I signed up for their payment protection plan when I first got my Capital One card, and I was told that it would cover life events. What they neglected to tell me was that I would need to sign up for the life events plan later, and that they would only sign me up for one that covered unemployment, disability, or death to begin with.
Instead, I paid the higher premium for this service for months before a life event came up that required me to invoke my coverage, and they immediately said that life events were not covered. They wouldn't let me do the emergency one month payment, but they were kind enough to sign me up for the policy that I'd initially requested at that time. And then they sent me the form for me to file my claim. I did so, and they decided to refuse it on the grounds that I wasn't covered by life events at the time of my loss, and would need to wait 60 days before any life events would be covered.
When I called to object, they said that it was unfortunate that nobody had told me that I wasn't getting the coverage I'd requested up front, but that it was now my problem. Now my credit card has gone unpaid, and the best they'd promised to do was to refund the last two months of the premium I had to pay on it. We'll see if they actually do so. I'm not betting on it, though.
I've seen some protection plans that seem to be legitimately helpful, but this one certainly wasn't it. Don't use their services, and if you do, make sure you keep a close eye on just what it is they're offering you and what it is they're actually giving you.
0 comments