Credit Shield on CBQ Credit Cards
By mandavilli •
Dear QLers,
I had applied for a new Credit Card with CBQ. I was informed that Credit Shield is a mandatory service now, which is believe is not true. An insurance is not a mandatory service, one can opt for it or opt out of it.
Does any one know of a Qatar Central Bank directive or regulations making credit shield mandatory? I have searched for this on central bank website, but could not find any.
If any of you have any insights into this, I would highly appreciated.
I am a victim of CBQ with this nonsense credit shield. Job loss protection and a lot of things that you don't need and will never benefit you. Switch to other bank. Some of the banks are here that don't add any thing on your credit card , like mashreq. I lost my job back in 2004 and CBQ just said sorry on my face with a smile and I end up paying the whole amount. credit shield and job loss benefit was in reality they will pay few months minimum while hiking the interest at the same time. after that you are looking a jail time.
The great banking rip off
I just noticed it on my statement today. They added it without informing the customers. Rip off. Look at their credit card statement and to find out what the final amount outstanding (min amount) is a nightmare. Charged me penalties , sent them a note to tell me the procedure to close my account and not willing to even tell that. Just an advice stay away guys if you dont want to deal with rude customer service.