Fidelity Rewards Visa Card Eliminates Auto Rental and Extended Warranty Perks, Introduces ID Theft Protection

Introducing NortonLifeLock ID-Theft Protection

Effective April 1, the widely-used Fidelity Rewards Visa Signature card will phase out two key benefits: the auto rental collision damage waiver and extended warranty protection. This shift aligns with a broader trend among Visa cards. Cardholders were informed via email recently that while these perks are being removed, a new feature—ID Navigator from NortonLifeLock—will be added to bolster identity security.

Highlights

• Auto rental collision damage waiver and extended warranty coverage will end on April 1, 2021, for the Fidelity Rewards Visa Signature card.
• This change reflects a growing pattern among Visa card issuers to adjust benefits.
• Fidelity is compensating by introducing access to NortonLifeLock’s ID Navigator service.

What Cardholders Will Miss

Although users will continue to enjoy unlimited 2% cash back on points redeemed into eligible Fidelity Investments accounts, losing the auto rental collision damage waiver and extended warranty protection might reduce the card's appeal for some. Here’s a breakdown of the benefits being discontinued:

Auto Rental Collision Damage Waiver

Frequent renters know rental agencies often push for extra insurance. Previously, using the Fidelity Rewards Visa Signature card allowed renters to bypass this cost, as the card covered damages or theft up to the vehicle’s actual cash value during rentals of 15 consecutive days or less. Eligible vehicles included most passenger cars, minivans, and SUVs.

According to Visa, coverage included:

• Physical damage or theft of the rental vehicle.
• Validated loss-of-use fees charged by the rental company.
• Reasonable towing charges to the nearest authorized repair center due to covered damage or theft.

This protection will cease after March 31, 2021. Rentals concluding by that date remain eligible, with claims needing submission within 45 days.

On a recent Clark Howard Podcast, the personal finance expert explained this reduction as part of a broader Visa trend accelerated by COVID-19 travel restrictions, noting that many credit card issuers have found car rental coverage costly and cumbersome.

"Fidelity is following the trend rather than leading it," Howard said. "Over the past year, especially during the pandemic, many cards have dropped car rental insurance because it’s expensive and complicated."

Extended Warranty Protection

Alongside the collision damage waiver, the extended warranty benefit is also ending. This feature extended manufacturer warranties by up to one additional year on items with warranties of three years or less, covering purchases up to $10,000 per claim and $50,000 per cardholder, both domestically and internationally.

Cardholders have until March 31 to make qualifying purchases. Claims must be reported to the benefits administrator within 60 days of product failure by calling 1-800-348-8472, with submissions required within 90 days. Failure to meet these deadlines may result in claim denial.

New Identity Theft Protection Benefit

To replace the outgoing perks, Fidelity is introducing NortonLifeLock’s ID Navigator, a comprehensive identity theft protection service. It monitors the dark web for personal data breaches, provides tailored alerts, and offers lost wallet assistance.

Cardholders eager to access this feature can register through the NortonLifeLock eligibility portal. Existing NortonLifeLock users may be eligible for discounts on their current plans, as noted in Fidelity’s communication.

Have a news tip for Investopedia? Reach out to us at tips@investopedia.com.

Explore useful articles in Personal Finance News as of 13-03-2021. The article titled " Fidelity Rewards Visa Card Eliminates Auto Rental and Extended Warranty Perks, Introduces ID Theft Protection " offers in-depth analysis and practical advice in the Personal Finance News field. Each article is carefully crafted by experts to provide maximum value to readers.

The " Fidelity Rewards Visa Card Eliminates Auto Rental and Extended Warranty Perks, Introduces ID Theft Protection " article expands your knowledge in Personal Finance News, keeps you informed about the latest developments, and helps you make well-informed decisions. Each article is based on unique content, ensuring originality and quality.