With the optional Payment Security program, your account balance up to $10,000 may be cancelled.


What it does:

Cancels your minimum monthly payment - or entire balance up to $10,000 - if certain events occur.


What qualifies as an event:

  • Unemployment
  • Hospitalization
  • Leave of absence
  • Nursing home stay
  • Disability
  • Loss of Life

What it costs:

$1.66 per $100 of the ending monthly balance on your account. For example, if your balance was $500, the cost would be $8.30 that month. See Payment Security Debt Cancellation Program Agreement for complete details.

Peace of mind

What it provides: Peace of mind.

If I choose to purchase Payment Security, I understand there are eligibility requirements, conditions, and exclusions that could limit my right to receive benefits including:

  • All events must begin after I enroll in the program
  • I am eligible for benefits due to job loss or leave of absence only if those events occur after I have been enrolled for 30 days
  • Full-time job - I must have a full-time, year-round job to qualify for balance cancellation in the event of a job loss or leave of absence ?
    • You are eligible to have your entire statement balance cancelled, up to $10,000, if you have a full-time year-round job (and are not self-employed) and you lose your job or take an unpaid employer approved leave of absence.
    • For example, let's imagine you get laid off from your full-time job and have a balance of $1,000 on your credit card at the time you were laid off. After you were unemployed for 90 days, your whole $1,000 balance would be cancelled.
  • Part-time/Seasonal/Self-Employed - I am eligible for the cancellation of up to six minimum monthly payments ?
    • If you are self-employed, work part-time, or are employed seasonally, you will be eligible to have up to 6 of your minimum monthly payments cancelled if you lose your job or take an unpaid employer approved leave of absence.
    • For example, let's imagine you owned a restaurant (self-employed) but were forced to close it and are now out of work. You purchased Payment Security four months ago when you opened your credit card account. In this instance, your minimum monthly payment would be cancelled for up to 6 months if you remained unemployed. Because you were self-employed, you would not be eligible to have your full statement balance cancelled for the unemployment or leave of absence benefits.

Carefully read the agreement for a full explanation of the terms.
Read all of our Frequently Asked Questions here.

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