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.
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 Card||Rental Car Insurance||Location Provided||What is covered?||Annual Fee|
|Bank of America Travel Rewards||Provided||Worldwide||Damage or Theft of Rental Vehicle||$250|
|American Express Gold Card||Provided||Worldwide Except for Australia, Italy, and New Zealand||Damage or Theft of Rental Vehicle||$695|
|American Express Platinum Card||Provided||Worldwide Except Australia, Italy, and New Zealand||Damage or Theft of Rental Vehicle||$0|
|Capital One Venture X Travel Rewards Credit Card||Provided||Worldwide||Damage or Theft of Rental Vehicle||$395|
|Chase Freedom Unlimited||Provided||Worldwide||Damage or Theft of Rentla Vehicle, Loss of Use Charges||$0|
|Chase Sapphire Reserve||Provided||Worldwide||Damage or Theft of Rentla Vehicle, Loss of Use Charges||$550|
|Costco Anywhere Visa Card by Citi||Provided||Worldwide||Damage or Theft of Rental Vehicle||Costco Membership, $60/Person|
|Ink Business Preferred by Chase||Provided||Worldwide||Damage or Theft of Rental Vehicle||$95|
|Ink Businness Cash by Chase||Provided||Worldwide||Damage or Theft of Rental Vehicle||$0|
|Southwest Rapid Rewards Premier||Provided||Worldwide||Damage 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 Card||Purchase APR||Gasoline Rewards||Restaurants/ Bars||Other Travel|
|Bank of America Travel Rewards||16.99% to 26.99%||1.5 Points per $1||1.5 Points per $1||1.5 Points per $1|
|American Express Gold Card||19.74% to 26.74%||1x Points||4x Points||3x Points for Flights Booked through AmexTravel and Other Credits Available|
|American Express Platinum Card||19.74% to 26.74%||1x Points||1x Points||5x Points for Flights and Hotels Booked through AmexTravel Plus Credits for Hotels, TSA Precheck and More|
|Capital One Venture X Travel Rewards Credits Card||19.99% to 26.99%||2x Miles||2x Miles||10x Miles for Rental Cars and Hotels, 5x Miles for Flights, Plus Credits through Capital One Travel, Other Bonus Miles|
|Chase Freedom Unlimited||18.74% to 27.49%||1.5 % Cash Back||3% Cash Back||5% cashback for Flights, Hotels, Rental Cars, Activities, and Cruises|
|Chase Sapphire Reserve||20.74% to 27.74%||1 Reward Point per $1||3x 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 Citi||18.99%||4% on Gas and EV Charging First $7,000 then 1% After||3% Cash Back||3% on Eligible Travel Purchases|
|Ink Business Preferred by Chase||18.99% to 23.99%||1x Points||1x Points||3x Points for Select Travel Purchases, Travel Insurance|
|Ink Business Cash by Chase||16.24% to 22.24%||2%|
Cash Back on First $25,000 Annually
|2% Cash Back on first $25,000 Annually||1% Unlimited Cash Back on All Purchases|
|Southwest Rapid Rewards Premier||19.74% to 26.74%||1 Reward Point per $1||1 Reward Point per $1||3 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.
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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.