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$15 Bait From Citi

Contributed by mm | May 14, 2004 9:08 PM PST

Citi really wanted to cross sell its products to me. Since I received my Dividend Platinum Select Card, I have received at least three cold calls pursuading me to use its Credit Protector program. Today, Citi sent me a $15 check to lure me again. By cashing out this check, I will sign me up for the program with the first 30 day free.

Citi's Credit Protector program assesses 85 cents for every $100 new balance in each statement. In return, Citi will waive up to $10,000 of my credit balance should I die, or deter my total balance for up to 24 months if I lose my job, and cancel up to 3 months of minimal payment for certain life events.null

Of course, as many personal finance articles correctly pointed out, these programs are usually expensive for the coverage they provided. A term life insurance will be a much better alternative.

Citi is not the first issuer that tried to sell me this kind of service by providing a check, but it is apparently the most generous. Most other checks I received were only like $2.50 or $3, so I never bothered to cash them out. This time, however, I will cash out the $15 check, but I will also call 1-888-592-7344 to cancel the program in 30 days too. A bad deal is a bad deal, anyway.

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