You might find that some car rental companies automatically include this extra insurance - and cost - into your agreement, so you’ll want to double-check your paperwork. Additionally, for the credit card coverage to take effect in the unfortunate case that an accident occurs, you must decline the Collision Damage Waiver (CDW) - sometimes called Loss Damage Waiver (LDW) - in your rental agreement. If there are multiple drivers on the rental contract, the primary renter must be the card holder. How does credit card car rental insurance work?įirst and foremost, when renting a car, you must pay for your rental with the specific credit card that offers car rental protection. Ink Business Cash® Credit Card: Best card for renting cars for small businesses.Bank Altitude® Reserve Visa Infinite® Card : Best for travel credits to use toward renting cars The Platinum Card® from American Express : Best for car rental elite status.Chase Freedom Unlimited® : Best no-annual-fee card for renting cars.Chase Sapphire Preferred® Card: Best low-annual-fee card for renting cars.Chase Sapphire Reserve® : Best earn rate for renting cars.Capital One Venture X Rewards Credit Card : Best card for car rental insurance.Before applying for a credit card, be sure to review the card's offerings and make note of any annual fees that might be charged on your account.Your CNN account Log in to your CNN account If you do not plan on taking advantage of these perks or find that these perks are not useful for your lifestyle, you may want to look into credit cards with zero or low annual fees. However, whether the annual fee is worth it depends on how many perks you plan on redeeming. Credit cards that charge annual fees typically offer special vouchers, statement credits, and higher sign-up offers than cards that do not charge high annual fees. You can balance out the cost of an annual fee by taking advantage of cardmember perks and benefits. These perks may include free checked bags (which can save you between $50-100) or a complimentary hotel stay after your cardmember anniversary. Perks: Your travel or general credit card may offer perks that make it more affordable and convenient for you to travel. This is usually awarded as a statement credit reimbursement for travel purchases made with the card. Travel credit: If your travel credit card provides a yearly credit toward travel (for example $300), this already begins to squeeze value out of a $550 annual fee. If you travel abroad or shop through international merchants frequently, you may find this worthwhile as foreign transaction fees can equal between 2-5% of the entire purchase amount. No foreign transaction fees: If you're paying for an annual fee, your credit card company may not charge you for foreign transaction fees. Some credit cards may offer annual fees because they offer some of the following perks: Your credit card may charge you a fee (which can range from $49 to $550) each year for being a cardmember and for providing miles, cash back and reward points programs. You can figure out if an annual fee is worth it by taking into account the perks most important to you and weighing them against the cost of the fee itself. These optional sign-up offers may come with some limitations and rules in terms of eligible purchase categories. Through a sign-up offer, a set of reward points can be earned once a spending requirement is met within a set number of months of opening a new credit card account. Some credit cards that charge annual fees may also offer new cardmembers the opportunity to earn a new cardmember offer, which can help cardmembers earn reward points. Although a hefty annual fee may seem daunting at first, keep in mind that these fees can be offset by taking advantage of perks and benefits offered by the credit card issuer. You're more likely to find that credit cards with lucrative reward programs charge this annual fee for maintenance and administrative costs. Some credit cards come with an annual fee.
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