I got a call last month from Chase Credit Card Division (ex - First USA) regarding Payment Protector plan. Salesperson represented that as long as credit card balance was paid in full at month-end, there would be no charge associated with the Payment Protector plan. Otherwise, a fee of 89 cents per $100 would be assessed on the unpaid balance. This seemed an incredible deal, particularly as I pay off the balance each month-end. I asked the salesperson to confirm the mechanics twice, which he did.
I received my credit card bill today and noticed a Payment Protector plan charge in excess of $60. I was advised that the fee is assessed on the entire amount outstanding at month-end, irrespective of whether it is paid off at once or not.
I chose to exercize my 30-day trial cancelation right and was promised a full refund. Let's see how this one pans out.
The point is that salespeople, even working for an institution as established as Chase, misrepresent things completely. Eventually, I am wasting time to sort things out. I trust Chase will honor its commitment to refund the charge. The Payment Protector is a waste of money.
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