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Hidden camera reveals how bank employees mislead and upsell on pricey credit card insurance

News Summed Up 2018-11-06 05:30:00

It's called credit card balance insurance, or balance protection insurance — and if you've signed up for a credit card, chances are you've been asked to buy it. Many financial experts say credit card balance insurance comes with high fees and so many exclusions it can be hard to make a successful claim. The bank employee said he and his colleagues are under pressure to meet sales targets by trying to sell credit card balance insurance to every customer who takes out a credit card. (CBC)He and his colleagues would sometimes sign customers up for products like credit card balance insurance without their knowledge, the employee said. PIAC executive director John Lawford says credit card balance insurance isn't worth it for consumers, calling it 'pure profit' for the banks.