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Debt Security Plus Program
 

Optional Debt Security Plus could cancel 5% of your account balance each month if you:

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Become unemployed or disabled
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Are hospitalized or enter a nursing home
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Cancel your balance if you pass away

Debt Security Plus also protects items purchased on your account if they are:

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Stolen in a burglary
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Destroyed as a result of fire, lightning, windstorm (Hurricane or Tornado), hail, smoke, or accidental water damage.

 

 

Don't put if off! Enroll Today!
Simply sign the enrollment box on the application form.

Debt Security Plus is only $0.99 per $100 of your average daily balance each month.

60-Day Risk Free Offer
If you choose to cancel Debt Security Plus within 60 days of enrollment, we will credit your account any program fees that have been billed. Please see below for the Program Summary of terms for details as they affect your right to receive benefits.

Summary of Terms
 The Debt Security Plus program (“Program”) is optional. Whether or not you purchase the Program will not affect your application for credit or the terms of any existing credit agreement you have with American General/GE Money Bank (“Bank”).

Upon acceptance of your enrollment in the Program, you will receive the complete Program Agreement. Please read the Program Agreement carefully since it provides a complete explanation of the Program. The following is only a summary of the Program, including a summary of the eligibility requirements, conditions and exclusions that could prevent you form receiving benefits under the Program.

Debt Cancellation is provided under the terms of the Program for the following events (“Covered Events”): Involuntary Unemployment, Disability, Hospitalization, Nursing Home Care, or Loss of Life with respect to the primary cardholder (the person whose name is listed first on the billing statement), or Merchandise charged to the credit card account (“Account”) that is destroyed or stolen.

COST: The monthly fee for the Program is $.99 per $100 of the average daily balance of your Account as provided in the Program Agreement. The fee is subject to change upon notice to you as required by law.

MONTHLY DEBT CANCELLATION: The Program provides debt cancellation on a month-by-month basis for certain Covered Events. A monthly debt cancellation is 5% of the outstanding balance of your Account as of the date of the Covered Event and is available under the terms of the Program Agreement for the following Covered Events up to the limit on total monthly cancellations :

INVOLUNTARY UMEMPLOYMENT: You must be involuntarily unemployed for at least 30 consecutive days. Unemployment for which you had notice within 30 days prior to enrollment in the Program or which begins within 60 days after enrollment in the Program is not covered. You must have been employed full-time in a non-seasonal occupation as of the date of involuntary unemployment, be eligible for state unemployment benefits and register within 15 days of the unemployment for work at a recognized employment agency. Unemployment caused by the following reasons is also excluded: (a) your voluntary forfeiture of employment, salary, wages or other employment income; (b) your resignation; (c) your retirement; (d) your involuntary termination of employment as the result of willful or criminal misconduct; (e) scheduled termination of your employment pursuant to an employment contract; (f) termination of seasonal employment; (g) your imprisonment; or (h) a reduction in number of hours worked that does not result in total elimination of employment income.

DISABLITY: You must be disabled for at least 30 consecutive days. Disability caused by the following reasons is excluded: (a) normal pregnancy or childbirth; (b) an intentionally self-inflicted injury, whether you are sane or insane; (c) flight in non-scheduled aircraft; (d) war, declared or undeclared, including any act of war; or (e) foreign travel or residence.

HOSPITILIZATION: You must be hospitalized while under continuous care by a physical for at least 2 consecutive days. Hospitalization caused by or resulting form the following reasons will not be covered: (a) normal pregnancy or childbirth; or (b) an intentionally self-inflicted injury, whether you are sane or insane.

NURSING HOME CARE: You must be hospitalized while under continuous care by physician for at least 2 consecutive days.

MONTHLY REQUESTS: You must request debt cancellation each month and your request will not affect the monthly bills Bank sends you. You must continue to make each minimum monthly payment on the Account, unless you confirm with Bank that a request for a monthly debt cancellation has been approved and will satisfy a particular minimum monthly payment that you have been billed.

LIMIT ON MONTHLY CANCELLATIONS: Monthly debt cancellation will not be available for a Covered Event after the sooner of: (1) the total amount of debt cancelled for the Covered Event equals $10,000; (2) the total amount of debt cancelled for the Covered Event equals the outstanding balance of your Account as of the date of the Covered Event; or (3) the requirements for debt cancellation are not met for a month (e.g., you return to work, cease to be disabled, or leave the hospital or nursing care.)

 

 

 

OTHER COVERED EVENTS

LOSS OF LIFE: Debt cancellation is provided under the terms of the Program if you lose your life. The Amount of debt cancellation for this Covered Event is the outstanding balance of your Account as of the date of death.

MERCHANDISE PROTECTION: Debt cancellation is provided under the terms of the Program if tangible property purchased and charged to your Account, which you continue to own, is stolen in a burglary or is destroyed as a result of a fire or lightning, windstorm or hail, smoke, or accidental water damage. Merchandise that is stolen or destroyed due to the following reasons is excluded: (a) normal wear and tear, gradual deterioration, inherent defects or mechanical defects or breakdowns; (b) any crime if not reported to local law enforcement officials; (c) theft, other than burglary, vandalism or malicious mischief; (d) your intentional damage to the merchandise; or (e) your negligent or intentional failure to use all reasonable means to preserve or save the merchandise from being destroyed or stolen. The amount of the debt cancellation for this Covered Event is the lesser of the outstanding balance on your Account as of the date of the Covered Event, the purchase price of the property that is destroyed or stolen, or $10,000. this debt cancellation feature ends for property charged to the Account when the outstanding balance on the Account is first paid in full after the charge.

 

ENDING YOUR PROTECTION: You may terminate your enrollment in the Program at any time. If you choose to terminate within 60 days of enrollment, Bank will credit to your Account any Program fee you have been charged. Bank may terminate your enrollment in the Program by providing written notice to you. Your enrollment in the Program will terminate automatically if you fail to make any required minimum payment on your Account in any two consecutive billing periods.

HOW TO CLAIM BENEFITS: You may obtain a form to request debt cancellation by calling toll free at 1-866-846-7993 or by writing to Debt Security Plus, P.O. Box 39 Roswell, GA 30077-0039. You must also provide documents described in the Program Agreement for a particular Covered Event. In addition, you agree to provide any additional information or documents reasonably requested by Bank in connection with our review of your request for debt cancellation.

ADDITIONAL IMPORTANT DISCLOSURES:

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Bank reserves the right to modify the Program at any time and will provide you notice as required by law.
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Cancelled debt under the Program may be taxable as income if provided by law. Please consult your tax advisor for guidance.
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You must continue to make any required minimum payments on your Account after a Covered Event until the outstanding balance on your Account is paid off. A covered Event (other than death or merchandise that is destroyed or stolen) must occur continuously for the specified period of time before debt cancellation can be requested.
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You may continue to use your Account after a Covered Event, subject to the terms of your Account Agreement. However, the amount of debt cancelled under the Program does not include purchases on your Account after the Covered Event (unless those purchases are covered due to a subsequent Covered Event while you continue to have the Program).
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Any arbitration provisions that may apply with respect to your Account Agreement shall also apply with respect to the Program.
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The Program is not insurance.
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The Program is not available for residents of Alabama and Mississippi.

 

The Merchandise Protection might duplicate existing coverage if you have a residential property insurance policy. It applies to any item of covered property on which you owe a debt. There is no deductible. The fee charged for the feature is based on your Account average daily balance, but the Merchandise Protection only applies to tangible personal property purchased on your Account average daily balance, but the Merchandise Protection only applies to tangible personal property purchased on your Account. Services unrelated to the property, meals or other consumables, entertainment, fees or finance charges which may be part of your average daily balance, are not covered.
 

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