Save Money / Consumer News
Study: Credit card perks vary for warranties, car rentals
LOS ANGELES (KABC) -- Most consumers are aware of credit card perks, such as rewards points for hotels and airlines. Some credit card companies also extend the warranty on purchases and provide supplemental insurance coverage on rental cars. But not all credit-card perks are created equal.
Buy a new television and you'll probably get a one-year warranty from the manufacturer. But buy that same TV with a credit card and you'll get a second year from your credit card network.
Rent a car and you'll be asked to sign up for supplemental insurance coverage. Use a credit card to rent that car and chances are you can decline the coverage without worry.
These are credit card perks that can save consumers hundreds of dollars and a great deal of hassle.
But CardHub.com just released a study that shows how some credit card companies do a better job with those perks than others.
According to the study, when it comes to car rental insurance, Visa had the highest score in the study at 87 percent. But MasterCard, on the other hand, was at the bottom at 73 percent because of exclusions.
In the extended warranty study, American Express was at the top of the list at 90 percent. MasterCard once again wound up at the bottom at 72 percent.
Part of the problem with any credit card company is the fine print associated with the perks.
With rental car coverage, no credit card company network covers the rental of exotic, expensive or antique vehicles.
In certain foreign countries Visa, MasterCard and American Express exclude coverage, while Discover is the only company to provide coverage in all countries that accept its credit card.
save money / consumer news, ric romero
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