Credit protection plans hardly pull their weight
Friday, June 19th, 2009It’s important to remember that credit card issuers are businesses. While they may not necessarily sell a tangible product (other than a sleek piece of plastic) they are very much in the business of making money. Interest, clearly, is the primary profit generator. In the last several years, however, more marketing incentives and added services have come online to generate fee-based revenue for those how don’t spend much and therefore, don’t provide a great deal of interest income to the company. One of those services is the credit protection plan. And like most add-ons to a credit card, they aren’t worth it.…