need help about mint!!

meltme

hi there, new to the site though i have been watching for a few weeks!!!!

I'm about to apply for my first credit card, and was reading that the mint card was the best at the moment for purchases,


the problem is that i have recieved the application form and there are three different types of insurance???

card payment protection, card registration 1yr and card registration 3yr!!

which (if any or all) should i take out???

please help.......credit card virgin!

Bokken_2

Welcome to MSE
Step back and have a think about the MINT card and what you are going to want from a credit card.Just because a application drops through the letter box does not mean it is what you need from a credit card.
Most people don't bother with the payment protection as Martin has pointed out several times it is a way for the companies to get extra revenue.
I think you need to do a little more reading up on the credit card articles written by Martin until you fully understand the benefits that the card offers and the pitfalls that will cost you interest/charges.
This is important as you should aim to avoid all possible charges and keep your own money in your pocket not theirs.
Have a look at Super Balance Transfers and credit card cheques articles as MINT supply these.
They also charge you (I think it is 2%) for cheques and Balance Transfers.
(Sometimes there is no charge if the 0% offer is running)Double check this.
post again if you are unsure or you have more question.
hope that helps

meltme

cheers, all i want the card for at the moment is purchases.

if i dont take out any of the insurances then will i be covered for theft e.t.c.??

HGLTsuperstar

Ignore all insurance, you don't need it and will still be covered if the worst happens.

sicker

Meltme, if you only want the card for purchases and intend to clear it each month you should consider applying for a card which gives you cash back. I myself use egg Money which gives me 1% cash back (credited monthly) on all purchases and 4% interest paid each March on positive balances.
As for insurance forget it, that's how banks sqeeze money out of people these days and is mostly a complete waste of money.

John

YorkshireBoy

sicker wrote:

I myself use egg Money which gives me 1% cash back (credited monthly) on all purchases and 4% interest paid each March on positive balances.

It's the other way round John. Cashback is paid annually during March, and credit interest is paid monthly.

JasonW_2

I also say forget the incurance! It's a joke and full of terms that they will bring up for any excuse not to pay out. Half the time you weren't eligible for the "protection" anyway which they will then tell you if you need to make a claim, but they will have taken your money. Not sure if you can even get it back in these cases, but I've heard of this happening.

Mint called me the other night about my card, trying to sell me the insurance and the card cover. I asked her to note my exact words for my reason, and just said "it's not worth the paper it's written on".

With a bit of luck, more people will tell them the same thing to an extent, and the less people that buy it the better, then at least they will actually have to look into why people don't want it and hopefully come up with an idea that isn't a con. It's legalised extortion really

meltme

what aout ccard payment protection......

is that not if your card is stolen or if you are involved in say an ebay scam....they refund you the money????

JasonW_2

Visa covers you for any fraud or misuse of your card, and you will be refunded. That's why it's a wasting of money paying for it. Card providers offer 0% rates to new customers, so they hopefully stay with them after the rate ends, and move to a higher APR and generate the bank some lovely income. They also think of other charges, and offers to give customers certain benefits for a fee, which are mostly never explained properly, and they never ask if you are eligible for it, making it a complete waste of money. There will be so many terms and rules on how much, when and why you can or can't claim. Also, you will need to fill in a ton of forms to try and make a claim, and depending on circumstances, will need to have part of it filled in and signed by your doctor, employer or ex employer, any specialists etc.

Of course, if you felt better with some form of insurance, then certainly have a look at what they are offering. There is really no need to pay for cover for anyone using your card as you get this free anyway, as long as you can prove it wasn't you of course. You could look at some form of income protection insurance though if it was redundancy or sickness that was worrying you.

J