Bank of america cash rewards credit card car rental insurance

Q: What are cash rewards Bank of America?

Bank of America® Customized Cash Rewards credit card. 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) and 1% cash back on all other purchases Calculate rewards.

Last Updated on January 31, 2021 by Elizabeth

Table of Contents Show

Does Your Credit Card Provide Car Rental Insurance?
Does Bank of America credit card have insurance?
What are cash rewards Bank of America?
How do I get my $200 cash rewards from Bank of America?
Does Discover card cover rental car insurance?

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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 Insurance

As 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 Insurance

Do 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 Insurance

Also, all of the Discover credit cards dropped car rental insurance as a benefit in 2018.

Kroger Mastercard Dropped Car Rental Insurance

In addition, the US Bank-issued Kroger 1-2-3 Rewards Mastercard has discontinued offering car rental insurance and other travel protections.

Related:

The Best Credit Cards with Travel Rewards
Should You Buy Car Rental Insurance?

If you’re wondering if your Bank of America credit card offers insurance for your rental car, you’ll find it depends on the card. BofA recommends contacting customer service to find out if the card you have offers rental insurance as a perk.

Bank of America advertises auto rental collision damage waivers (CDWs) with only the Bank of America® Premium Rewards® Credit Card. However, it may offer the benefit, depending on the card. For example, Bank of America® Travel Rewards Credit Card‘s benefits guide includes auto rental collision waivers — even though its application page doesn’t list the benefit.

A BofA rep we spoke to was unable to confirm whether every card included auto rental CDWs. He suggests cardholders reach out to Bank of America to confirm if your card includes this perk.

The information in this article covers standard Visa car rental insurance benefits. Visa is the card network for products such as the Bank of America® Premium Rewards® Credit Card and Bank of America® Travel Rewards Credit Card.

Where is Bank of America car rental insurance available?

You can use Bank of America car rental insurance throughout the US and most countries. However, the benefit isn’t valid in Jamaica, Israel, the Republic of Ireland or Northern Ireland.
It also isn’t valid where it’s barred by law, when it conflicts with an auto rental agreement, or when individual merchants don’t allow it.

With a Bank of America credit card that offers auto rental CDWs, you’re covered for:

Physical damage to the rental vehicle
Theft of the rental vehicle
Eligible loss-of-use charges from the rental company
Administrative charges and reasonable towing fees

How much am I covered for?

The maximum reimbursement is the actual cash value of your rental vehicle. This is the replacement cost of the stolen or damaged vehicle, less depreciation costs.

What does Bank of America car rental insurance not cover?

Your Bank of America rental car CDW is invalid for:

Exotic or expensive vehicles. These might include Aston Martin, Bentley, Bricklin, Daimler, DeLorean, Excalibur, Ferrari, Jensen, Lamborghini, Lotus, Maserati, Porsche and Rolls Royce. Still, some models of BMW, Cadillac, Lincoln and Mercedes-Benz are covered
Antique vehicles
Certain vans
Antique vehicles
Vehicles with open cargo beds
Trucks
Motorcycles, motorbikes and mopeds
Limousines
Recreational vehicles

Your auto rental CDW doesn’t cover everything. For example, it doesn’t apply if your vehicle is damaged or stolen because you violated the rental agreement. It also doesn’t cover your personal items if they’re damaged or stolen.

Bank of America collision damage waivers are secondary or primary depending on where you’re renting your vehicle.

Inside your country of residence, coverage is secondary. You must make a claim through your personal insurer before going through the BofA benefit administrator.
Outside your country of residence, coverage is primary. Make a claim directly through your Bank of America collision damage waiver policy after a covered incident.

Whether you have personal auto insurance affects your Bank of America policy as well:

If you don’t have personal auto insurance, your auto rental CDW reimburses you for covered theft or damage, as well as loss-of-use, administrative and towing charges.
If you do have personal auto insurance, your auto rental CDW reimburses you for the deductible of your personal insurance. It also covers you for unreimbursed portions of valid administrative, loss-of-use and towing charges.

To activate your collision damage waiver policy, here’s what to do:

Decline the coverage offered by the rental car company.
Pay for the entire rental with your Bank of America card.
If the rental company’s representative says you must purchase coverage, call the support number on the back of your BofA card and asked to be transferred to the collision damage waiver benefit administrator. Then, the benefit administrator will advise you on what to do.

How to make a claim for Bank of America car rental insurance

Call the Bank of America benefit administrator within 45 days after damage or theft to your vehicle. A representative advises you on next steps, and tells you which information to submit for your claim.

What to submit with your claim

Collect the following information from the rental company:

A copy of the claim document and accident report form, which show the costs you’ve incurred and what you’ve already paid toward the claim.
A copy of the initial and final rental agreements, front and back.
A copy of the repair estimate and itemized repair bill.
If possible, a police report

In your claim, submit the information above as well as the following:

The auto rental CDW claim form, completed and signed.
Proof that you charged the entire rental to your card — for example, a receipt or your monthly billing statement.
A statement from your insurer detailing which costs you must pay and what you’ve already paid toward your claim.
A copy of the declarations page of your primary insurance policy, which shows your deductible.
Any other information your benefit administrator requests.

Submit this information within 365 days of the incident. If you’re having trouble obtaining certain documents within 90 days of the incident, submit what you have available to the benefit administrator.

The cardholder is covered by your BofA card’s auto rental collision damage waiver. So are eligible drivers you list on each rental agreement.

Bank of America offers an auto rental collision damage waiver with the Bank of America® Premium Rewards® Credit Card. It also offers the benefit with its other cards, albeit on a case-by-case basis. If you’re unsure whether your card offers an auto rental CDW, contact BofA to make sure.

If these cards aren’t what you’re looking for, compare other cards with car rental insurance.

Kevin Joey Chen was a credit cards, banking and investments writer for Finder. His work and analysis have appeared on CNN, U.S. News & World Report, Business.com, Lifehacker and CreditCards.com.

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Does Bank of America credit card have insurance?

Consumer protections you'll receive with the Bank of America Premium Rewards card include purchase protection, trip delay reimbursement, trip interruption and cancellation insurance, coverage for lost and delayed baggage, emergency evacuation and transportation coverage, return protection, extended warranty on eligible ...

What are cash rewards Bank of America?

Bank of America^® Customized Cash Rewards credit card. 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) and 1% cash back on all other purchases Calculate rewards.

How do I get my $200 cash rewards from Bank of America?

Card Summary Cardholders get a $200 online cash rewards bonus online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. The card offers an introductory 0% annual percentage rate for 18 billing cycles on purchases and any balance transfers made in the first 60 days.

Does Discover card cover rental car insurance?

Discover card car rental insurance Discover used to offer this coverage, but it's been eliminated. If you need to rent a car and you want credit card rental car coverage, it's best to use a different card — if possible, one with primary coverage.