I received a new credit card in the mail the other day. My old card had expired...

On the credit card was a number to call to activate the card, so I picked up the phone and called. Just before picking up the phone, I noticed an offer (in the same envelop my card came in) offering payment protection for .89c per $100. I thought to myself, wow, that seems expensive.

Upon answering my call, the operator asked for my card number, address, social security number etc. Finally she said, "you have a zero balance, would you like payment protection, its free."

I said, "no thank you."

She repeated, "you have a zero balance, payment protection is free. If you miss a payment, you are covered, if you pay late, etc. etc."

I said, "no thanks, good bye."

Because I had read the written offer in the small print, I knew that payment protection isn't free -- even though the agent was telling me it was. Technically, what she said was true. However it is so misleading! Sure, its free while I have a zero balance on my account. As soon as I have say, a $1,000 balance it would cost me .89c per $100. Hardly free!

Many people would fall for the ploy and sign up for the "free" payment protection.

I believe that marketing tactics like this cause people to lose faith in companies, and their intention to steal money out of our pockets any way they can. Payment protection is a legitimate service... and I am sure many people would buy it for the benefits... however how many customers of this bank feel ripped off and lose trust in them?