It’s a little known fact, but…
…some banks market credit card insurance as a way to help you out with your payments. The problem is, you may not always be aware you’re signing up for it.
Here at creditcardGenius, we come across a lot of different stories related to credit cards.
Here’s one we thought would be of particular interest to our readers: getting your credit card insurance refunded.
A credit card customer was refunded almost $7,500
This is a CBC story that ran recently.
Several people contacted the CBC with reports that they got refunds for credit card insurance charges they had no knowledge of approving. Together, the combined reports came in at more than $50,000.
The insurance is marketed as a way to help with credit card payments in the event you lose your job or get sick.
The biggest refund reported by CBC was for $7,452.90. The person had no knowledge that he was paying for the coverage and actually thought it was mandatory – until he read another story saying it wasn’t required.
You can read the full CBC article here.
A lesson to be learned
There’s a quick lesson here – check your credit card statement and review the charges.
If you see something you know you didn’t authorize, call your bank and get it sorted out – you could not only save money, but possibly get a refund as well.