Credit Protector Cancelled (Once and for All)

Written by Nickel - 9 Comments

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After a good long run with Citi Credit Protector, I finally got tired of playing their retention rebate game and called this past week to cancel (again).

As a quick recap, Credit Protector periodically send $15 checks that result in you signing up for your service when you cash them. When you call and try to cancel, they typically offer you: (1) a price break on the Credit Protector plan, and (2) a series of 5 x $10 rebate coupons good that can be redeemed (via mail) for basically any purchase regardless of your method of payment. Over the past year or so, I’ve been playing the rebate game with an inactive Citi AT&T rewards MasterCard, such that I wasn’t ever incurring any of their fees. Rather, I was just collecting (and cashing) the checks periodically.

Anyway, when I called to cancel I tried to cut through their spiel by telling the CSR up front that I didn’t want a price break or more rebates for staying with them, and I was well aware of the protection that I would be giving up. Alas, it did no good. The guy immediately launched into an explanation of how great the benefits are, and how it’s times like these, when things are going well and I think that I don’t need Credit Protector, that I’m least aware of how valuable their program can be. Yadda, yadda, yadda.

When I cut him off and insisted that I wanted to cancel no matter what he told me, he finally relented. So long Credit Protector! Now I just have to make sure that he really did cancel it… I should be receiving written confirmation of the cancellation (they won’t give you on confirmation number over the phone) within the fabled “three to five business days.”

Published on May 18th, 2006 - 9 Comments
Filed under: Credit Cards
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About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!

9 Responses to “Credit Protector Cancelled (Once and for All)”

1
financial freedumb Says:
May 18th, 2006 at 12:14 pm
I hate how difficult it is to cancel these things…

I do have to admit I had one good experience with Chase…where I told them I wanted to cancel, and she asked is there any reason why…I told them, and she said okay, I understand. And then proceeded to close my account. She ended with if you change your mind, just call us. I almost did! That was the best attempt at keeping me as a customer.
2
FMF Says:
May 18th, 2006 at 1:46 pm
You’re pretty good to keep on top of it. They count on most people simply forgetting or giving up — then they get your $$$$$.
3
Nick Says:
May 18th, 2006 at 1:49 pm
Hi, this is Nick writing from Citi Credit Protector. I’m sorry to hear that you’ve cancelled your Citi Credit Protector coverage, but I’ve tracked you down to your website so I can give you this amazing offer if you choose to renew your policy. Sign up now for one year of Citi Credit Protector and not only will we cut the price of your premium in half, but we’ll also throw in two free goat rentals at Billy’s Goat Farm. But this offer is only good for the next 24 hours, so please call us back soon and remember… you can never escape from us! Never!!! Hahahahahahahaha.

Have a nice day, and thank you for using Citi Credit Protector, a division of New York City Mafia Protection, Inc.
4
Jason Says:
May 19th, 2006 at 1:33 am
I did the credit protector for awhile until I got sick of listening to them on retention. When I called to cancel the last time and they offered the price break I told the man that 49 cents or whatever the price was too high. I said something to the affect that I couldn’t afford it. Haha. He didn’t say anything for like 3 seconds, then said he was sorry to hear that and I should call back when I could afford it. He didn’t bother with the speech about how good the service is this time. Much more effective at ending the conversation than just saying no.
5
Jonathan Kamens Says:
August 24th, 2006 at 1:28 pm
As far as I’m concerned, it’s free money. They send the checks, I cash them, a couple weeks later I call and cancel. It doesn’t always go so smoothly, but all and all, it works.

I think the whole “get people to join a program by cashing a check thing” is totally slimy, and they’re relying on the people who don’t realize what they’re doing and then don’t notice the extra charges on their statements. Yes, those people are being stupid, but since when is taking advantage of stupid people an ethical way of doing business? As far as I’m concerned, as many people as possible should do what I do — cash the check and then cancel the service before they charge you anything. If enough people do it, it’ll stop being profitable, and they’ll stop using it as a marketing method.

I’ve written more about this on my blog, at http://blog.kamens.brookline.m.....ress/?p=45 .
6
CREDIT MAN Says:
December 5th, 2006 at 2:23 pm
HEY, THIS REALLY IS A REAL LIFE CREDIT PROTECT. AND A SUP AS WELL, LISTEN IF YOU DONT WANT TO LISTEN TO THE BULLSHIT CRAP THEY ARE TELLING YOU HERE IS A EASY WAY TO BY-PASS IT ALL, JUST SAY…. “IM RETIRED” OR “I DONT WORK” THEY WILL RIGHT AWAY BE MORE THEN HAPPY TO CUT YOU LOSE FROM THE CREDIT PROTECTOR.. TRUST ME, AND FOR ALL OF THOSE PEOPLE THAT CALL IN AND BITCH AT ME… I WAITED ALONG TIME FOR THIS ” WE ARE FUCKING PEOPLE TOO ITS NOT OUR PROBLEMS THAT YOUR FUCKING IN A SHITTY SPOT ” WE REALLY WILL HELP YOU WAY FASTER IF YOU SHUT UP AND LET US TALK FOR A MIN.. IF YOU DONT HAVE TIME FOR THAT TRUST ME JUST SAY IM RETIRED… THANKS A TON AND REMEBER THANKS FOR CALLING CREDIT PROTECTOR AND HAVE A SAFE AFTERNOON… ( ASSHOLES )
7
halo_bone Says:
April 4th, 2008 at 5:00 pm
I just went through this process. They tell you the benefits, you say now, they offer the coupons (which force you to spend more and can only use 1 a month for 6 moths–so that’s 6 credit protector charges right there), you say no, they tell you the benefits, you say no, they try to lower your “cost per dollar” rate, you say no, they tell you again about the benefits before canceling.
Funking ridiculous. This is a horrible experience with Citi group. As I customer I don’t want to be solicited and exploited. Not to mention the fine print that signs you up for these bs programs. Now Amex, they know how to treat their cardholders.
8
Ryan Says:
December 2nd, 2008 at 3:45 pm
This is my first credit card. I took up the offer for the 15 dollar rebate and canceled, but they did offer me the 5 x $10 things. I just wasn’t going to use the card so I wouldn’t get charged… has anyone had problems with the rebates? I’m kind of regretting not taking up the offer.
9
anon csr Says:
July 23rd, 2009 at 1:12 am
When will people realize we are following our rules or we will get fire? EVEN IF YOU SAY “I don’t want to hear it-don’t waste your time-nothing you say will blah blah blah” we STILL have to do our job and respond.As if we didn’t have it hard enough getting screamed at by people who had credit protector for 5 years and “didn’t know’ they were being charged 40$ a month or more. Or those who never used credit protector and want it all refunded now even though I don’t see anyone getting a refund on their car insurance.

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