From The BBC:
Many people are still being misled into buying payment protection insurance (PPI) to cover their credit card payments, Which? claims.
A survey for the consumers’ association suggests that nearly 10 million people have a PPI policy with their cards.
But 13% – 1.3 million – bought it under the mistaken belief it was compulsory or would improve their chances of having their card application approved.
Which? said people were wasting their money buying any form of PPI policy.
“Credit card PPI is a modern day snake oil – it’s a useless product, expensive and poorly designed,” said Doug Taylor of Which?
“In this time of economic uncertainty, people are effectively throwing away £970 million each year, when they should be encouraged to seek independent financial advice about protecting their finances as a whole,” he added.
This was rejected by the British Bankers Association (BBA), who said the insurance was a valuable “plan B”.
“Taking out PPI is not a condition for agreeing to provid…