Visa Provides Auto Rental Insurance on All Visa Credit Cards

Monday 1 March 2004 20:12 CET | News

Visa USA today announced significant changes to its Visa Consumer Credit Card Platform that will provide Auto Rental Insurance (ARI), also known as Collision Damage Waiver (CDW), coverage to all Visa consumer credit cardholders, a benefit previously reserved only for select cards.

Visa issuing financial institutions will also have greater flexibility to define additional benefits that distinguish their Visa Classic, Gold and Platinum card products - or other self-defined products - to better meet the individual needs of their cardholders. Visa estimates that cardholders who utilize the benefit will save on average more than $10 per day compared with paying for the same type of coverage provided by car rental agencies. New Cardholder Benefits: -- Auto Rental Insurance benefit extended. An additional 75 million Visa cardholders, and more than 185 million in total, will now benefit from ARI. -- Core benefits remain consistent. All Visa credit cards will continue to offer the following key benefits and features:    -- Zero Liability    -- Lost/Stolen Card Reporting    -- Emergency Card/Cash Disbursement    -- Cardholder Inquiry Service Access -- Tailored programs will become available to cardholders. Visa expects that consumers will benefit as credit card issuers increasingly develop more tailored credit card programs offering bundled enhancements that better meet individual cardholders needs. Examples include: -- Frequent travelers could be offered cards that feature benefits such as Companion Airline Ticket, Travel Accident Insurance, Travel Emergency Assistance and Lost Luggage Insurance in addition to the core ARI benefit. -- Cardholders who use their Visa cards primarily for retail purchases could be offered a customized product featuring benefits such as Purchase Security, Price Protection and Warranty Manager Service. These increasingly differentiated products will continue to be supported by all of the Visa core brand promises, including worldwide acceptance, convenience and unsurpassed reliability. The new Consumer Credit Card Platform reflects Visas commitment to adapt to the changing needs of both its cardholders and it Issuers. Visas vision is to lead the payments industry by helping foster the relationship between each Issuer and its cardholders in order to develop the best consumer credit programs possible.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce