User Review( votes)
Acct Shield Plus Charges on Your Credit Card
What is Acct Shield Plus and what the heck are all of these charges on my Credit Card? If you’re asking yourself this question, you are no doubt one in many, including myself that got suckered into a credit card shield program called Account Shield Plus. Account Shield Plus is probably listed as Acct Shield Plus on your Best Buy or other HSBC Credit Card Statement. In short, this charge is for a Credit Card Shield program.
A Credit Card Shield Program is like an insurance program that covers the unpaid balance on your credit card should you ever die, lose your job or become disabled and unable to work to earn the income to pay off your credit card debt. Acct Shield Plus is a specific brand of this credit card shield program offered through many banks and lenders, including your HSBC or Best Buy Credit Card.
Am I Stuck With these Charges?
Did I sign up to have Account Shield Plus on My Account?
In short, you were tricked into this one way or another. In my case, it was when I signed up for the Best Buy Credit Card while in the store. HSBC and other banks have affiliate relationships with insurance companies like Account Shield Plus. I vaguely remember the Best Buy sales rep mentioning that I could have my $300 purchase covered for just .53 cents. Acct Shield Plus Charges still looked like a mystery to me. What they didn’t tell me, and what they don’t tell all of us is that is just an introductory rate for our first purchase to get us suckered into a product most of us don’t’ need and a bunch of Acct Shield Plus crap on our statements. The rate goes up to 2%, 3% or 4% after that and is tacked on to all of your purchases and will be billed on your remaining balance until it is paid. Astonishing!. Chances are, you forgot all about it until you saw those dreaded Acct Shield Plus charges on your card. By the time I first noticed the Account Shield Plus charges on my card, I had already paid $60 for this worthless Credit card protection Program. There is no other way to describe this other than a deceitful business practice. I normally say not to all of the after sales crap sales reps throw my way, but they must have caught me in a moment of weakness. I do vaguely remember agreeing to it, but did I fully understand the costs of what I was signing up for? Absolutely not and for this reason it is trickery on the part of the store and the operators of the shield program.
How to Remove Credit Shield Plus From Your Account
There is only way to get these charges taken off your account. You have to call the 1-800-number right under the Acct Shield Plus listing: 800-365-6256. If you’re like me, you will be angry when you call and have to speak with a foreign sounding, difficult- to-understand A credit card shield representative who will completely ignore your seething ire and try to talk you into staying in the program at a reduced rate. How insulting is this? After feeling completely cheated to the tune of $60, here’s a guy who wants to reduce the rate at which I’m violated. It took about another minute to convince this hourly telemarketer that I was mad and want the charge removed immediately. So, would anyone actually need or want a Credit Card Shield Program?
Who Needs a Credit Card Shield Program?
I suppose if you absolutely had to pay for something on credit that you absolutely needed and you knew the chances were good that you were going to either die, become disabled or lose your job for an extended period of time, a credit card shield program like Account Shield Plus, might be for you. Otherwise, say not to those pesky charges on your card and good riddance to unwanted credit card shield charges.
Now, for the good news about Account Shield Plus. Just a few days after canceling I received a letter in the mail from HSBC stating that the credit card shield program had been removed from my account. At least, that was re-assuring and prompt. I’ll keep my eye on the online billing statement to make sure no more of these charges, ACCT SHIELD PLUS show up in the future.
Thanks for this write up. I’ve been getting charged these fees for a while and after reading this, I called and had it removed from my account also. What a scam!!!! I NEVER signed up for that. Ridiculous!