Numerous reports are emerging of banks notifying customers of upcoming changes to their Visa credit cards in 2021. These changes will impact the Visa benefits that come from Visa-branded credit cards, including Visa Platinum and Visa Signature cards.
Banks Alerting Customers of Changes to Visa Benefits
Multiple banks are alerting customers that their Visa benefits will change beginning February 1, 2021. On that date, impacted cardholders will lose the following Visa card benefits:
- Auto Rental Collision Damage Waiver
- Extended warranty protection
- Purchase protection
Visa’s Auto Rental Collision Damage Waiver provides collision and theft coverage when cardholders use a Visa card to pay for the entire cost of car rental. Extended warranty protection offers additional coverage for U.S. manufacturer warranties, while purchase protection provides other safeguards for cardholders from lost, damaged, or incorrect items.
Here is an example of the language being used when notifying impacted customers:
“Effective February 1, 2021, the following benefits will no longer be available: Auto Rental Collision Damage Waiver, Extended Warranty Protection, and Purchase Security.”
Which Issuers Are Notifying Customers of Changes?
While the changes aren’t impacting every card that features the Visa name, many basic Visa cards will experience a drop in card benefits come February 2021. Some of the issuers currently notifying customers of the changes include:
- U.S. Bank
- PNC Bank
- Comenity Bank
- Elan Financial Services
- Bank of America
- Multiple credit unions
Many premium credit cards will maintain their Visa benefits after February 1, 2021. Banks typically negotiate these products separately, meaning they are not subject to the same limitations of more mainstream cards. The Costco Visa from Citi, for example, will retain these benefits while other Citi credit cards may lose them.
BestCards will continuously provide updates as more details become available.
Related Article: Credit Card Purchase Protection: Everything You Need to Know