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Will You Pay Extra for Credit Shield?
#1
Credit card companies and their insurance partners offer credit shield or debt insurance to their cardholders to help them pay or clear their credit card bills in case of disability, unemployment, or death. Some will even provide cash benefits during hospitalization. The fees for credit shield varies. It can be a fixed monthly amount or a percentage of the bill and can range from %.50 to 1.5%. It may not seem much but if you are carrying a huge balance, the cost may be a factor for making a decision. 

Some say that paying for credit shield is a waste of money. The fees can be used to pay more for the debt. Others cite the difficulties of making a claim at the time of need.

What is your opinion on credit shield? Is it worth the extra fee?
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#2
If I can, I might. Taking precautionary measures are more cheaper than risking it especially if I have a large limit bet on it. We don't know about the future as well and having shields on your credit card can be your savior. But if you can't afford it, then don't. It's not really necessary as you have said the money you paid for it can be added to the money to pay for the debt.
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#3
Taking insurance to pay an unsecured debt only benefits the lender. You are paying insurance to cover the risk of the lender. Very sneaky on the lenders part.
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#4
It is just an extra thing tod pay for. I would not do this, but if you can afford to you might want to consider it. I am sure there are worse ways to spend your money!
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#5
I would highly consider it. Risk comes a lot with financial things. I mean nowadays one day people are rich, stable and all that and the next, they are in debt. I’m not saying that is going to happen just saying there is big risk so I personally think it is worth it and would take the credit shield they offer.
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#6
I like this idea.

You never know what's going to happen in life. One day you're healthy and strong, on the next you're stuck in a hospital bed for God knows how long. One day the economy is flourishing, the next thing you know there's a crisis and you lose your job. It would be nice to have some extra money to cover your expenses in such cases. 0.5.-1.5% of the balance doesn't sound too bad to me.
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#7
In my opinion, credit shield in some way could be a help. Though most of us know that it could benefit more on the lender, it can also save us from paying too much due to risk like hacking. On the other hand, if your are carrying huge balances then you have to consider. I'll prefer to take good care of my card so it will be safe. I always apply insurances for shield like for gadgets as it helps me as well during unexpected moments like mobile phone was stolen or break. But of course, if the amount is big enough, then think twice and look for alternative.
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#8
(01-06-2018, 01:31 AM)Camilla Wrote: Credit card companies and their insurance partners offer credit shield or debt insurance to their cardholders to help them pay or clear their credit card bills in case of disability, unemployment, or death. Some will even provide cash benefits during hospitalization. The fees for credit shield varies. It can be a fixed monthly amount or a percentage of the bill and can range from %.50 to 1.5%. It may not seem much but if you are carrying a huge balance, the cost may be a factor for making a decision. 

Some say that paying for credit shield is a waste of money. The fees can be used to pay more for the debt. Others cite the difficulties of making a claim at the time of need.

What is your opinion on credit shield? Is it worth the extra fee?

Personally, I wouldn't be considering taking up such offers because from the looks of everything in my opinion it only stand to benefit the credit card company more than the card owners. I would simply strive my possible best to ensure I clear my credit card debt from my monthly earnings or side part cash influx. This way I would feel more comfortable knowing that my financial base is secure and need not worry about anything. Taking up an insurance for credit card debt? That's off for me frankly speaking.
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#9
As long as this is a form of insurance on credit cards, I've got to say that it is a good plan considering the fact that one ain't sure about what the future holds, so using this form of credit shield to ensure we don't run into debt is awesome. The complains we have had in the past about using credit cards is the inability of credit card holders to offset debts on it and I feel this is a good way to stop such situations arising any longer in the future.
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#10
Quote:Martinsx wrote: Taking up an insurance for credit card debt? That's off for me frankly speaking.


Why? Some banks offer settling  your credit card's outstanding balance in case of hospitalization for example. The average person gets hospitalized at least 2-3 times in their lifetime. I think it's an amazing precaution measure one can take in exchange for a small monthly fee. At the end of the day, those who can afford having a credit card, will most likely be able to afford this, as well.
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