Comments on: Citi to Remove Automatic Travel Insurance http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/ personal finance tips, tricks, and commentary Tue, 14 Feb 2012 00:06:17 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: kitty http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/comment-page-1/#comment-134595 kitty Tue, 01 Sep 2009 21:36:19 +0000 http://www.fivecentnickel.com/?p=3530#comment-134595 @RB - 100 million sounds like a lot, but it's really peanuts compare to many billions in losses or expected losses. Plus, if I understand it correctly, the particular trader brought Citi a whole lot more money than this bonus. If Citi loses him as well as others it may lose more in future profits. Not to mention that nobody would want to work for company that doesn't honor its contracts. Talking about cutting one's nose... With credit card business no longer being as profitable as it used to, it's no surprise that benefits are getting cut. @RB – 100 million sounds like a lot, but it’s really peanuts compare to many billions in losses or expected losses. Plus, if I understand it correctly, the particular trader brought Citi a whole lot more money than this bonus. If Citi loses him as well as others it may lose more in future profits. Not to mention that nobody would want to work for company that doesn’t honor its contracts. Talking about cutting one’s nose…

With credit card business no longer being as profitable as it used to, it’s no surprise that benefits are getting cut.

]]> By: Eric http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/comment-page-1/#comment-134581 Eric Tue, 01 Sep 2009 03:33:25 +0000 http://www.fivecentnickel.com/?p=3530#comment-134581 Yeah my letter said it's being reduced from $1 million to $250 thousand starting October 1st. Yeah my letter said it’s being reduced from $1 million to $250 thousand starting October 1st.

]]> By: MA http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/comment-page-1/#comment-134576 MA Mon, 31 Aug 2009 22:01:39 +0000 http://www.fivecentnickel.com/?p=3530#comment-134576 It's not total, Citi is just cutting back on the amount of travel insurance they provide: http://www.americanbanker.com/issues/174_167/card_acts_collateral_damage_networks-1001525-1.html It’s not total, Citi is just cutting back on the amount of travel insurance they provide:
http://www.americanbanker.com/.....525-1.html

]]> By: RB @ Financial Samurai http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/comment-page-1/#comment-134574 RB @ Financial Samurai Mon, 31 Aug 2009 20:52:55 +0000 http://www.fivecentnickel.com/?p=3530#comment-134574 A lot of cost cutting is needed if they are going to pay the $100 million bonus to their energy trader, Andrew Hall! Working for a government assisted bank isn't that bad. A lot of cost cutting is needed if they are going to pay the $100 million bonus to their energy trader, Andrew Hall! Working for a government assisted bank isn’t that bad.

]]> By: Jason @ Redeeming Riches http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/comment-page-1/#comment-134572 Jason @ Redeeming Riches Mon, 31 Aug 2009 19:34:49 +0000 http://www.fivecentnickel.com/?p=3530#comment-134572 I'm surprised they cut this one out. There can't be that many people who know about it, let alone use it. Unless their premiums for it were ultra expensive, it just seems like this is something that wouldn't go up much b/c I can't imagine it being used frequently. I’m surprised they cut this one out. There can’t be that many people who know about it, let alone use it. Unless their premiums for it were ultra expensive, it just seems like this is something that wouldn’t go up much b/c I can’t imagine it being used frequently.

]]> By: rebecca http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/comment-page-1/#comment-134571 rebecca Mon, 31 Aug 2009 19:16:50 +0000 http://www.fivecentnickel.com/?p=3530#comment-134571 It's really sad that companies have had to start cutting back or cutting out many of the services they previously offered to customers just to stay afloat - especially a service as important as insurance. It has been my experience that insurance is like extra napkins - if you get it you won't need it (most of the time) but if you don't you'll wish you had. It’s really sad that companies have had to start cutting back or cutting out many of the services they previously offered to customers just to stay afloat – especially a service as important as insurance. It has been my experience that insurance is like extra napkins – if you get it you won’t need it (most of the time) but if you don’t you’ll wish you had.

]]> By: Jennifer http://www.fivecentnickel.com/2009/08/31/citi-to-remove-automatic-travel-insurance/comment-page-1/#comment-134569 Jennifer Mon, 31 Aug 2009 17:31:26 +0000 http://www.fivecentnickel.com/?p=3530#comment-134569 When my husband and I went to Japan for our honeymoon, we intentionally signed up for United's credit card specifically for the travel insurance. Expecting to not need it, we did not read the fine print, which, was to our peril. 1/3 of the way through the trip I broke my foot and we had to cancel the rest of the trip and fly home. Bummer was the fine print only covers your trip if you are injured "while traveling" like on a mode of transportation. Since I was walking, not on a train, plane, bus, all the expenses came out of our pockets and we could not afford to go back until we saved two more years. Now I opt for *real* travel insurance when we plan expensive once-in-a-lifetime trips. For $200 it was nice to know when we went back if anything happened we would get to go back for free. Of course, nothing did that time. So mostly I think it is a benefit most people won't really benefit from except in a very rare occasion. When my husband and I went to Japan for our honeymoon, we intentionally signed up for United’s credit card specifically for the travel insurance. Expecting to not need it, we did not read the fine print, which, was to our peril. 1/3 of the way through the trip I broke my foot and we had to cancel the rest of the trip and fly home. Bummer was the fine print only covers your trip if you are injured “while traveling” like on a mode of transportation. Since I was walking, not on a train, plane, bus, all the expenses came out of our pockets and we could not afford to go back until we saved two more years. Now I opt for *real* travel insurance when we plan expensive once-in-a-lifetime trips. For $200 it was nice to know when we went back if anything happened we would get to go back for free. Of course, nothing did that time.
So mostly I think it is a benefit most people won’t really benefit from except in a very rare occasion.

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