Monday, April 20, 2009

FIRST PROTECTOR: Does it really protect?

Two weeks ago, I called the bank to cancel my First Protector program as I don’t need this and it is a just a waste of money. Imagine the 0.79% p.m. deduction from your current outstanding balance. If you don’t pay your account in full when it’s due, then, expect this miscellaneous deduction.

On one hand, First Gulf Bank credit cardholders need this credit shield considering that the current scenario of Dubai is still miserable. This program showcases various benefits to the cardholders. Among its benefits are as follows:

Death – The amount of Cardholder’s indebtedness at the date of death up to AED100,000 or credit limit whichever is lower.
Permanent Total Disability – The amount of Cardholder’s indebtedness from the date of permanent total disablement up to AED 100,000 or credit limit whichever is lower.
Involuntary Loss of Employment – The amount equaling to 10% of Cardholder’s indebtedness, subject to a maximum amount of AED 4,000 payable for every month of unemployment up to a maximum period of 12 months.
Robbed or stolen cash – a maximum limit of AED 500.
• Fraudulent transactions on lost or stolen Credit Cards at a maximum limit of AED 7,000
Loss of Keys and Identification Papers – a maximum limit of AED 300 for keys and a maximum limit of AED 700 for identification papers

On the other hand, this is a bank strategy of collecting money from the cardholders as this time of crisis where banks are greatly affected they need to do their best to survive at the expense of its debtors. Sad to say, all banks have this scheme.

This morning, a certain Ms. Mysa from the First Gulf Bank phoned me to reactivate the First Protector. She had explained me everything, emphasizing the third benefit of the program: Involuntary Loss of Employment. After her ten-minute speech I realized that I have to finish my report for our weekly meeting. Without any clarifications, I told her to reactivate it immediately.

Well, it’s not because I have a very urgent work to finish and I don’t want to waste my time listening the same story. She had the point. This time our works are not stable and we need this kind of program that will protect us from our debts. I am not pessimistic. I did this because of a “what if” theory. What if my company shut down?


Sardonyx said...

Yes, I think you have a point and reasonable to reactivate your protection plan especially this time of crisis. But sometimes it depends naman din, kung malaki ang utang mo ay malaking "oo" hehehe pero kung maliit pa naman eh ok lang na wala. But actually it happened with my father-in law he had stroke and can no longer work, so it's under total disability siya, mabuti naka protection plan siya kundi baka until now kami pa rin ang nagbabayad ng utang niya hehehe.

Pero if..."knock on wood" (wag naman sana) na ma- lay-off ka and you're planning not to go back sa Dubai eh wag ka ng magprotection plan hahaha, joke lang. Pero maraming gumagawa niyan sa US.

Ruphael said...

Thank you, Sardonyx..Late ko na din ito na-realized that I have to have this protection..Salamat naman at tumawag si Mysa..