Just why do banks insist on attempting to sell you credit card or loan insurances? They try all they can to sell these products. I’ve just been on the phone to MBNA as I got charged 72p for every £100 I’d spent on my credit card a few weeks back. I’d only just got the card, is its 0% for new purchases so cheap credit for a few months.
I didn’t realise that the card had an insurance policy, so promptly called them to cancel the policy. Which brings another subject up, as I don’t remember even getting a policy document or anything indicating I was going to be charge 72p for every £100 I spent. They even charged interest on the policy payment.
After a few calls, I’d never heard such hard sales to try and “trick” me into buying the policy. They played on emotions, scare tactics, and promised they will pay 5 times the minimum payment each month if I was ill etc.
I quoted what about the reported 70% of claims that do not get paid, or why did I not get any policy documents, and why was I charged interest. Basically, given figures I had no idea if are true by the operator, again played on my human emotions of fear of being out of work, examples of how the scheme works, but in the end, the only reason they want me to have this policy is to make money, and also charge on this policy, interest.
I even said, OK, why do I need to pay the 72p from the card, and why not by Direct debit to dodge the interest charge. Wouldn’t allow this, but in the end I was just playing around with them, messing their time until I finally told him to cancel it with immediate effect. He “THEN” tried to sell me another type of policy that was cheaper. OK, so if I didn’t want the 72p policy, but now you expect me to buy a cheaper policy, then why would I want this one? Just what part of the conversation the operator didn’t understand. Last time I heard, no and cancel means not required and cease.
They must make good money from these products.
I didn’t realise that the card had an insurance policy, so promptly called them to cancel the policy. Which brings another subject up, as I don’t remember even getting a policy document or anything indicating I was going to be charge 72p for every £100 I spent. They even charged interest on the policy payment.
After a few calls, I’d never heard such hard sales to try and “trick” me into buying the policy. They played on emotions, scare tactics, and promised they will pay 5 times the minimum payment each month if I was ill etc.
I quoted what about the reported 70% of claims that do not get paid, or why did I not get any policy documents, and why was I charged interest. Basically, given figures I had no idea if are true by the operator, again played on my human emotions of fear of being out of work, examples of how the scheme works, but in the end, the only reason they want me to have this policy is to make money, and also charge on this policy, interest.
I even said, OK, why do I need to pay the 72p from the card, and why not by Direct debit to dodge the interest charge. Wouldn’t allow this, but in the end I was just playing around with them, messing their time until I finally told him to cancel it with immediate effect. He “THEN” tried to sell me another type of policy that was cheaper. OK, so if I didn’t want the 72p policy, but now you expect me to buy a cheaper policy, then why would I want this one? Just what part of the conversation the operator didn’t understand. Last time I heard, no and cancel means not required and cease.
They must make good money from these products.
