Credit Card Protection Plan Scam In Malaysia

Do you think you need protection for your credit card? For me, credit card is kind of unsafe thing, you can't control to swipe it, it itself already dangerous, do you still need a somewhat insurance plan to protect the card?!

Lot of new plans come out everyday, no time for you to digest what exactly they really are. Card Protection are not new to market, I'm sure your bank must have called you before to offer you this plan. Card Protection Plus, CPP Card Protection, Purchase Protection Plan, etc.

What the HELL is these plans all about?

Credit Card Protection Plan was created to protect you in the event of the theft or loss of your cards.

• One phone call to cancel ALL lost bank cards, i.e. ATM and credit cards.
• Protection for your bank cards up to RM300,000 from fraud or unauthorized use. 
• Reimbursing the replacement costs of your important documents (e.g IC, passport, Touch'n Go, etc) 
• Cash advance, emergency travel assistance 

By the way, it cost you RM 98.00 per year ONLY.

I don't think I need this plan. The whole plan sound meaningless. It's not a scam, bank will not scam people, even though they did, we call it fraud, fraudulent act or white-collar crime. Scam make them look CHEAP. They cheat your money by coming out a lot of banking plans & products claim to benefit customers. Bank charges, processing fee, late fee, admin fee, interest, all the possible means to charge you. They make money but not enough. Now, they're selling your information to insurance company to underwrite some insurance plans and confuse you. Chaos Stratagems - If you can't convince them, CONFUSE them. 

Another Foolish Card Protection Plan Offered

Above is fool, nevertheless the greater fool is coming after. I remember last time they come out a plan also called credit card protection, this card protect for your purchase and charge you 0.68% per monthly settlement. If your bill come, you spend RM 10,000 last month, it will charge you RM 68 for that amount protection. Protection  for death and permanent disability cause by accident, up to RM 100,000, they will help you to pay your settlement amount. What if you clear all the amount before the accident, will you get RM100,000?! Absolutely not, you got nothing, this is not PA plan nor Life insurance plan. 

If you accidentally enrolled in this program, you can criticize, condemn and complain like most FOOLS do.