Just recently Citi announced they are removing pretty much all of their benefits from all of their cards. While there are still a few hold out benefits, it still makes me nervous when other issuers are following suit. Bank of America is removing a benefit on one of their cards too.
Coming October 1st, 2019, Bank of America Cash Reward card holders will lose the travel accident insurance. Travel accident insurance of course would reimburse the cardholder if they or someone else in their travel party would get injured or killed by the traveler provider (airline, cruise ship, etc)
While I doubt many people use the Cash Reward card to travel, it seems odd to even remove this benefit at all. Are that many people cashing in to get reimbursed from this benefit? Or is it a much larger scale? Does it coincide with Citi’s removal of benefits? Is this a case of not wanting to pay a third party insurance company for benefits that wont be utilized by many? While we may never know the true intention for the change here, it is easy to simply use a different credit card when you’re booking travel.
What is your take on BoA removing Travel Accident Insurance? Let us know below.