Credit card insurance
Articles
Topics
Friday February 06 2009
No matter how they dress this up, it’s still a dog. Albeit one wearing a nice dress and garish lipstick. Payment Protection Insurance is one of the absolute worst financial products in the world.
It only covers a tiny chunk of what you owe — often just the minimum payment, which could be a fiver a month. And there are a ridiculous number of escape clauses for the bank. Just say no. And run away very fast.
BEST Bank of Ireland Platinum 50¢ per €100 a month
AVOID Halifax 79¢ per €100 per month
If you have outstanding dents of €1,000 per month, Halifax’s rubbish PPI will cost €94.80 per year. This is a €34.80 dearer than AIB’s marginally less awful rate.
Savings on not taking out this silly policy could pay for not one but 10 kids to see Madagascar: Escape 2 Africa at a city-centre cinema in Dublin.