Credit card payment protection plans helps you to ease your loan payments, protect your family, and safeguard your credit rating during certain unexpected and qualifying events.
Basically, you pay a monthly premium and you can defer payments from one month to 2 years in case of involuntary unemployment, hospitalization, disability or other qualifying events.
How much it will cost ?
It costs money to enroll, credit card companies charge around $0.89 per $100 of your ending monthly statement balance. There is no fee if your ending monthly statement is zero.
So, you will be charged $17.80 per month (20x.89= 26.70) for $2,000 balance