Important Information
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Discover® Credit Protection - Important Information
Discover Credit Protection is a debt suspension agreement provided by Discover Bank. It is not insurance and will not pay off any of your loan balance.
This product is optional. Your purchase of Credit Protection is optional. Whether or not you purchase Credit Protection will not affect your application for credit or the other terms of any credit agreement you have with us.
Explanation of debt suspension agreement. If benefits are activated for a Covered Event (Involuntary Unemployment, Disability and Leave of Absence), we will not require any payment or impose any finance charges, late fees, or Discover Credit Protection fees in any monthly billing period in which benefits are provided. Your duty to pay the loan principal and finance charges to us is only suspended. Scheduled monthly installment payments will resume when benefits have ended, and your loan term will be extended for the number of monthly installment payments for which you received Discover Credit Protection benefits.
Eligibility requirements, conditions and exclusions. There are eligibility requirements, conditions and exclusions that could prevent you from receiving benefits under Credit Protection. A complete explanation is in the following paragraphs of the Credit Protection Terms and Conditions: paragraph 3 "Important Limitations on Benefits During Benefit Period," the subparagraphs "Exclusions" under paragraphs 4.3, 5.3 and 6.3, and paragraph 7 "Retired, Self-Employed and Unemployed Borrowers." We will send you information including the Terms and Conditions before you have to pay. Please read it carefully.
Amount of fee. The monthly fee for $0.39 per $100 of the Amount Financed shown on your Truth in Lending Disclosure Statement will automatically be added to your Personal Loan monthly statement.
Termination of Discover Credit Protection. Enrollment will continue until you or we cancel or your loan is paid in full. You have the right to cancel Credit Protection at any time. If you cancel within 30 days of your enrollment date, we will refund your Credit Protection fee. We may cancel at any time, but will not reduce benefits you are already receiving.
Change in terms. We may change the Credit Protection terms and fees at any time. If we make a change that is unfavorable to you or involves an additional charge, we will give you advance written notice and a reasonable opportunity to cancel without penalty.