Tips to Avoid Automatic PPI Enrolment on Credit Card Deals
Review these tips to avoid underhanded PPI enrolment techniques.
13:03 15 April 2013
You may receive credit card deals in the mail or even offers over the phone. Before you decide to take advantage of that great interest rate, make sure you carefully read all of the application, whether it is online or on paper. You never know when credit card dealsmay be automatically enrolling you in some sort of PPI programme without your knowledge. Here are a few tips to help you avoid PPI fees and coverage that you may not want or need.
- Pay special attention to fields that are pre-selected for you. This may indicate an attempt to enrol you in a service. Companies often use this tactic with credit card deals to give customers the impression that the service or product is required. If it is online, you should have the ability to deselect such an option.
- Read the fine print. This is usually easier said than done, but there’s certainly no shame in bringing out a magnifying glass. Many companies stow vital information in the fine print area, or on a bland-looking insert. These typically give you an idea of special requirements, fees, and other terms which could take customers by surprise.
- If you see anything which indicates a monthly fee, or a lump sum charged annually, pay close attention to the wording. If it talks about cover, repayment, protection, or insurance it is most likely referring to PPI (Payment Protection Insurance). Some companies do not give customers the ability to opt out when they apply via mailer or online. Instead, you may have to call and specifically request to opt-out of any PPI programme if you don’t want it.
- Review bills you receive each month for signs of unexpected charges and contact your company immediately to review terms of your credit card deals, and to find out what the charge is for. Most credit card companies will rectify the situation quickly.