit card if you 100% know for a fact that you have the exact amount in you savings/checking account. Never carry and balance and always opt in for paper statements instead of online statements. If you do not have the cash for something, look the other way or look into buying that specific item second hand. There is NO reason anyone should have credit card debt!! Live on less than you make and save.

Rbc Banker enrolled me in it without my consent good thing I discovered it the next day

Yeah, I QUIT my job now my mortgage, CC and other insurances should pay for me to live. Every one of the sales people said LOST your job. That means laid off and doubtful if it includes being fired for sucking at your job.

IN THE U.S CREDIT CARD PROTECTIONS ONLY PAYS MINIMUM AMOUNT ON THE DUE DATE FOR UP UP 6 PAYMENTS NOT 100% OF THE OUTSTANDING BALANCE.

I quit my job and demand you pay off my credit card..... That is not how it works.... Why would they choose this guy to prove a point? How about we teach people not to carry such high balances, not how to avoid insurance.

Actually, insurance company corporate with bank to sale financial insurance for bank customer, so bankers have sale pressure to insurance, which leads to scam cases.

Do one of west forgo

When it comes to job loss and other financial problems, the worst place to get insurance coverage is from the provider of a credit card or bank. That is something that specialized insurance companies should do and not related to credit cards, it should be related to the loss itself such as loss of job or some other financial problem where they would cover those costs for you while you pay them an affordable monthly cost while you do have a job and financially healthy. When you lose your job that is where the specialized insurance company should give you payments and that if they deny your claims, can be sued for damages.

Just wondering... The guy is applying for 3 credit cards for the program. I wondering if the CBC told him each application is a hit to his credit bureau? Did the CBC just scammed Haider?

Awesome🍿❄️☃

What can I do if insurance was tagged on to my credit card and line of credit without my consent?

@TigTig-Kitty

5 жыл бұрын

Call the number on the back of you CC and make sure you record the conversation asking them to remove and refund the amounts, also Collect all your LOC statements with the charges on them and go to the bank and ask why these have been added and ask them to be removed as you didnt give permission in the first place.

Um, that's why you buy the important insurance (e.g., life, disability) and have some savings. Much better deal than CC insurance.

nowadays, VietNamese bank do the similar creditcard insurance for customer. But customer accept this but they do not care too much money they lose

Labour board needs to review their employee standard acts closely..lots of pubs with line cooks will get shut down.👈

I live in the US and have never even heard of this.

@roxcyn

5 жыл бұрын

All that banks got in trouble here in US so they rarely sell like that. It might be a soft sell, like something on your statement to call and get.

All good and well until they are caught!!

Hmm I know what this is, but it wasn’t explained to me. Drop me a line if you hear of a multi lawsuit

@highstreetkillers4377

5 жыл бұрын

that will never happen. In Canada businesses and doctors can do no wrong. Even with evidence, our country is a joke

Im sorry i dont fully agree that it is not worth it. I did get it when i got my card. There came a time i ended up in the hospital so i phoned and asked if i qualified to put in a claim as it was my choice i was there, they said yes put in a claim and told me since i stayed overnight i qualified for insurance and told me there was no questions asked no hard investigation. I got the papers, asked the doctor to sign off that i was in so many days, submitted n got paid out. No hassles no headaches.

Sad that anyone would need a product like this. More in credit card debt than cash.

LOL I never even heard of "credit card insurance" what a scam man this banks are just hungier than ever.

and i thought extended warranty was a scam enough.

Well if you quit your job. You shouldn't be trying to claim the insurance. I agree with the bank on this one

@PrintMeLogo

5 жыл бұрын

I was the one in this video . Somehow they considered me as a person who quited his job. But I wasnt given the choice. I actually got dismissed along two other employees. For the information I was working as a security Guard in a hospital. The hospital contracted is from the security company we got layed off .

I'm seeing all these issues being brought to light, and then think to myself "How did the society function with all these stuff going on?"

@leilanidru7506

5 жыл бұрын

TNinja0 it didn’t. The scammers find a way to gaslight, scare, mislead, or just straight up lie to you thinking what they’re doing is completely normal or purely just a mistake. You never see the secret quotas, commissions, fees etc and people go on thinking everything is normal until that certain organization/industry gets exposed. That’s why I’m glad the marketplace investigators, Cox most people would never known of some of these issues otherwise; finally fighting for the consumers against big greedy business🙌🏾😁

I always say no to these insurances and when they ask why I say its because credit card companies are shady.

Nevermind the insurance. Avoid credit cards. period.

CIBC charged me credit card insurance without my permission.

Credit protection insurance is basically a scam. It doesn't protect the person, only the bank. In addition to that, the fee is often at least $1 per month for every $100 owed. That's a great way to turn the 19.9% interest rate into a 31.9% interest rate.

@highstreetkillers4377

5 жыл бұрын

plus the protection is already there when you read the small print. Like a chequing account at TD is insured for 100 000 automatically.

i know its impossble but try to avoid having a credit card in the first place...but in america its unavoidable

@leilanidru7506

5 жыл бұрын

cindy mananzala martinez not really. Yes credit card companies are one of the most aggressive and persistent sellers in the known universe but people still have the choice of saying no. Nobody put a gun to their head to tell them to take out a credit card. People are just bad with credit cards and end up buying things they can’t afford and getting into debt. And as far as this insurance thing goes, why aren’t people taking a closer look at their credit card statements? These banks are lying scheming scum bags but there’s A LOT of personal responsibility to be held in the hands of consumers as well.

all warranty/ insurance is just pure profit do not get it unless you absolutely require it

Does incarcerations count? My 100.00 turn to $10,000 when I went to jail for awhile.

Its not ok

Life is so simple! Don't spend more than you earn and save as much as possible, then you will NEVER need something such as a credit card insurance.

At 5:15. I don't understand how can that woman work in a bank with that language level.

Insurance in general is not worth it. Save your money for a bad day by putting it in a savings account or something you own. Don't redirect your money at a big company that uses your money to pay lawyers that battle with you when you make a claim.

@leilanidru7506

5 жыл бұрын

IARRCSim aren’t more insurance more necessary and useful than others though? Like if you live in a high risk area for a certain type of natural disaster and buy insurance for your house. (Flood, fire, earthquakes etc) And isn’t not having car insurance illegal? These are genuine questions I have I’m not being sarcastic, never bought insurance and I have a lot of questions.

Lmao probably the worst segway into a segment I've ever heard. "they like jumping out of planes, how about jumping... INTO DEBT!" Lol try again

They say they will pay the minimum in the States...but YOU have to prove you are disabled to THEIR satisfaction. But when I found out they were trying to get me to pay if I died! I promise you if I'm on a slab somewhere I'm past caring if my credit card bill gets paid!

My TD guy told me not to get it Lol not worth it,

I'm sure this would only apply if you carry a balance on your card

Any one who works in CANADA handling anyone's food should practices food and health safety.ask you self how was your meal prepared.👈

The balance protection if you try to cash it out because you lose a job you actually don't get the money... there are so many fine print.. I found that out the hard way. I ended up on dialysis .. I mean not like I meant to be unemployed! Just a crooked way to get more money out of you!

Sounds like the insurance is for the bank.

"I know this person, and he passed away and we covered his balance" and if you didnt? well guess what, nothing wouldnt happened, maybe you could've taken some of his assets but thats it, you cant go after the family

I’ve been tricked for 10 years now. Crap.

Why credit cards??? Just simply use your own money. Cash or debit card. Or simply read your terms and conditions before you sign.... 😂

@user-qd8lf1ql1v

5 жыл бұрын

Marc Vencer you need credit to buy a house

@nothingheard

5 жыл бұрын

@@user-qd8lf1ql1v and a car

@highstreetkillers4377

5 жыл бұрын

no you don't need credit. You could save and pay cash for a house

@yusuno00

5 жыл бұрын

Credit is good for investment. For example to buy properties for us to run business. Why you need to wait saving money when you can buy now and start running business? Just, lots of people forgot to manage their finance. Sorry for bad english, english is not my first language.

@sheam2053

5 жыл бұрын

Most people have mortgages for 30+ years , so you want someone to somehow save enough money to buy a house in cash plus pay rent while the save that money. Use your head. @@highstreetkillers4377

love cbc news !!! for spying 😄😅

_UK_ *Shows England*

This is why I don’t use credit cards

@MrFootballstriker

5 жыл бұрын

This one of the reasons. No thanks, keep your cookies

@leilanidru7506

5 жыл бұрын

Mr Bojangles no one wants ur damn cookies. Wanna stop being condescending?

People: You need to understand how thinks work before you buy it. This kind of insurance is not bad, but you have to know that it will kick in when you dont pay your total balance. This works pretty well when you have a very low spending limit in you credit card, so if you miss the last payment day the insurance will be under $2.00

more human want change career because use insurance to buy bukninboy clothes

Canadastan

@lloydchristmas4547

5 жыл бұрын

Irrelevant you buzzword imbecile.

Just don't get credit cards.. End of the story 😂

@leilanidru7506

5 жыл бұрын

BossSfeedy or actually pay attention to your bank statements, and read the fine print, and ask questions... people should be more financially responsible and the banks should stop lying and stealing from people. But there is a way to be financially responsible with credit cards you know

AVOID CREDIT CARDS, DEBIT CARDS, ALL FINANCIAL CARDS, AND AVOID ALL KINDS OF ELECTRONIC TRANSACTIONS AND GO BACK TO GOOD OLD FASHION "PHYSICAL CASH" AND "PHYSICAL GOLD AND SILVER".