# F*** RBC Visa



## RIFF WRATH (Jan 22, 2007)

Man...just got the supreme runarround........have a credit line and a visa and have used both for mostly home renovations (spelt home emergencies)......I have balance protector insurance........both balances identical within $100 but the premium is 6X on the Visa than the credit line...........I never really looked at either bill in detail for quite some time (years).....I just pay it through the machine each week.....apparently they say I asked for the insurance in 1999......I asked for something in writing.......no response.....i asked for all the premiums back and the interest credited to my account.......they want me to write them a letter.........I know this is a family type board so i maybe should end my rant and catch my breath......do yourself a favour and see if you are being screwed ..........


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## GuitarsCanada (Dec 30, 2005)

RIFF WRATH said:


> Man...just got the supreme runarround........have a credit line and a visa and have used both for mostly home renovations (spelt home emergencies)......I have balance protector insurance........both balances identical within $100 but the premium is 6X on the Visa than the credit line...........I never really looked at either bill in detail for quite some time (years).....I just pay it through the machine each week.....apparently they say I asked for the insurance in 1999......I asked for something in writing.......no response.....i asked for all the premiums back and the interest credited to my account.......they want me to write them a letter.........I know this is a family type board so i maybe should end my rant and catch my breath......do yourself a favour and see if you are being screwed ..........


Not sure I understand. Is this one of those things that they charge you x amount per month based on your balance?


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## RIFF WRATH (Jan 22, 2007)

yes........according to some web thing I found it is so many $ per the balance......except for identical balances, same RBC and the same underwriter and the same customer......one premium is 6X the other........and I sure as heck didn't sign nothing.......to be continued............gotta run to the Doc..........great now my stress levels are up.........lol


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## Brennan (Apr 9, 2008)

I had the same issue on my RBC Visa Card. I started out by calling RBC asking to cancel the balance protector insurance. They said they could not do it and I would have to call the insurance company who actually provides the service. They, of course, were impossible to get ahold of. After going back and forth for about 6 months, I eventually just canceled the credit card and got one from PC Financial. I've had no problems since.


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## greco (Jul 15, 2007)

We had the same struggle getting rid of the balance protection insurance. They seem to want to hold onto that cash cow with all the energy they can muster. 

I think they regret answering when Mrs. Greco phoned...

Good luck with this Gerry.

Dave


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## nitehawk55 (Sep 19, 2007)

I'm sure RBC "is" the insurance company since they do sell other forms of insurance . Another cash cow putting it to the little guy .


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## Intrepid (Oct 9, 2008)

This type of "protection Insurance" is a huge Financial resource for the Banks and Credit Card Companies. It is my understanding that you must sign up for it. It cannot be thrust upon you involuntarily, though often it is buried in the small print on Credit Card and Loan applications. It is typically 1% of the balance owing. With Credit Cards there should be a Toll Free number that you can call to cancel this coverage. I inadvertantly (read duped) signed up for it with my Citi Bank Card and after about 6 months noticed the additional charge. I called the Toll Free number on one of my statements that "announced" the great coverage I was receiving, and immediately cancelled the Insurance. It was OFF my statement the next month. Now of course I am inundated with calls from strange 886 area codes trying to get me to fall for this same service again. I politely decline but they usually continue calling once every 2 weeks. I found out I cannot put them on the "do not call" list because I already have an existing business relationship with them and therefore they are exempt from this legislation.


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## mhammer (Nov 30, 2007)

Eighteen years ago, I was travelling back to Fredericton with a teaching colleague when my car broke down just outside St. Louis du Ha!-Ha!, Quebec. The garage owner where I rolled into got us to the bus stop and we made it into Edmundston where, unable to get access with my bank card to the one account where I had my money that might pay for a room until the car was fixed the next day, we eventually implored the police to put us up for the night in jail. Following one of the very worst sleeps I ever had in my life (I think the blanket was thicker than the mattress, and the mattress wasn't very thick), I made up my mind that I probably *did* need "plastic".

So, I got a credit card that charges some interest percentage in the high teens, and have steadfastly refused to change ever since, no matter what sort of ridiculously low interest rate and ungodly high credit limit people say they will offer me. No Air Miles, no insurance, no unusual side plans. And best of all, I rarely use it, paying for just about everything except for my house in cash, and only pulling out plastic when somebody requires it as collateral. As far as I know, I owe nothing on it right now. I like the deterrent effect that high interest has on me. I like spending money but I hate owing it even more.

I'm not saying this just to go "Nyah nyah". Rather, I'm awfully glad that I was such a stubborn SOB and didn't get seduced by the promise of cheaper rates, because in the intervening 18 years the number of ways that banks have developed to create the *illusion* of access to cheap money has multiplied exponentially. I have little doubt that if I was to have signed up for anything within the last 3 years that I'd be just as stuck and screwed over as our good friend Riff Wrath here.

I hope it gets ironed out, buddy. I feel for you.


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