Posted by William Charles on June 25, 2019
Credit Cards

Published on June 25th, 2019 | by William Charles

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Bank of America Cash Rewards Mastercard To Lose Travel Accident Insurance

Bank of America Cash Rewards Mastercard holders should have (or will soon) receive a physical mail out informing them that as of October 1st, 2019 travel accident insurance will be removed as a benefit on this card. Yesterday it was announced that Citi would be removing a range of benefits as well, it’ll be interesting to see if more Mastercard’s lose benefits or if this is just a coincidence.

Hat tip to dw on FT



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David
David

Bank of America sucks, ’nuff said…

Justin
Justin

Agreed.

Rick
Rick

It’s a race to the bottom by every major bank. At this rate, in two years I predict the extended warranty benefit will disappear on every card but the Amex platinum.

It’s an overly generous benefit that benefits a very small percentage of card holders. Last time I used it was about 12 years ago for a broken laptop screen and I ended up getting a $450 credit from Amex for the repair cost.

CongestionCharge
CongestionCharge

Saw this on my Alaska card too

AnameOfaguy
AnameOfaguy

Me too on the Alaska Signature Visa. Dated June 6. These types of changes should require snail mailers. It’s hidden in my online documents with no notification.

“Benefit change
Travel Accident Insurance Effective October 1, 2019, we will no longer offer Common Carrier Travel Accident Insurance on your credit card. You will be able to continue to file claims after October 1, 2019 for occurrences prior to that date, subject to the terms and conditions of coverage.”

86
86

So it’s not just on the MC version, the Visa version also will lose the benefit?

Cynthia
Cynthia

Ditto. I use a different card to purchase airfare because I get a better return on rewards, but this is another reason to not use my Alaska card to buy Alaska flights. Not that I’m hoping to ever use travel accident insurance, mind you!

pjm
pjm

A most useful item would be a spreadsheet of benefits by cards showing what still remains for what cards. It could easily be crowdsourced. Maybe such a thing exists and i’m not aware of it. It would be educational too for people new to the game to maximize value from cards. Googling turns up some attempts at same but nothing that seems to have been maintained. I’d help on the effort but I wouldn’t know how to get started with an accessible document for example.

boomX
boomX

As far as Benefits are concerned, at this moment all Amex cards (no-AF cards with few benefits stripped) and Chase AF cards are the best bet to use for Shopping and Travel purchases.

pjm
pjm

thanks, i’m hoping to be very specific card by card since benefits vary widely within banks.

MrObvious
MrObvious

Sounds like you have a project to do – RESEARCH!

pjm
pjm

i’d be happy to do my share of my cards (which are only a tiny fraction of the total cards). I’m just not sure how to establish a google sheet that everyone can access and update.

DWT
DWT

This was disclosed on my April BofA statement for the Cash Rewards card:
“Travel Accident Insurance / Effective October 1st, 2019, we will no longer offer Common Carrier Travel Accident Insurance on your credit card. You will be able to continue to file claims after October 1st, 2019 for occurrences prior to that date, subject to the terms and conditions of coverage”
It’s interesting that CongestionCharge saw a similar notice for the Alaska card, since that’s a Visa, so it looks like this isn’t restricted to just BofA Mastercards.

Mar
Mar

Yeah I also just looked at my april statement and saw this on my cash rewards visa and on my premium rewards visa.

Kinda ridiculous they don’t send a separate notification as I would have never known if not for this site. I don’t look at my actual pdf statements really.

BofA also seems to make it really hard to find the actual guide to benefits…I have no clue where to find it online (maybe it just isn’t there?)

lilurbanachiever
lilurbanachiever

And so it begins. It’s gonna be the same as with the FFlyer programs – all issuers will follow Citi’s lead and drop as many perks as possible. I wonder who will be the last holdout, who will be the AAdvantage of the credit card world ? My money is on Amex)

Max B
Max B

I only find info on their site about the Mastercard but I have the Visa version. I want to review my benefits. Any news on changes with Visa?

chong786
chong786

check your card statement

Casual Churner
Casual Churner

Wow… that took no time at all.

Mlkdecow07
Mlkdecow07

It’s time to Make Bank of America Great Again

Charlie
Charlie

When I first saw the news about Citi dropping all of the insurance benefits, my first reaction was: this is not about Citi, but about the insurance providers who provide the insurance coverage. Since the same insurance providers provide the coverage for other banks’ cards, it doesn’t surprise me in the least that we are now seeing other banks drop those same benefits.

James
James

Wow. Knock on wood. I was in a major car accident back in 2014 that caused me to be in the hospital for a month and totaled the rental car. The car wanted full payment for replacement, but luckily, the CC paid for it. I guess going forward, this won’t be available as much. I don’t have normal car insurance since I don’t own a car, so CC insurance is all I’ve got.

Alan
Alan

Got the same letter for premium rewards visa

slut
slut

Scan and link? I definitely did not get that and it’s still being advertised as a benefit on boa.com

Vy
Vy

So…does this mean that BoA Cash Rewards VISA cardholders are unaffected?

Also, who the heck puts travel expenses on a card that doesn’t earn anything but 1x on travel?

Gene
Gene

Don’t knock it. BofA Cash Rewards has 3x categories that you can change up to once every month. “Travel” happens to be one such category. Some BofA customers earn as much as 5.25% cash back on these 3x categories.

Penny
Penny

Wish I had known about this before putting total cruise package on new B of A travel card…..trip is not until mid October…I have 3 other B or A cards and sure enough on 2 of them they are eliminating the common carrier benefit ….only keeping the AAA rewards card intact…of the other 2 one is MC and the other is Visa so this is certainly a B or A move…not MC or Visa. .Only reason for all these with B of A is honors rewards which can really add up….

PETE
PETE

Same situation for Bank of America’s Travel Rewards signature Visa. I received the information on page 6 of 10 of my 4-20-19 Statement. Very well hidden.

Curmudgeon
Curmudgeon

Seems like it’s getting to the point where travel expenses should only be paid with a premium travel card like Altitude Reserve, Sapphire Reserve, Ink Preferred, Amex Platinum, etc.

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