dave@perle.UUCP (Dave LeReverend) (09/09/88)
In yesterday's mail I received a happy letter "congratulating" me on my "wise decision" for having bought insurance for any debt that I may have on one of my credit cards with a major Canadian department store (which shall go nameless, but it's "hard not to think of them"). What this means is that every month I will be charged $0.75 for every $100 that I owe this store. This is IN ADDITION TO any interest payments. A representative of the credit department of this store told me this morning that this insurance is automatically applied to ALL major department store credit cards (i.e. The Bay, Simpsons, Eatons, Zellers, etc. This is her list, not mine.) Although I was told that this insurance is not "mandatory", this is the first that I've ever heard of it, and I have accounts with three of the four stores she mentioned. If you have ANY department store credit cards, I urge you to IMMEDIATELY call the credit department(s) and if you are being charged for this insurance, CANCEL IT! If a store wishes to increase the security of my debt, then they are free to purchase any amount of EXTRA insurance that they may desire. (It is my under- standing that interest is, in part, a form of insurance for debts). In the unlikely event that I am unable to re-pay this debt, it is the store, not me, who will benefit from the existence of ANY insurance. It is complete lunacy for a store to expect ME to pay for extra insurance on THEIR behalf. Even if this insurance could be construed to imply any protection for me, I am already adequately covered in the event of either death or disability. Dave L. ------------------------------------------------------------------------------ Disclaimers (i.e C.M.A): "Any direct or implied reference to any real department stores, living or dead, is either co-incidental, or else I heard it from someone else (living or dead) who works for that very same store". "Opinions? What opinions?" ------------------------------------------------------------------------------ "He without benefit of scruples His fun and money soon quadruples." Ogden Nash (1902-1971) -----------------------------------------------------------------------------