Best Credit Card For Car Rental – Image via www.alliantcreditunion.org
Best Credit Card For Car Rental – New research by WalletHub’s personal finance site found that consumers can save money on car rentals if they have the right credit card, and use them properly. Of the 64 WalletHub card offers view, Citi offers the best rental car insurance, giving customers up to $ 75,000 in benefits for coverage periods of up to 31 days. Chase and USAA ranks second and third, according to the site. Only 47 percent of respondents knew about the credit card rental car insurance, the site was found.
Visa, Mastercard and American Express all offer car rental insurance, WalletHub explains, adding that individual credit card issuers specify specific coverage. Discover, another major card network, has offered car rental insurance in the past, but stopped in March.
Best Credit Card For Car Rental
WalletHub reviews the car rental policies of publicly available credit cards from the top 10 publishers, excluding student and co-branded offers. The site also conducted a survey of 513 respondents in late May and early June to measure the benefits of credit card travel. Rental insurance offerings are valued based on factors such as length and quality of coverage, as well as the ease of claim submission. Exclusion rates are also considered. For example, 16 percent of surveyed cards are punished in the rankings because they do not cover the damage that occurs on dirt roads or pebbles. In contrast, 14 percent of surveyed credit cards covering coverage for trucks, exotic / antique cars and large vans were rated higher as a result.
“What is surprising is that fewer than half of people are aware of car rental credit card insurance,” said DompetHub analyst Jill Gonzalez. That is a problem because consumers should reject the insurance of additional rental companies because their credit card coverage is working – they will not know to do that unless they already know the benefits.
“Car rental credit card insurance saves you the money you spend on additional insurance from the rental company, and it protects you in case of damage, or theft,” Gonzales added. “All in all, I do not see why customers would rather pay extra for the benefits that come with their credit cards.”