Got a call this morning from my mom wondering if I used any store credit cards. We don't but she went on to tell me that her mom does then she pays them off each month. Well last month grandma bought a new weed eater from Lowe's and when she got the bill she noticed a $1.66 charge on it for "credit cancellation". It's the old credit insurance scam. It's charged each month until the account is paid in full.
If you want to pay for that kind of thing go for it but this is apparently an "opt out" deal rather than an "opt in" one. In other words you have it unless you call and cancel it which seems wrong. A few months ago she purchased a new lawn tractor and missed the $15 charge for the coverage on that bill.
The Lowe's card is underwritten by Synchrony Bank which does a lot of the private label cards in use today and that's really why I'm posting this. You and I may not use them because we're financial bad asses (it's the internet after all!) but we all know someone that does. Seems like a good idea to make sure they know this is happening.
If you want to pay for that kind of thing go for it but this is apparently an "opt out" deal rather than an "opt in" one. In other words you have it unless you call and cancel it which seems wrong. A few months ago she purchased a new lawn tractor and missed the $15 charge for the coverage on that bill.
The Lowe's card is underwritten by Synchrony Bank which does a lot of the private label cards in use today and that's really why I'm posting this. You and I may not use them because we're financial bad asses (it's the internet after all!) but we all know someone that does. Seems like a good idea to make sure they know this is happening.
