Last Friday during lunch, I received a call from a lady from Citibank. In a very serious tone, she said that from their records, (was she was going to ask why I haven't spent a single cent yet, is it because I haven't receive my card) I didn't apply for Credit Shield (CS).
Eh? Simi CS? The lady probably figured that I didn't know what it is, so she asked if I have heard of CS. No, I said, and she proceeded to introduce it to me.
Quoted from Citibank's Q&A
Q: What is CreditShield?
A: CreditShield is an insurance cover, exclusively for Citibank cardmembers and Ready Credit account holders.
CreditShield frees you and your family from worrying over your credit card or Ready Credit payments should the unforeseen happen. It pays the minimum amount due on your account for up to 6 months, if you are totally and temporarily disabled. Or your entire account balance up to S$40,000 in the event of death or total permanent disablement.
You pay only $0.36 for every $100 of current balance on your monthly statement of account. When your current balance is zero, you pay absolutely nothing.
It is easy to enrol and no medical examination is required. To be eligible, you have to be between the age of 21 and 60 years.
Actually I recalled everything by the time she got to the first sentence of the second paragraph, but I just let her continue anyway. I had indeed passed up the chance to apply for it while applying for my credit card (CC). Maybe I should hear her out first. Maybe there's a free trial or free gift if I sign up with her? Haaa.
She said that Citibank strongly recommends that all customers sign up for CS.
I didn't like the tone and wording of the last sentence. This product is obviously designed for compulsive shoppers, and I'm definitely not one of them, although the possibility of me joining the dark side is there, judging from how much I have spent in May *blush*. What is the likelihood of me spending till I cannot pay up? Even if something happened and I had to bleed my savings, I still don't think it can get to the point that I have to default on CC payments. Even if I'm so suay, CC bills will get top priority simply because of the exorbitant interest rate. I know the premium is insignificant, but I could use that money to buy a few cans of soft drinks ok! Throw away a few dollars monthly, 积少成多 can! Singapore's Visa default rate was only about 4% in 2003, so Citibank is scheming to collect free lunches from 96% of their customers! Hah! I won't fall for that!
I asked the lady if it's compulsory. She said no. I asked if there's any preclusion clause. No also.
But too bad, still not interested :P
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