ninja guy

Balance Protection Insurance 4:03pm / December 23, 2005

"Balance Protection Insurance" is a huge rip off. For some reason, when I originally got my TD VISA card, I opted to sign up for it. "It's only $0.69 per $100, and it will ensure that your balance is paid on time." "Sure," I said. Unfortunately, I never really thought about this until a few months ago. I realised that I was being charged $24/month on my $3500 balance. And for what? All it does is insure you, so if you are injured or unemployed, it will help you pay your VISA bill. It's not worth paying one cent. It is much better to use that monthly charge to pay off the balance faster. I found this article on Globe and Mail that discusses this "Balance Protection Insurance".

So I highly recommend you cancel it right now if you are paying it. And if you do, be careful, because I had to cancel twice before they actually stopped charging me. I called back and complained about this, and at least they were nice enough to refund me the two times I was charged since I first cancelled. So good luck.

Comments
1. Good Call.

After you mentioned this, I went to get it removed from my credit cards too. After waiting on hold for an hour and a half, I finally got through and got it off.
I had been paying it for 4 years, with most of that time my balance being up around my limit. They made a fortune off of me. stupid banks.

written at 9:03pm on January 9, 2006 by Dan Pitman
2. Good stuff

I'm glad you saved some money from my warning. Now, if anyone else is reading this, CANCEL TD VISA BALANCE PROTECTION INSURANCE NOW!!!!

written at 6:06pm on January 11, 2006 by jesse
3. someone must make commission? hmmm

so yeah... i read this.. then mysteriously the next day i got an envelope in the mail that said thanxs for signing up for balance protection. ive never had it half realizing the scam. but this is shit cuz i always say no when asked. and now i get a confirmation letter in the mail. someone must be making commision. good thing i was having a "get my life in order day" and read my bank mail for the first time ever.

written at 10:42am on January 14, 2006 by sean
Sorry, comments are disabled. Please email me instead.
Me
Jesse Skinner
Articles
Archive