Q&A: Are those credit “watching” agencies worth it?

Question by 1st year: Are those credit “watching” agencies worth it?
I opened a new credit card and they have a credit watching program that they monitor my credit and all that and let me know if something goes on with it. $ 50,000 in fraud insurance for $ 13 a month. is this worth it or are their better deals out there?

Best answer:

Answer by Reena
You are getting insurance for something that is covered.

Read the fine print on your CC agreement. What are the steps you need to take when you find fraudulent charges on your statement?
Immediately contact the CC company and dispute the charge.
You are not liable if you do it in a timely manner…

What do you need this insurance for?
They give you $ 50,000 in fraud insurance when the most they would have to cover is your credit card’s limit? Can you spend 50K on your credit card? No? Neither can the thief that is using your card….

Under what circumstances would you be paid $ 50,000? Ask them that question…

P.S. Letting you know that something is going on with it… Nice.. and then what? You will have to call the CC company and report it, right?
You would have done that anyway as soon as you opened the bill and saw charges that aren’t yours.
And you are paying $ 13 a month, billed to your credit card, for that service?

Not worth it…. the fraud protection is built-in in every credit card agreement… by law.

What do you think? Answer below!