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TD spokeswoman Huma Pabani said customers are told over the phone that the insurance premiums are based on the average daily balance. After verbally agreeing, a customer gets a letter and certificate of insurance in the mail, showing how premiums are calculated.
sales pitch to buy insurance to protect ones balance if one became sick or lost their job is always misinformed about the ‘fee-free’ coverage. There is always a premium charge if you used the card.
The trend is caused by lower demand for classic credit cards and transfers of balances to lower-cost lines of credit.When it comes to your credit card limit, banks used to raise it without asking and notify you after the fact. Now they are required to get your consent before increasing the limit.
Balance protection insurance is a profit centre for the banks. They find it an easy sell because Canadians are risk averse and worry about paying their credit card bills in a crisis. Most banks charge you for insurance only when you carry a balance from the previous month. But a few, such as TD, charge fees each month.
sales pitch to buy insurance to protect ones balance if one became sick or lost their job is always misinformed about the ‘fee-free’ coverage. There is always a premium charge if you used the card.
The trend is caused by lower demand for classic credit cards and transfers of balances to lower-cost lines of credit.When it comes to your credit card limit, banks used to raise it without asking and notify you after the fact. Now they are required to get your consent before increasing the limit.
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