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
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.
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.
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?
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.
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….
Got the same letter for premium rewards visa
Scan and link? I definitely did not get that and it’s still being advertised as a benefit on boa.com
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.
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.
It’s time to Make Bank of America Great Again
Wow… that took no time at all.
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?
check your card statement
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)