Hidden Camera Unveils How Bank Employees Mislead and Upsell Pricey Credit Card Insurance
The tactics that are being used to sell credit card balance protection ‘problematic’ and ‘high risk’ to consumers.
Video Embedded from CBC.ca
A Marketplace hidden camera investigation is brought questions about how bank employees are selling an expensive and controversial credit card insurance marketed to help with credit card payments if you lose your job or get sick.
The product is known as credit card balance insurance, or balance protection insurance — and if you’ve signed up for a credit card, chances are you’ve been asked to purchase it.
The majority of experts say the insurance comes with very high fees — usually a percentage of a cardholder’s outstanding balance — and there are so many exclusions that it can often be hard to make a successful insurance claim.
John Lawford, a consumer rights lawyer and executive director of the Public Interest Advocacy Centre (PIAC) was quoted saying, “If it mostly disappears from the market, that’s a good thing.”
To read more about this and see what the major banks are saying, Click Here.