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Check from Chase

June 23rd, 2006 at 11:18 am

I got a $25 check from Chase that, if cashed, will activate a payment insurance program on my credit card account. It says I can cancel within thirty days. I gather from some other posts that some of you do this? I feel funny about it. I really don't want the program. Thoughts?

3 Responses to “Check from Chase”

  1. ima saver Says:

    I would not do it, too much hassel!

  2. StressLess Says:

    I just think of it as another trial offer. Remember to cancel before 30 days. When you do try to cancel, they'll probably offer you a series of 5 monthly $10 rebates if you stay in the program. If you pay off your balance just before the bill closing date, there's no fee for the "protection," and you get a free $50.

    HOWEVER, if you carry a balance, it's a definite no-no. The monthly fee for the coverage will probably cost more money than you're getting from them. The higher the balance you carry, the higher the fee.

    It really depends on your circumstances, and like Ima said, how much hassle you want to bother with.

  3. mjrube94 Says:

    I just signed up with a similar offer from Citibank (only $15 though). My plan was to cancel within the 30 days, but I heard the same thing as StressLess - that they'll give you 5 $10 vouchers to stay on. I don't carry a balance, so as long as they don't charge me, I'm ok with it.

    The question you have to answer: Is the $25 (or $75) you'll receive from this worth the time to make a notation to cancel in your calendar, sit on the phone with them for 5-10 minutes while they go through their script, then repeat when you're really ready to cancel. In my book, spending less than 1/2 hour for $75 bucks is worth it, but it's an individual thing...

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