Wednesday, June 15, 2022

Does Bank Of America Offer Travel Insurance

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Bank Of America Premium Rewards: Best For Earning Cash Back

How BofA Is Betting on the Return of Business Travel

For those looking for a simple credit card that earns cash back but also comes with some basic travel insurance protections, the Bank of America Premium Rewards Credit Card could be your best option.

Like all the other cards on our list, youll get trip cancellation and trip interruption insurance with the Bank of America Premium Rewards, although your coverage is significantly lower than what the other cards provide up to $5,000 per person and up to $10,000 per trip.

Many other cards cover you for up to $10,000 per person, so if your trips are typically on the expensive side, youll probably want to pick another card. But most travelers will find the $5,000 maximum more than sufficient.

Emergency evacuation coverage is another benefit of this card, but the coverage is half of what some other cards provide up to $50,000 per incident, where some other cards provide up to $100,000. That being said, this is a unique benefit, so receiving some protection is better than none at all.

Youll also be covered for essentials with the card if your trip is delayed by 12 hours or more and if your luggage is lost or delayed, and the card has secondary auto rental collision damage insurance.

Ink Business Preferred: Best For Business Travelers

If youre a business traveler who wants to keep all of your expenses on your business credit card, the Ink Business Preferred has you covered. Youll find that the coverage on the Ink Business Preferred is almost exactly the same as the Chase Sapphire Preferred, which is great for a business card that only costs $95 a year.

Related: Get a highest-ever bonus with these Chase business credit cards.

The main difference between the Ink Business Preferred and other Chase credit cards is that while youre insured if your trip is involuntarily interrupted or canceled, youll only be reimbursed for up to $5,000 per person and up to $10,000 per covered trip. Many other cards cover double that amount, but thats typically only necessary if youre booking a big, lavish trip.

Other travel insurance protections on the Ink Business Preferred include trip delay insurance, baggage delay reimbursement, lost luggage reimbursement, primary auto rental collision damage waiver and travel accident insurance, all comparable to the protections on the personal Sapphire Preferred.

Learn more and apply for the Ink Business Preferred.

American Express Platinum: Best For Earning Flexible Rewards

The travel insurance benefits on the Amex Platinum card were improved at the start of 2020, which means youll now have even more protection on your next vacation.

The Amex Platinum has the same trip cancellation and interruption insurance as the Chase cards, but with one limitation youre only able to make up to two claims in a consecutive 12-month period. This shouldnt be a problem for most travelers, but if you find yourself canceling trips regularly, youll want to use a different card. Neither the Amex Platinum nor the Chase cards cover voluntary cancellations.

Youll also get trip delay insurance with the Amex Platinum, up to $500 per ticket, and to be eligible, your trip only has to be delayed by six hours or more. Again, youre limited to a maximum of two claims per card in a 12-month period, but unlike the cancellation and interruption coverage, this is a benefit you might find yourself using somewhat often especially if you travel often.

Related: Travel with luxury perks using the American Express Platinum.

Where this card falls short is that its car rental insurance only provides secondary coverage, so if you have an accident, youll first need to file a claim with any other insurance providers such as your own personal auto insurance company before this insurance kicks in. Its much easier to have a card that offers primary coverage, though having some sort of protection is better than no protection at all.

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How To Use Bank Of America Car Rental Insurance

To activate your collision damage waiver policy, heres what to do:

  • Pay for the entire rental with your Bank of America card.
  • If the rental companys representative says you must purchase coverage, call the support number on the back of your BofA card and asked to be transferred to the collision damage waiver benefit administrator. Then, the benefit administrator will advise you on what to do.
  • How to make a claim for Bank of America car rental insurance

    What to submit with your claim

    Collect the following information from the rental company:

    • A copy of the claim document and accident report form, which show the costs youve incurred and what youve already paid toward the claim.
    • A copy of the initial and final rental agreements, front and back.
    • A copy of the repair estimate and itemized repair bill.
    • If possible, a police report

    In your claim, submit the information above as well as the following:

    • The auto rental CDW claim form, completed and signed.
    • Proof that you charged the entire rental to your card for example, a receipt or your monthly billing statement.
    • A statement from your insurer detailing which costs you must pay and what youve already paid toward your claim.
    • A copy of the declarations page of your primary insurance policy, which shows your deductible.
    • Any other information your benefit administrator requests.

    Is Credit Card Travel Insurance Any Good

    Norwegian Cruise Credit Card / Should I Buy Norwegian ...

    Yes. For most travelers with no irregular conditions, credit card travel insurance will serve you well in case of any interruptions or delays. However, those who have pre-existing conditions should be wary as credit card travel insurance will not offer you coverage. Or, if you’re looking for coverage specifically related to the coronavirus, you’ll need to purchase additional travel insurance ideally one with cancel-for-any-reason coverage.

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    Best For Budget Travel

    • Trip cancellation and interruption insurance: up to $10,000 per person and $20,000 per trip
    • Primary auto rental coverage for damage or collision: up to the cash value of the vehicle on rental periods of 31 consecutive days or less
    • Baggage delay insurance: up to $100 per day for up to five days
    • Trip delay reimbursement: up to $500 per ticket
    • Roadside dispatch
    • Lost luggage reimbursement: up to $3,000 per passenger
    • Travel and emergency assistance
    • Travel accident insurance: up to $1 million

    Learn more about the benefits of this card in our full review of the Chase Sapphire Preferred.

    How We Picked The Best Credit Cards With Trip Cancellation Insurance

    To find the best credit cards with trip cancellation insurance, we started by looking at popular travel cards. From there, we considered the trip cancellation insurance coverage limits, events that may or may not be covered, and any additional types of travel insurance coverage that come with the card.

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    Earn 15x Points For Every $1 You Spend

    With the Bank of America® Travel Rewards credit card, you can earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don’t expire.

    Cardholders who spend a lot on travel can also earn 3 points per dollar spent on travel bookings made through the Bank of America Travel Center.

    While this is a decent rate for a no-annual-fee card, you can do much better with a premium travel card, many of which justify their annual fees with better rewards and more valuable redemption options.

    The chart below shows how the Bank of America® Travel Rewards credit card stacks up in rewards earned per $1 spent for the average consumer:

    Average rewards earned per $1 spent

    We estimate an earning rate for the average consumer based on U.S. Bureau of Labor data and multiply that by the value of each cards points or miles.

    Bank Of America Travel Rewards Credit Card One

    Bank of America Premium Rewards Credit Card – How Does It Stack Up?

    This card offers a fairly generous bonus for eligible new card members. You receive 25,000 points when you make at least $1,000 in purchases within 90 days of opening your account. This bonus is worth $250 if taken as a travel statement credit.

    While there are cards that offer two to three times that many points as a bonus, they typically require two to three times the spending of this cardthat is, $2,000 to $3,000 in the same three-month period. Also, those bigger-bonus cards often have an annual fee.

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    What Qualifies As Travel With Bank Of America

    According to Bank of America, travel purchases can include “airlines, hotels, motels, timeshares, trailer parks, motorhome and recreational vehicle rentals, campgrounds, car rental agencies, truck and trailer rental, cruise lines, travel agencies, tour operators and real estate agents, operators of passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos, eating places and restaurant, drinking places, bars, taverns, cocktail lounges, nightclubs, discotheques and fast food restaurants.”

    The information related to Bank of America® Travel Rewards credit card and Bank of America® Premium Rewards® credit card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

    These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

    Alternatives To Taking A Boat Loan

    If you cant afford to buy a boat today, or youre not quite ready to make the commitment, here are some alternatives.

    Save up for the purchase. Consider holding off and starting a savings plan toward buying a boat. You may be able to negotiate a cheaper price by paying with cash, and youll avoid paying interest on a loan.

    Join a boat club. For a one-time fee and ongoing monthly or annual dues, boat clubs provide access to a fleet of boats for their members and guests.

    Consider peer-to-peer rentals. Similar to renting a house on Airbnb, you can temporarily rent a boat through a peer-to-peer rental marketplace, such as Boatsetter or GetMyBoat.

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    Alaska Airlines Credit Card Benefits

    New account bonus

    Get 40,000 bonus miles and Alaska’s Famous Companion Fare from $121 after you make $2,000 or more in purchases within the first 90 days of opening your account.

    Annual Companion Fare every year

    Get Alaska’s Famous Companion Fare every year! Each year on your account anniversary get a companion fare from $121 .

    Free checked bag

    Save with a free checked bag on Alaska flights for you and up to six other guests on the same reservation that’s a savings of $60 per person roundtrip!

    Earn miles with no mileage cap

    Earn unlimited 3 miles for every $1 spent on eligible Alaska Airlines purchases and unlimited 1 mile for every $1 spent on other purchases. Plus, flexibility when booking with no blackout dates on Alaska Airlines flights and miles don’t expire on active accounts.

    oneworld® Alliance

    And now with the oneworld® Alliance and our Global Partners, you have the freedom to travel to more than 1,000 destinations on 20+ airlines.

    Exclusive savings when you travel

    Enjoy 50% off day passes at the Alaska Lounge and 20% back on all Alaska Airlines inflight purchases when you pay with your new card. Plus, no foreign transaction fees make this the card to use everywhere.

    This online only offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.

    Bank Of America Credit Card Benefits And Perks

    Bank of America® Premium Rewards® Visa® credit card: Is It ...

    Lance Cothern|

    Modified date: Dec. 16, 2021

    Bank of America offers a handful of rewards credit cards worth considering solely on the merits of the rewards you can earn. They offer strong cash back categories that many consumers will appreciate.

    When you add in some of the unique benefits that Bank of America offers on some or all of their credit cards, it makes the decision to apply for one of their credit cards much easier. Here are some of the best Bank of America credit card benefits you should know about.

    Whats Ahead:

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      Best Overall: Bank Of The West

      Bank of the West

      Bank of the West is our top overall pick for a boat loan. The lender features low rates, flexible loan amounts, and widespread availability, making it a great choice for borrowers with good credit looking to purchase a boat.

      • Loans up to $5 million

      • Repayment terms between four and 20 years

      • Available in all 50 states

      • Full-time and liveaboard accepted

      • Fees can be rolled into loan

      • Rates as low as 3.59% APR

      • No cosigners allowed

      Bank of the West is arguably one of the most popular watercraft lenders around. Founded in 1874, Bank of the West, also known as Essex Credit, operates and provides loans to creditworthy borrowers in all 50 states. Boat loans through Bank of the West can range from $10,000 all the way up to $5 million, with repayment terms from four to 20 years depending on the loan amount.

      While the wide range of loan amounts and repayment terms is great, this lender wins our best overall spot because of the types of boats it accepts. Bank of the West offers to finance for boat model year 2001 or newer. Allowed boats include standard and custom power, sailboats, multi-hull boats, pontoon boats, electrical boats, high-performance boats, houseboats, and wood hull boats. One of Essexs few exceptions is boats that are capable of speeds of 99 mph or higher.

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      Ink Business Preferred Credit Card: Great For Business Owners

      Heres why: The Ink Business Preferred® Credit Card could be ideal for business owners who frequently travel. You can earn three points per $1 spent on the first $150,000 you spend in combined purchases each account anniversary year across four categories, including travel. And if you spend $15,000 on purchases in the first 3 months after you open your account, youll earn 100,000 bonus points, which are worth $1,250 when redeemed for travel through Chase Ultimate Rewards®. The card can also come in handy if you need to cancel your business trip.

      Coverage limits: For business owners, the Ink Business Preferred® Credit Card essentially offers up to $5,000 on eligible reimbursements per trip.

      Whats covered: The trip cancellation insurance reimburses you for prepaid, nonrefundable expenses including flights, hotel reservations and guided tours that are put on your card. Covered events are similar to those of the other Chase cards featured in this article and include severe weather, as well as illness or injury that prevent travel.

      Whats not covered: If your travel plans change because a meeting got rescheduled or your business has fallen on hard times, the trip cancellation insurance wont cover your expenses. You also wont be covered if youre traveling for more than 60 days. Other reasons your trip may not be covered include if you cancel because of a preexisting condition.

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      Bank Of America Premium Rewards Visa Credit Card: Great For Preferred Rewards Members

      Heres why: The Bank of America® Premium Rewards® Visa® credit card is a relatively affordable travel credit card. It has a $95 annual fee and offers two points for every $1 you spend on travel and dining. If youre a Preferred Rewards member , you could earn 25% to 75% more points on every purchase, meaning you could earn up to 3.5 points for every $1 you spend on travel and dining. The card also comes with trip cancellation insurance. Unfortunately, Bank of America limits the information available about this policy until after you apply for the card. But heres what we know.

      Coverage limits: Youll be eligible for up to $2,500 for fares if your trip is canceled or cut short. But its unclear if Bank of America places any limits on coverage if youre traveling with other people, or whether youre covered if you need to cancel a trip more than once in a year.

      Whats covered: The trip cancellation insurance may reimburse you for unused, prepaid travel expenses that are nonrefundable such as airfare, hotel reservations and guided tours if you cancel for a covered reason, like sickness. But Bank of America doesnt specify in its trip cancellation policy what other expenses it will cover.

      What Kind Of Credit Card Travel Insurance Do Issuers Offer

      Bank of America Travel Rewards credit card (Overview)

      Consumers can expect the terms of their credit card travel insurance to vary from issuer to issuer, as well from card to card. In our table summaries, we highlight credit cards that provide outstanding travel insurance benefits. If you don’t see your card listed anywhere under its respective issuer, the card may have limited or no travel insurance coverage.

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      Bank Of America Travel Rewards Credit Card Review: Simple Rewards For Travel

      The Bank of America® Travel Rewards credit card is a good option for those who prefer simple travel rewards with $0 annual fee especially Bank of America Preferred Rewards program members.

      Advertiser Disclosure

      Advertiser Disclosure: ValuePenguin is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site. This compensation from our advertising partners may impact how and where products appear on our site . To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

      Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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