Last Updated on January 31, 2021 by Elizabeth Show
 It’s a nasty trend that started two years ago, as more credit cards drop car rental insurance as a benefit. Bank of America Cash Rewards cardholders will no longer get the secondary car rental Collision Damage Waiver benefit. The change affects new claims starting February 1, 2021. Last year, Citibank dropped car rental insurance as a travel benefit was an isolated incident. Then other credit card issuers followed suit and chopped travel benefits from the roster of perks offered to cardholders. In addition, American Express has put new limits on Centurion Lounge access and stopped offering Priority Pass restaurant credit. The most coveted credit card for travelers, the Chase Sapphire Reserve Card, hasn’t changed its raft of benefits. But it recently hiked its annual fee by a whopping $100, to $550. Ask AutoSlash for a Quote on a Cheap Car Rental Why should you care? Because travel benefits translate to savings. If you pay for your car rental with a credit card that offers insurance as a benefit, you can decline the pricey collision insurance offered at the rental car counter. This can save you more than a hundred dollars on a week-long rental. Does Your Credit Card Provide Car Rental Insurance?If your credit card does not offer car rental insurance, then you are in a bit of a pickle. If you own a car and have auto insurance, then your policy will likely extend to rental cars. The problem is that there is likely a hefty deductible and limitations on what is covered, which can leave you with gaps in protection. Furthermore, relying on your auto insurance policy is fraught with another kind of risk. A 2017 study by InsuranceQuotes.com and Quadrant Information Services found that filing a single auto insurance claim of at least $2,000 will spike your premium by 44.1%, on average. Before renting a car, it’s always smart to double check to see what, if any, car rental insurance is included as a benefit by your credit card issuer. And, of course, you can never compare credit cards based on just one benefit, such as car rental insurance. You should take into consideration all costs, including a card’s interest rate and annual fee. Card benefits might seem lucrative on the surface, but those savings can easily be outweighed by hefty interest charges or other fees. Bank of America Cash Rewards Cards Drop Car Rental InsuranceAs of February 2021, Bank of America Cash Rewards cardholders will no longer receive the secondary Auto Rental Collision Damage Waiver benefit for new claims. The rental car benefit will remain on Travel Rewards, Premium Rewards and some affinity cards such as the co-branded Bank of America Alaska Airlines card. Citi Credit Cards Dropped Car Rental InsuranceDo you have a credit card issued by Citibank? Last year, Citi drastically cut back the travel benefits offered to credit card holders for the vast majority of Citi-issued cards. Among the perks that were dropped was car rental insurance. Let AutoSlash Track Your Car Rental for Price Drops Notably, Citi has not eliminated key travel benefits for their co-branded Costco cards, which offer the following perks: worldwide car rental insurance, worldwide travel accident insurance, roadside assistance dispatch service, damage and theft protection and more. Discover Dropped Car Rental InsuranceAlso, all of the Discover credit cards dropped car rental insurance as a benefit in 2018. Kroger Mastercard Dropped Car Rental InsuranceIn addition, the US Bank-issued Kroger 1-2-3 Rewards Mastercard has discontinued offering car rental insurance and other travel protections. Related:
Signing up for credit cards through partner links earns us a commission. Terms apply to the offers listed on this page. Here’s our full advertising policy: How we make money. When you sign-up for the Bank of America® Cash Rewards credit card, you’ll earn a $200 cash
bonus after meeting the minimum spending requirements. Cash back bonus aside, does this card have the benefits and perks to stay in your wallet? If you’re looking for a no annual fee cash back card and not a big spender, then yes. The Bank of America Cash Rewards card benefits, perks and earning
potential make it worth keeping. I’ll show you why the Bank of America Cash Rewards Card benefits and perks make the no annual fee card even more attractive. With the Bank of America Cash Rewards card, you’ll earn a $200 cash bonus after you spend $1,000 in purchases in the first 90 days of account opening. Plus, the card has no annual fee, so it’s free to keep indefinitely. While that’s a nice benefit on its own, you’ll also get a few other perks that can come in handy should
you need them. Here are the standout benefits of the card. My favorite benefit of the Bank of America Cash Rewards card is the ability to pick where you earn your 3% cash back each month. Though the card earns a minimum 1% cash back, you can earn 2% cash back at grocery stores and wholesale clubs. The 3% and 2% cash back
categories are capped at a combined $2,500 in purchases each quarter. Capping how much cash back you earn isn’t great, but the 3% and 2% category spending cap resets every quarter as opposed to every year like with many other cash back cards. The flexibility of choosing where you earn 3% cash back each month is a big plus. For example, during the summer months, you set your category as travel
but during the winter, you set it as entertainment. You’re not ever locked into a single category. Here’s what you can select as your 3% cash back category: Again, you’ll be limited to cash back on the first $2,500 purchases each quarter. That’s for both the 2% and 3% cash back category. So plan your purchases accordingly! Extended warrantyWhen you pay for an eligible item with the Bank of America Cash Rewards card, it’s possible to extend the manufacturer’s warranty by an additional 12 months. This is a fantastic benefit if you’re a fan of retail therapy like myself. There are several excluded purchases. Unfortunately, Bank of America only provides the full terms and conditions of any benefits associated with a credit card once you receive your card in the mail. So be sure to read through the terms and conditions before assuming you’re covered. BankAmeriDealsBankAmeriDeals is linked to your Cash Rewards card and allows you to earn up to 15% cash back. The way BankAmeriDeals works is simple. It’s a separate program offered by Bank of America that works with most Bank of America credit cards. When you enroll in BankAmeriDeals, you’ll be able to see a list of ongoing promotions offered at certain retailers, restaurants, gas stations, etc. Simply add deals that appeal to your shopping habits and use your card. As noted, you might even be able to earn up to 15% cash back with certain partners. Travel coverageWhen you pay for travel with your Bank of America Cash Rewards Card, you’re covered if the unthinkable happens. To qualify for these benefits, you’ll need to pay for the full amount of your common carrier fare (planes, trains, cruises, ferries) with your Cash Rewards card. These benefits are only supplementary, so if the common carrier or other primary insurance reimburses you for anything, this benefit will only kick in for the things they don’t cover. Travel accident insuranceYou may be eligible for travel accident coverage through the Bank of America Cash Rewards Card. However, this is not one of those benefits that you’ll ever want to use. Like most travel insurance policies, the Cash Rewards card covers things like dismemberment or death. When primary insurance or a common carrier does not cover damages, the coverage offered by the Cash Rewards card will kick in for eligible damages. As always, be sure to read through the full terms and conditions upon receiving your card to determine what is and isn’t covered with the Cash Rewards card. Car rental insuranceCruising down the Pacific Coast Highway in Southern California is fun until you’re rear-ended by a distracted driver. Don’t stress out over a damaged rental car. The Bank of America Cash Rewards Card offers rental car coverage. The coverage offered by the Cash Rewards Card is considered secondary or supplementary. This benefit will only kick in when your primary insurance won’t cover damages or loss. You can also check out our guide to credit cards that offer rental car insurance for more information about coverage and other cards that offer it. Bottom lineThe Bank of America Cash Rewards card offers benefits without a hefty annual fee. These perks, and the ability to earn a lot of cash back, make it a card you’ll want to keep long-term. Two of my favorite benefits are directly tied to earning cash back. The first is the ability to chose your 3% cash back category every month. The second benefit is BankAmeriDeals which even allows you to earn up to 15% cash back at certain merchants. You can apply for the Bank of America Cash Rewards credit card here. For the latest tips and tricks on traveling big without spending a fortune, please subscribe to the Million Mile Secrets daily email newsletter. Chase Sapphire Preferred® Card
Intro APR on purchases N/A Regular APR 18.24% – 25.24% Variable Balance Transfer Fee Either $5 or 5% of the amount of each transfer, whichever is greater. Rates & Fees Annual Fee $95 Other Credit Needed Excellent / Good Issuer Chase Card Type Visa Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :) Does Bank of America credit card cover rental truck insurance?What is Bank of America Credit Card Rental Car Insurance? No matter what Bank of America credit card you have, it offers rental car insurance as a complimentary benefit. The coverage is called an Auto Rental Collision Damage Waiver and is provided by Visa and Mastercard.
Does Bank of America credit card have collision insurance?The Bank of America Premium Rewards Elite also offers an auto rental collision damage waiver benefit that covers rental car damage due to a collision or theft. This card's rental insurance benefit is primary, so you likely wouldn't have to make a claim with any other insurance policy before this benefit kicks in.
Does Bank of America premium rewards cover rental car insurance?With the Bank of America Premium Rewards credit card, you'll receive secondary rental car insurance in the event that your rental takes a turn for the worse. The Premium Rewards card offers secondary coverage in the U.S. but in most countries abroad, the card offers primary coverage.
Does American Express cover liability on rental cars?Amex car rental insurance covers the cardmember, their spouse or domestic partner, and authorized drivers listed on the rental agreement. It provides secondary insurance that comes after any other primary insurance that you carry.
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