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Bank of America Travel Rewards Rental Car Insurance Coverage

The Bank of America Travel Rewards Card includes rental car insurance as a benefit for its cardholders. Rental car insurance coverage is also known as “Auto Rental Collision Damage Waiver”, which covers the value of the rental car if it is lost, stolen, or damaged.

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Do you need to know the terms of your Collision Damage Waiver (CDW) included with Bank of America Travel Rewards? We scoured the terms and conditions to make it simple for you.

Keep reading to discover important information about your rental car insurance terms and to compare this benefit with other popular cards. We also compared the other travel rewards of the Bank of America Travel Rewards credit card with others.

What is Covered with Bank of America Travel Rewards’s Auto Rental Collision Damage Waiver?

Bank of America Travel rewards covers up to the rental car’s cash value in the event of loss, theft, or damage. Follow these guidelines for the Collision Damage Waiver.

  • Pay for the rental vehicle with the Bank of America Travel Rewards credit card.
  • Do not select the rental company’s insurance policy at check out
  • Coverage is primary when outside of the United States
  • Coverage in the United States is secondary to your automobile insurance policy
  • Bank of America will also help you locate English-speaking attorneys and doctors

What is Excluded with Bank of America Travel Rewards’s Auto Rental Collision Damage Waiver?

Renters must know what is not covered by their Collision Damage Waiver. We listed important exclusions.

  • Costs for attorneys and doctors, even those located by Bank of America, are not covered.
  • All medical expenses related to the collision are not covered.
  • Liability for damage to other vehicles or property is not covered.
businessman with smartphone and credit card shopping online in the car

Bank of America Travel Rewards vs. Other Cards’ Rental Car Insurance Offers

Other credit card companies offer a collision damage waiver as a cardholder benefit. We collected the basic details for other popular cards to compare side by side with the Bank of America Travel Rewards coverage.

Credit CardRental Car InsuranceLocation ProvidedWhat is covered?Annual Fee
Bank of America Travel RewardsProvidedWorldwideDamage or Theft of Rental Vehicle$250
American Express Gold CardProvidedWorldwide Except for Australia, Italy, and New ZealandDamage or Theft of Rental Vehicle$695
American Express Platinum CardProvidedWorldwide Except Australia, Italy, and New ZealandDamage or Theft of Rental Vehicle$0
Capital One Venture X Travel Rewards Credit CardProvidedWorldwideDamage or Theft of Rental Vehicle$395
Chase Freedom UnlimitedProvidedWorldwideDamage or Theft of Rentla Vehicle, Loss of Use Charges$0
Chase Sapphire ReserveProvidedWorldwideDamage or Theft of Rentla Vehicle, Loss of Use Charges$550
Costco Anywhere Visa Card by CitiProvidedWorldwideDamage or Theft of Rental VehicleCostco Membership, $60/Person
Ink Business Preferred by ChaseProvidedWorldwideDamage or Theft of Rental Vehicle$95
Ink Businness Cash by ChaseProvidedWorldwideDamage or Theft of Rental Vehicle$0
Southwest Rapid Rewards PremierProvidedWorldwideDamage or Theft of Rental Vehicle$99

Bank of America Travel Rewards Travel Benefits vs. Other Cards’ Benefits

The Bank of America Travel Rewards credit card perks are less competitive than most other travel cards. But there is no annual fee for this travel credit card which is a major upside. 

We researched the offerings to make a quick comparison, including the purchase Annual Percentage Rates.

Credits CardPurchase APRGasoline RewardsRestaurants/ BarsOther Travel
Bank of America Travel Rewards16.99% to 26.99%1.5 Points per $11.5 Points per $11.5 Points per $1
American Express Gold Card19.74% to 26.74%1x Points4x Points3x Points for Flights Booked through AmexTravel and Other Credits Available
American Express Platinum Card19.74% to 26.74%1x Points1x Points5x Points for Flights and Hotels Booked through AmexTravel Plus Credits for Hotels, TSA Precheck and More
Capital One Venture X Travel Rewards Credits Card19.99% to 26.99%2x Miles2x Miles10x Miles for Rental Cars and Hotels, 5x Miles for Flights, Plus Credits through Capital One Travel, Other Bonus Miles
Chase Freedom Unlimited18.74% to 27.49%1.5 % Cash Back3% Cash Back5% cashback for Flights, Hotels, Rental Cars, Activities, and Cruises
Chase Sapphire Reserve20.74% to 27.74%1 Reward Point per $13x Points on Dining Out, 10x Points on Select Dining$300 Annual Travel Credits, 5x Points on Flights, 10x Points on Cars and Hotels, 3x Points on Other Travel
Costco Anywhere Visa Card by Citi18.99%4% on Gas and EV Charging First $7,000 then 1% After3% Cash Back3% on Eligible Travel Purchases
Ink Business Preferred by Chase18.99% to 23.99%1x Points1x Points3x Points for Select Travel Purchases, Travel Insurance
Ink Business Cash by Chase16.24% to 22.24%2%
Cash Back on First $25,000 Annually
2% Cash Back on first $25,000 Annually1% Unlimited Cash Back on All Purchases
Southwest Rapid Rewards Premier19.74% to 26.74%1 Reward Point per $11 Reward Point per $13 Points for Every $1 on Southwest, 2 Points for Every $1 on Rapid Rewards Hotel and Car Partners

Frequently Asked Questions

Do credit card companies offer car protection for rented cars?

Some credit cards, like the Bank of America Travel Rewards Card, include an auto rental damage collision waiver in their terms and conditions.

How do I know if my credit card benefits include rental car insurance?

You can find out if your credit card benefits include rental car insurance by reading your terms and conditions, or you may call the customer service line.

Does the name on the credit card name have to match the driver for the rental car?

The cardholder must be listed on the rental agreement for the Bank of America Travel Rewards’ car rental benefit.

References

(2022). Auto Rental Collision Damage Waiver. chase.com. Retrieved November 15, 2022, from https://www.chase.com/personal/credit-cards/slate/autorental-protection

(2022). Costco Anywhere Visa Card by Citi. Citi.com. Retrieved November 15, 2022, from https://www.citi.com/credit-cards/citi-costco-anywhere-visa-credit-card

(2022). Does My Costco Anywhere Visa Card by Citi Include Rental Car Insurance. Costco Travel. Retrieved November 15, 2022, from https://costco-travel-us-mbr.custhelp.com/app/answers/detail/a_id/5902/~/does-my-costco-anywhere-visa%C2%AE-card-by-citi-include-rental-car-insurance%3F

(2022). Southwest Rapid Rewards. creditcards.chase.com. Retrieved November 15, 2022, from https://creditcards.chase.com/southwest/priority-credit-card

(2022). Visa Guide to Benefits. business.bofa.com. Retrieved November 16, 2022, from https://business.bofa.com/content/dam/boamlimages/documents/PDFs/visa_guide_to_benefits.pdf

Jesse Cunningham

Jesse Cunningham V is a professional writer and licensed insurance agent. He has worked in the insurance industry in different capacities, starting as a customer service representative and working his way up to an independent agency owner. He is licensed in the states of Maryland and Pennsylvania for Property, Casualty, Life, and Health products. Jesse has worked with many national carriers, including Nationwide, State Farm, Travelers, and Liberty Mutual, and specializes in car and home insurance and health, life, accidental death, and disability insurance. He writes for multiple publications including FIXD and Bauple.com. All articles by Jesse are opinion-based. Speak with your licensed insurance agent about the particulars of your insurance before making any decisions.

We’re here to help you simplify car care and save, so this post may contain affiliate links to help you do just that. If you click on a link and take action, we may earn a commission. However, the analysis and opinions expressed are our own.

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About the Author

Jesse Cunningham

Jesse Cunningham

Jesse Cunningham V is a professional writer and licensed insurance agent. He has worked in the insurance industry in different capacities, starting as a customer service representative and working his way up to an independent agency owner. He is licensed in the states of Maryland and Pennsylvania for Property, Casualty, Life, and Health products. Jesse has worked with many national carriers, including Nationwide, State Farm, Travelers, and Liberty Mutual, and specializes in car and home insurance and health, life, accidental death, and disability insurance. He writes for multiple publications including FIXD and Bauple.com. All articles by Jesse are opinion-based. Speak with your licensed insurance agent about the particulars of your insurance before making any decisions.

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