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Q: I have been having a lot of problems with my Chase payment protector service and it doesn’t seem worth all the trouble. How can I cancel this without canceling my card?
A: If you’re signed up for Chase’s Payment Protector plan, you may become frustrated with the fees and the poor service when you actually need to use the plan.
The plan isn’t too expensive unless you carry a large balance.
But if you don’t carry a large balance, you probably don’t need it, either.
Currently, it costs a monthly fee of $0.89 per $100 of your balance. So if your balance is $2,000, you will pay $17.80 per month.
This doesn’t seem too bad when you consider the benefit of being able to suspend payments if you lose your job, become hospitalized, or run into other situations covered by the plan.
However, some Chase customers have reported that when they were supposed to have their payments suspended, Chase kept adding on interest and sending them past due notices.
If you’re thinking about canceling your membership, you may already have experienced this yourself. The number you need to call to cancel is 1-888-314-4371.
If it’s been less than 30 days since you signed up, you can get all of the fees that you were charged reimbursed. Mention this when you call and they’ll have to comply.