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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.
"Auto Rental Insurance is one of the most popular credit
card benefits among cardholders today," said Al Banisch,
senior vice president of consumer credit products at Visa
USA. "As a result of these changes, an additional 75
million Visa cardholders, and more than 185 million in total,
will now benefit from Auto Rental Insurance when paying for
a car rental with their Visa credit card."
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.
- 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
cardholder's 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 Visa's commitment
to adapt to the changing needs of both its cardholders and
it Issuers. Visa's 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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