ID Theft

should I buy credit card protection against fraud?

For $11.00 a credit card sells credit card protection against fraud and also it provides your credit reports monthly is it worth it?

Public Comments

1. No. Don't do it. It is important to have identity theft protection, but don't buy it from your credit card company.
2. Your credit card is supposed to protect you against fraud already. You need to watch your statements and if you see charges you didn't make, call the credit card company and report the fraudulent charges. You do not need to buy credit protection to receive that service. The credit protection thing is a scam that credit card companies use to try to rake in more money. As far as credit reports go, you can get those for free online at websites like www.freecreditreport.com . Don't waste your money.
3. it depends. Sometimes they just want your money... think about it, $11 a month "in case" something happens is a lot of money. Not to mention that the actual bank issuers sometimes initiate these 'frauds' generated by computers to make you be afraid of that to happen again in your credit card. On the other hand, you will feel secure about your credit card if anything happens to you. If I am to spend that much of money a month, I rather get a credit line adviser that monitors your credit score and tells you good tips of what to do to bump up your credit line instead. In the long run, what really matters is your FICO score. You can ALWAYS claim a fraud if it ever happens to you. Typically credit card companies are pretty good about it even if you don't have the service protection.
4. no, a big waste of money...you are only held liable for the first 50 dollars if your card is stolen, plus you get get your credit score for about 7 dollars from any of the big three...and a free credit report every 4 months...