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Old 02-18-2010, 05:52 PM
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sapphirecapital sapphirecapital is offline
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Location: Montecito, CA, USA
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Default charges for protection?

Similar to probably the majority of US citizens who hold credit cards I get besieged by offers to protect my credit rating from abuse and pay a premium for such services, which offer to send me monthly updates etc of my credit report. Since such credit files are established from reporting entities and public records into a consumer data file I think by myself:

Why are banks allowed to sell financial products which can be so easily abused, why am I to pay because the bank or provider is to lazy to really check that they issue the card to the right person.

The bank should be legally obligated to handle the charges coming in with care, the issueing with care etc..... otherwise it is more like a Mafia Protection Racket

I believe the current uprising against cc card issuers and their handling would be an appropriate time to push such cost and expenses onto the bank, charging in between 9% to 80% APR should allow enough room for them to swallow it themselves.
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Old 09-16-2010, 03:08 AM
goodyphilips goodyphilips is offline
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Default Re: charges for protection?

I think one should should not pay any premium or any other free to any body, all you should is not pay about 150% more than minimum required payment every month and be regular with it and you will have no problem.
And with current credit card reforms, things have become better for credit card users.
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