One way to save money on your credit card bill is to not take
the payment protection insurance, this is a waste of money and
the only one who will benefit from this is the credit card
company.
Some people don't realise that they are actually paying the
payment protection insurance it can be hidden in with other
costs, those of us that do realise we pay it think it's a must
why! Because the credit card company says so, we assume that if
we loose our jobs or fall ill and have to have time of work,
that with the (PPI) in place that we are covered well this is
not all ways the case. Most people who take this cover with
their credit card think they're totally covered if something bad
should happen, well I am here to tell you that you're not a lot
of people think their debt will be paid off for them, but most
companies only pay a years payment then you have to pay the rest
of the balance. Even if you're still off sick or not working
it's your responsibility.
Most companies take a while to sort your claim out so at the
start you will still have to find the money for your payment,
and if you're only off sick or out of work for a few months,
you'll properly find you'll be back at work before your claim is
sorted.
The amount you pay for your payment protection insurance is
usually between 70p-80p for every £100 owed, these charges are
usually hidden in with other charges for your credit card, and
only come to light when the amount that you owe is at a high
level. This is another way the credit card companies gain their
profits.
If you pay your balance off in full at the end of every month I
would not bother even looking at this policy, and if you're
self-employed I would not bother with this policy either as
you'll not be covered if you become unemployed.
I understand that when you take out a credit card you're looking
for a bit of security, but nine times out of ten times these
payment protection insurances will not cover you and will only
cost you money in the end. There are some companies that are
more trustworthy than a (PPI) including Pay-protect and Good
insurance they will pay more to your debt and at half the price
you would pay on an payment protection insurance cover.
About the author:
Peter Kenny is a writer for creditcards-gb For additional
articles and an extensive resource for everything about credit
cards, please visit us at
http://www.creditcards-gb.
co.uk and
http://www.creditcards2go4.
com
