Question

I have a question.  How important is it to pay for credit card insurance?I have a question. How important is it to pay for credit card insurance? How many of you have it? I'm 25 and still very new to finances and what is necessary and unnecessary for me to be paying for. My credit card is overlimit and I'm working on paying it down. I noticed u had a bunch of insurances and stuff being charged every month I didn't need so I cancelled about 3. I still have this balance protector premium. My bank insists I should keep and pay for. It's $41 a month. It does give me things like the fact that I gave birth to two children in the past two years and it has given me 10% of whatever my card balance was paid back to my card on the dayy child was born. But I feel like I'm stupid to be having it charged to my card if it's in over limit. But I cancel and reinstate when I catch up it's twice the price. Thoughts? Thanks

Answer 1

I have no idea what your talking about. I’ve never carried any sort of insurance on a credit card. Never even heard of it

Comments

@saeger same. I would go with cancel.  

Answer 2

Do you get disability from your state in case of injury? Evaluate your minimum payments and what you could realistically get from disability. If you're able to maintain minimums, I'd cancel it. I would probably cancel it anyways if it were me, but I don't know your financial situation.  

Answer 3

I wouldn't. $41 a month toward the principle would make a HUGE difference.  

Answer 4

Cancel. Its a rip off.