Is credit card balance protection insurance worth it? Banks claim it helps with your payments if you get sick or lose your job. But experts say it’s expensive and rarely pays out.

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CBC News : How banks sell you on credit card insurance: Hidden camera investigation (Marketplace)

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40 COMMENTS

  1. I got alot of sales incentives from adding this crap on accounts. I usualy find inactive accounts and add it there, these people arent charged anything (yet), and i get my incentives! The problem occurs when they start using their card and see the fees.

  2. 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.

  3. 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?

  4. "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

  5. I had a bank employee at ScotiaBank who was helping me set up a line of credit and a Scene Visa. He was great, he was an older gentleman who didn't like B.S. He sold me the protection on both services but told me to I needed to immediately cancel the one on the credit card before the end of month. He informed me that the LoC protection was definitely worth it, but the CC protection was a terrible fee gouge. The only reason he asked me to accept it was because I was a "young tech savvy person who [he felt] comfortable explaining the problem, knowing [I would] safely cancel it before having to make payments". Why did he want me to take it? …Quotas. He, and his colleagues, were required to sell a minimum number of Credit Card Protection Plans EVERY month (the LoC ones didn't matter, only CC). So he asked me to help him out a little, knowing he wasn't going to cause me harm. Really great guy, super happy I could help him out with his malicious compliance lol

  6. 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.

  7. Consumers would be better off getting a term life insurance policy which would be way cheaper than these so-called insurance companies from Banks cuz you don't know how much of a commission the bank is getting some from selling you this worthless products if you don't meet the weekly hourly requirement youte out of luck bc the banks will try to tell you anyways

  8. Come ooon TRUST the banks😉😉

    U know, them banks and SOME gov entities that let them do this are working so hard to convince everyone that cryptocurrency and it's underlying blockchain technology is bad for us and they want to protect us from it. But when you take a good look and investigate, you can see who's are scammers here. thank you BBC, what you just showed is the tip of the iceberg. Keep up the good work 💯👍

  9. 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

  10. 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?

  11. 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.

  12. Always remember, banks are not your friend. They will charge you through the nose for their money and give you as little as they can for yours. Mortgage insurance, credit card insurance no.

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