Saturday, September 26, 2009

Unemployment Insurance for Credit Card Holders

Unemployment insurance-Credit cards

Consumers’ quest for answers on unemployment insurance- solutions revealed and tips on the dos and don’ts:
Credit card companies provide a plethora of services and features for their consumers, one such being an insurance plan in case of unemployment. It has various names, depending on which company represents the concerned consumer. This is a very beneficial feature that can be adapted to a particular individual’s needs. All interest is removed and the consumer’s account will be suspended until the consumer can get back on his/her feet.

Some times this benefit can last for over a year and could save a consumer’s credit score from getting out of hand provided the payment of a monthly fee. Now as stated before, the benefit of such a service is beneficial; however, there are a few things consumers must be aware of before deciding to attain this feature. For starters, the company will only pay for what you charge up until the incident for your need of the service.

On this they will only pay a certain amount for the amount of time it takes to reach their limit. This period can vary depending on the company representing the consumer. There are also several types of coverage in this feature. And it only covers one credit card. If the consumer has credit cards from other companies, then he/she must obtain the insurance from each company separately. Though it as some downsides, depending on the consumer’s needs, it could be a very useful feature to have.

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