Citibank Credit Program?

[geojen]

So, today I sat on the phone with a citibank employee who insisted on telling me all about these two credit protection programs they have. The first is 6 bucks and month and watches your credit report for you for suspicious activity and will cancel all of your credit cards automatically if one of them is stolen. I assume this is not worth it. Any thoughts?

The second promises to forgive your debt up to 10,000 dollars is you are disabled and can't work, etc. It is 85 cents per 100 dollars that you carry on a balance. I don't carry a balance, so it would be free. Should I still skip it?

[safari]

All those credit protection programs are a total ripoff. If you don't carry a balance, then you won't have any debt for them to forgive. There is no free lunch

[sweeps]

If you're really concerned about becoming disabled or dying, you should buy disability insurance or term life insurance for those things. That way you (or your survivors) can use the money for whatever is appropriate.

The "credit protection" program only pays the minimum payment on that one particular card. That's hardly useful.

The whole ID theft protection thing is not worth the money either, in my opinion.

[greedy4chips]

Originally Posted by Sweepsplayer

If you're really concerned about becoming disabled or dying, you should buy disability insurance or term life insurance for those things. That way you (or your survivors) can use the money for whatever is appropriate.

The "credit protection" program only pays the minimum payment on that one particular card. That's hardly useful.

The whole ID theft protection thing is not worth the money either, in my opinion.

That pretty much says it all!

For the same amount of money you can buy quite a bit more insurance and it will cover any card you choose to use. 85 cents per $100 balance is equal to adding 10% interest on your card (.85 * 12 = 10.2%).

[poundwise]

I agree with Sweeps.

And, if I were to buy such protections, I certainly wouldn't get them from/through Citibank (or any other credit issuer) but from an insurance source directly.

[Ima saver]

No, don't get it!!

[geojen]

This is what I thought. Just wanted to know what you thought.