Chase will drop two credit cards related services
JPMorgan Chase & Co. is stopping providing two credit-card services to their consumers. These services are credit-monitoring service and payment-protection plan. The services were created to help consumers monitor their credit reports and make payments in case of financial hardship.
The reason Chase dropping these two services is that they want to simplify the set of products and services they offer customers. Also, such products have borne scrutiny in recent years and banks have started moving away from offering these kinds of services.
The credit-monitoring service provided consumers access to their credit reports from the three major credit bureaus, alerts in case of some fraudulent use of their identity, and fraud-protection services. The higher level of service even monitored public records.
The cost of service amounted up to $14.99 per month, depending on the level of service. The Consumer Financial Protection Bureau obliged Chase to refund consumers who was charged for this product without the written authorization. After refunding Chase decided to discontinue the credit-monitoring service by the end of the year.
The second product, the payment-protection plan for consumers experiencing financial hardship, will be ended in May 2014. This plan suspended minimum monthly payments and waived interest and other fees for those who lost their job or became disabled. It even offered balance cancelation in the event of the customer’s death.
Chase decided to provide the service at no cost during the last year of its work. These fee-free 12 months are a kind of a coverage which also gives consumers time to evaluate their options and make decisions.
These two products are not something exclusive and consumers can do most of those things on their own, which can be cheaper if not free. Most credit card companies are willing to work with consumers who have difficulties or unable to make payments. Consumers can request their credit reports from major credit bureaus for free once a year. The bureaus also offer similar monitoring programs for consumers. So it is always worth shopping around and asking if you truly need such service before buying it.
Latest Credit Card Fees News
The other day Chase announced some changes to their cashback credit card lineup, introducing the Chase Freedom Flex credit card. The new Mastercard credit card boasts no annual fee, 0% intro APR on purchases for 15 months, and a variable 14.99% – 23.74% ongoing APR. Applications for the offer are supposed to be accepted starting […]
While the coronavirus is in no hurry to calm down, people continue to look for any means to reduce costs so that not be left without means of subsistence. If you are an owner of the Chase Sapphire Reserve credit card, there is some good news for you that you may have missed. As part […]
Thursday, January 30, 2020, all American Express Delta SkyMiles credit cards came out with renewed annual fees and/or benefits. Amex announced the updates back in September, but they were to come into effect only at the end of January. The changes apply to both consumer and business Delta SkyMiles credit cards. The first alteration is […]
Using credit cards, we constantly have to encounter different kinds of fees. So, during the 2019 U.S. News Consumer Credit Card Fee Study, hundreds of credit cards were examined in order to investigate annual fees, cash advance fees, foreign transaction fees, late and returned payment fees, and balance transfer fees more closely.
On October 20, 2019, 9 powerful tornadoes swept through North Texas. Although, fortunately, they brought no casualties, many homes and public buildings, including schools, stores, and business centers, were damaged or even completely destroyed. More than 90,000 local residents were left without electricity. The damage is estimated at about $2 billion. To aid individuals and […]