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Q: What is the Chase payment protector service, and is it worthwhile to buy it?
A: First of all, it gives you the opportunity to suspend payments for up to two years depending on the circumstances that have brought you to such a point. Secondly, it is an optional plan, costing $0.89 per each $100 of your balance at the end of each month.
If you do enroll in the program and find it necessary to suspend payments, no interest fees or plan fees will accrue during the time payments are suspended. And, you can continue to use your card until you have reached your available credit limit.
The Chase Payment Protector Service gives you a number of circumstances for which you can suspend coverage, as well as different time periods. For example, if you lose your job or become disabled, you can suspend payments for up to 2 years. If you have a life change, such as a marriage or the birth of a child, you can suspend payments for 4 months.
You can even suspend a payment on certain holidays. These include New Year’s Day, Labor Day, and Memorial Day. In essence, you can give yourself a holiday from a credit card payment.
Only you can decide if this service is worth it. Some people may think it is while others may not.