“`html

Credit Card Protection Trends in 2024

At O1ne Mortgage, we prioritize consumer education on credit and finance. This article explores the latest trends in credit card travel and purchase protection for 2024. For any mortgage service needs, feel free to call us at 213-732-3074.

Credit Card Travel Protection Trends in 2024

Credit card travel benefits are becoming increasingly important in 2024. Rising travel costs and delays make these perks more valuable. Here are some key travel protections offered by credit cards:

• Trip Accident Insurance: Coverage for serious injuries or death during a trip.
• Trip Cancellation and Interruption Insurance: Reimbursement for canceled or interrupted trips due to covered events.
• Trip Delay Insurance: Covers expenses like meals and lodging if your trip is delayed.
• Baggage Delay Insurance: Reimbursement for essential purchases while waiting for delayed baggage.
• Roadside Assistance: Help with roadside services or connecting you to nearby assistance.
• Auto Rental Collision Damage Waiver: Coverage for rental car damage or theft.

Travel Insurance Claims Are Rising

With more people traveling, claims for trip delays and cancellations are increasing. Airline delays and severe weather events contribute to this rise. In 2023, 76.05% of flights arrived on time, while 22.06% were delayed, and 1.62% were canceled.

Cardholders Are Becoming Savvy

More cardholders are aware of their credit card benefits, leading to an increase in claims. Understanding the details of your card’s coverage can save you money. Review your card’s trip cancellation, delay, and interruption coverage to know which card offers the best benefits.

Travel Benefits Might Become Less Common

While increasing claims might lead some cards to remove travel benefits, cards targeting frequent travelers will likely continue offering them. Compare top travel credit cards to find the best fit for your needs.

Rental Agencies Ask for Proof of Insurance

Rental car agencies are increasingly asking for proof of insurance. Some credit cards offer primary coverage for rental cars, while others offer secondary coverage. You can obtain a Letter of Eligibility for rental insurance at eclaimsline.com.

Credit Card Purchase Protection Trends in 2024

Credit cards offer various purchase protections, including:

• Return Protection: Refunds for products when the retailer doesn’t accept returns.
• Purchase Protection: Reimbursement for damaged, lost, or stolen products.
• Extended Warranties: Extends the manufacturer’s warranty on products.
• Price Protection: Covers the difference between the purchase price and a lower advertised price.
• Cellphone Protection: Reimbursement for stolen or damaged phones.

Extended Warranties Remain Important

Extended warranties are increasingly important due to higher replacement costs and supply chain issues. People are keeping items longer, leading to more claims closer to the end of the warranty period.

Purchase Protection Benefits May Become More Common

With the rise of online shopping, purchase protection benefits are likely to grow. These protections generally last 60 to 120 days from the purchase date and can cover items stolen from your porch or car.

The Big Picture for 2024: A Focus on the Claims Experience

In 2024, the focus is on helping cardholders understand and utilize their benefits. Tools like the electronic Letter of Eligibility for rental cars and streamlined claims processes are making it easier for cardholders to file claims and receive reimbursements.

For any mortgage service needs, contact O1ne Mortgage at 213-732-3074. We’re here to help you make the best financial decisions.

“`