As Chase pitches it, their “Payment Protector Plan” is designed to aid Chase cardholders who are experiencing an upheaval in their lives due to a “qualifying event.” Those events include unfortunate and unexpected things such as divorce, call to military duty and sudden hospitalizations. All payments due on their accounts are frozen anywhere from a month up to two years, depending on the particular event. The price of this peace of mind is “only 89¢ per $100 of your ending monthly credit card statement balance. This fee will be conveniently included on your monthly credit card statement so you don’t have to worry about writing a separate check or missing a Plan payment” according to their website. Should a member invoke suspension for their actions, plan payments are included.
The credit card giant has recently settled a class-action lawsuit filed against it, which claimed that J.P. Morgan Chase did not make the cost associated with their Payment Protection Program clear to all enrolled cardholders. The case accuses Chase of “deceptively marketing its Payment Protection Products,” according to the company overseeing the settlement, Kardtronics. The $20 million dollar settlement comes, despite Chase’s vocal denial of any wrongdoing.
The Chase cardholders that may be eligible to receive a portion of the settlement money are the ones who were charged for a payment protection product at any time beginning September 2, 2004 through November 11, 2010. The settlement checks will be small, ranging from $15 to $60, minus any applicable fees and expenses.
According to another article appearing on the Maximizing Money website, the settlement amount a qualifying cardholder will receive is based upon a variety of factors, such as whether or not they attempted to obtain protection benefits from Chase, if their request was denied or accepted and the total number of individuals submitting a claim in this settlement and the amount. The list goes on.
Claims will either be issued by check or credit issued directly to the cardholder’s account. Any Chase cardholder wishing to submit a claim, who has not already received a post card in the mail with instructions, can go online to Kardtronic’s website and fill out a claim form there. All claim forms must be submitted before Aug. 8 in order to be considered for receipt of a settlement award, so it is of urgent importance.