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Visa credit cards: Visa USA today announced significant
changes to its Visa 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 Visa credit
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 Visa
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 credit 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 Visa credit card holders 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 Visa 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 Visa credit 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 credit 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 Visa credit card 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 Visa credit cardholders in order to develop the best consumer
credit programs possible.
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