Credit Protector Frequently Asked Questions
- When does the Debt Protection begin?
- What if I make a new charge?
- How Does Hospitalization Protection work?
- How Does Unemployment Protection work?
- How Does Life Protection work?
- What if I get laid off tomorrow?
- Are benefits paid to me?
- Is this insurance?
- What if I don't qualify for state unemployment benefits?
- Can I cancel?
- How is it billed?
- How do these benefits work?
When does the Debt Protection begin?
Your life, involuntary unemployment, disability and hospitalization protection begins upon enrollment. You can activate your protection after 30 consecutive days of unemployment or disability or a hospital stay of just three nights. Your Credit Protector benefits are retroactive to the first full billing cycle after your become hospitalized, unemployed or disabled. So you see, the sooner you enroll, the sooner you'll have peace of mind knowing that if the unexpected happens, you won't have to worry about making your minimum monthly payments.
Credit Protector has a monthly cost of $0.89 for each $100 of your outstanding balance. For example, if you have a balance of $100 on your billing statement this month, then your monthly Credit Protector fee would be $0.89. While receiving benefits, you may not make any new charges or cash advances on your credit card, however, you will have the peace of mind of knowing you'll have one less bill to worry about during a difficult time. And keep in mind that when you have a zero balance and make no new charges, the protection costs you nothing.
How Does Hospitalization Protection work?
If you were to be hospitalized for three consecutive nights, Credit Protector would make an adjustment to your account equal to the minimum monthly payment due for the billing cycle in which you were hospitalized. No payment would be required from you! As you can see, this is a wonderful benefit to have because you never know when you or your family may need to rely on this type of protection. And won't it be comforting to know that you have the protection when you need it?
How Does Unemployment Protection work?
If you become involuntarily unemployed for more than 30 consecutive days, Credit Protection will cancel the minimum monthly payment due on your balance for up to 12 full months or until you return to work. Involuntary unemployment includes loss due to layoff and strike so I'm sure that you can see that in this volatile economy, Credit Protector is almost a family necessity! Credit Protector was not designed to cover voluntary job loss such as retirement or resignation.
How Does Life Protection work?
If you should pass away, Credit Protector will cancel the balance of your account as of the date of death up to $10,000. It's that simple!
What if I get laid off tomorrow?
No Problem! If you enroll today, Credit Protector will cancel your minimum payments after 30 consecutive days of unemployment. Though we don't know for sure what can happen in the future, you'll be protected whether you're involuntarily unemployed tomorrow, the next day, a week from now... or a month from now! That's why it's a good idea to take advantage of this plan right away... so you'll be protected!
The benefits are actually provided in the form of account adjustments equal to the minimum monthly payments due on your account. When your benefits are activated because you experience a three night hospital stay, become involuntary unemployed or disabled, the adjustments are applied directly to your credit card account. In case of death your entire balance up to $10,000 would be completely cancelled.
Credit Protector is a special program offered by Amalgamated Bank of Chicago - it's NOT insurance. Credit Protector cancels your minimum monthly payments, should you become hospitalized, involuntarily unemployed, or disabled.
What if I don't qualify for state unemployment benefits?
No Problem! It isn't necessary that you qualify for state unemployment benefits in order to qualify for unemployment protection with Credit Protector. To benefit from the program you only need to show proof that you are registered with a state unemployment office or a recognized employment agency.
Yes, you may cancel your protection at any time! If you are not completely satisfied with the protection, you may simply call us at 1-800-773- 5711. If you cancel within the first 30 days, any Credit Protector fees charged will be refunded.
Your monthly Credit Protector fee will automatically be billed to your credit card account. You'll never have to write a separate check for this protection and you'll never have to worry about missing a due date. And remember in months when you have a zero balance and make no new charges, Credit Protector costs you nothing.
If you are hospitalized for three nights, become involuntarily unemployed or disabled, Credit Protector will cancel the minimum monthly payment on your balance up to $10,000 for 12 full months or until you return to work, whichever comes first. And, if you should unexpectedly pass away your entire account balance as of the date of death will be canceled - up to $10,000.
28600 Bella Vista Parkway Warrenville, IL 60555 630-225-4300Member FDIC.
Equal Housing Lender.*Investments in Trust accounts are not FDIC-insured and have investment risk and may go down in value.
Email is not a secure means of transmitting information.
Copyright © Amalgamated Bank of Chicago.