Two major advantages of the Fidelity Visa credit card to end
A standard pair of benefits featured on the popular Visa Signature Fidelity Rewards card expires in April, making it the latest in a line of Visa cards to institute the change. Cardholders learned in an email late last month that the card was ditching its collision insurance and extended warranty protection, but adding NortonLifeLock’s ID Navigator as a new perk.
Key points to remember
- The Visa Signature Fidelity Rewards card ends the Car Rental Collision Damage Waiver and Extended Warranty Protection benefits on April 1, 2021.
- Loss of benefits continues a recent trend among Visa card issuers.
- Instead of expiring benefits, Fidelity adds access to ID Navigator from NortonLifeLock.
What cardholders stand to lose
While cardholders can still enjoy unlimited 2% cash back on points redeemed to a qualifying Fidelity Investments account, the loss of collision insurance and the benefits of extended warranty protection on April 1 2021 is likely to make the card less attractive to some consumers. . Here’s what cardholders will lose:
Rental Vehicle Collision Waiver
Anyone who has ever rented a car knows how much rental companies can insist on purchasing additional insurance coverage. In the past, using a Visa Signature Fidelity Rewards card allowed renters to skip additional coverage altogether because rental car collision insurance reimbursed the rental company for any damage, up to the value. in real cash from most rental vehicles.
As long as the rental period was 15 consecutive days or less, most rental passenger cars, minivans, and sport utility vehicles were eligible. According to the Visa website, the following losses would be covered:
- Physical damage and / or theft of the rental vehicle covered.
- Valid deprivation fees imposed and justified by the car rental company.
- Reasonable and customary towing charges, in the event of theft or covered damage, to the nearest qualified repair center.
As of April 1, this coverage will end. Cardholders who want the benefit one last time can do so if their rental ends before March 31. Any claim resulting from this rental must then be filed within 45 days.
On a recent episode of the Clark Howard podcast, the personal finance radio host spoke about why the reduction is likely happening, saying that Fidelity is only following a continuing trend among Visa card issuers following the closures. and travel restrictions related to COVID.
“Loyalty is actually a follower here, not a leader,” Howard said. “It’s been a change over the past couple of years, over the past year in particular, under the guise of the coronavirus, when people haven’t paid attention to travel. Credit cards have rental coverage of vastly undervalued car, they found it to be a royal and expensive pain. “
Extended warranty protection
In addition to their collision insurance, Fidelity cardholders also lose the card’s extended warranty protection on April 1. This benefit was designed to cover eligible purchases made with the Fidelity Rewards Visa Signature card beyond any manufacturer warranty.
According to Visa, the benefit would double an existing warranty up to “an additional year on warranties of three years or less.” It offered coverage for purchases made in the United States and abroad, with a maximum price of $ 10,000 per claim and $ 50,000 per cardholder.
With less than a month remaining, cardholders can still use their coverage when needed. Fidelity recently stated on its guarantee page that qualifying purchases must be made by March 31, the benefits administrator must be alerted by calling 1-800-348-8472 within 60 days of the item being broken. . The claim must then be submitted within 90 days of the product failure. Fidelity warned that any claims “may be denied if these requirements are not met.”
Identity protection added
Instead of the two outbound benefits, Fidelity announced the addition of ID Navigator, an identity theft prevention service from NortonLifeLock. In addition to traditional identity theft protections, the service says it scours the dark web for a user’s personal information and provides personalized alerts if their sensitive data has been compromised. It also includes lost wallet services.
Cardholders who want to take advantage of this new benefit as soon as possible can apply through the NortonLifeLock eligibility portal. If they’re already using NortonLifeLock for identity protection, Fidelity said in their email that they might be able to get a discount on their current plan.