Signing up for the Payment Protector is very easy. When activating my new card, the phone rep asked if he could sign me up for it, insisting that I’ll be send info in the mail which needs to be signed before it takes effect. I said No. He asked again. I said No. He re-explained the benefits of the plan and emphasized that it could be canceled within 30 days for a full refund, no need to make a decision now, you’ll be sent the agreement in the mail which you’ll need to sign and return. Again, I said No. He re-explained and asked again. Gosh, these people are persistent. I wonder if this is how AOL made all their money. I wonder if Chase could survive without doing this. (I want to hope the answer is yes, and that they would actually be even more successful without these hard selling tactics. But that’s probably not the case.)

I muttered, Uh, okay.

And that was it, I was enrolled. I never saw anything in the mail, I never agreed to anything else. I never said the word “yes” and never gave any other confirmations. Not to mention the confusing fact that it actually charges you based on your statement balance every month, regardless of whether you carry the balance. That means if you use your card at all, you will always be charged the 89 cents per $100. Fortunately, that’s less than the rewards amount, which ranges from 1% to 3%, depending on the purchase. But there are limits and restrictions on the rewards. And 89 cents (0.89%) is not much less than 1%, which is what I get for all payments to USC, such as at the bookstore for textbooks, tuition, etc. Continue reading →