2017’s Credit Cards With The Best Benefits
3:42 AMPosted by: Alina Comoreanu
Credit cards bring a lot more to the table than convenience, rewards, financing capabilities and the opportunity to improve your credit score. They also provide a host of unheralded secondary benefits that have the potential to save cardholders a lot of money. This includes extended warranties, , travel insurance and rental car insurance, just to name a handful of perks. But far too few consumers know enough about these features to truly take advantage of them.
Inconsistency has a lot to do with that. Benefit terms vary by credit card company, for one thing. And even cards from a single issuer offer very different packages of perks. When you further consider the loopholes and fine print that characterize many of these perks, it’s even more understandable why secondary credit card benefits aren’t as popular as they could be.
With that in mind, WalletHub decided to identify the best credit cards for benefits to help consumers save more money and better protect their finances, perhaps even using features they already have access to. We compared all of the non-co-branded consumer cards offered by the 10 largest issuers in terms of six different types of credit card benefits. This led us to an overall benefits score for each card. You check out the results below.
Some of the cards listed on this page originate from our partners, but that did not impact our conclusions. Offers are accurate as of Nov 14, 2017 and many are likely to have changed since.
Key FindingsThe credit cards with the best benefits are:
| Rank | Cards | WalletHub Score |
|---|---|---|
| 1 | Citi ThankYou Preferred Card | 91.25% |
| 2 | Citi Double Cash , Citi Simplicity & Citi Diamond Preferred Card | 90.88% |
| 3 | Citi ThankYou Premier Card | 89.58% |
Overall Score
The Coverage You Can Expect
The following table compares the coverage provided by the credit card with the best overall combination of benefits to that offered by a card with a benefits package representative of the market average. Some individual cards may offer better terms in individual benefit categories.
| Benefit | Best Card | Average Card |
|---|---|---|
| Return Extension | Up to $1,000 in annual refunds for items purchased with your credit card that are not eligible to be returned to the retailer within 90 days of being purchased | None |
| Rental Car Insurance | Reimburses a cardholder for costs stemming from damage to or theft of a rental car for rental periods of up to 15 days | Reimburses a cardholder for costs stemming from damage to or theft of a rental car for rental periods of up to 15 days in your country of residence and up to 31 days otherwise |
| Extended Warranty | Extends the terms of the original warranty on eligible items for up to 1 year | Extends the terms of the original warranty on eligible items for up to 1 year |
| Travel Insurance | Up to $500,000 in the event of death or dismemberment, $3,000 for lost luggage and $500 for delayed luggage | Up to $100,000 in the event of death or dismemberment and $3,000 for lost luggage |
| Price Protection | Up to $2,500 in annual refunds for the price difference on items whose prices drop in the 90 days after being purchased with a credit card | Up to $1,000 in annual refunds for the price difference on items whose prices drop within 60 of being purchased with a credit card |
| Purchase Protection | Up to $50,000 in annual refunds, repairs or replacements for items stolen or accidentally damaged within 60 days of being purchased with a credit card | Up to $50,000 in annual refunds, repairs or replacements for items stolen or accidentally damaged within 90 days of being purchased with a credit card |
| Cards Offering This Type Of Policy | Chase Sapphire Preferred | Wells Fargo Home Rebate Visa Signature |
| Card Name | Return Extension | Rental Car Insurance | Extended Warranty | Travel Insurance | Price Protection | Purchase Protection | Total |
|---|---|---|---|---|---|---|---|
| Weight | 20.00% | 15.00% | 20.00% | 15.00% | 20.00% | 10.00% | 100.00% |
| Chase Sapphire Preferred | 17.50% | 12.97% | 15.50% | 13.94% | 17.30% | 7.85% | 85.06% |
| Chase Freedom | 15.70% | 12.97% | 15.50% | 12.38% | 17.30% | 7.85% | 81.70% |
| Citi Prestige Card | 16.00% | 13.50% | 15.25% | 12.90% | 14.40% | 8.10% | 80.15% |
| Barclaycard Arrival | 15.70% | 12.53% | 16.00% | 11.36% | 15.50% | 6.85% | 77.94% |
| Barclaycard Arrival Plus | 15.70% | 12.53% | 16.00% | 10.82% | 15.50% | 6.85% | 77.40% |
| Discover it | 19.30% | 12.00% | 15.25% | 7.35% | 16.70% | 6.05% | 76.65% |
| Discover it Miles | 19.30% | 12.00% | 15.25% | 7.35% | 16.70% | 6.05% | 76.65% |
| Citi ThankYou Premier Card | 12.40% | 13.50% | 15.25% | 11.61% | 14.40% | 7.80% | 74.96% |
| Citi ThankYou Preferred Card | 12.40% | 13.50% | 15.25% | 10.05% | 14.40% | 7.80% | 73.40% |
| Citi Double Cash | 12.40% | 13.50% | 15.25% | 9.26% | 14.40% | 7.80% | 72.61% |
| Citi Diamond Preferred Card | 12.40% | 13.50% | 15.25% | 9.26% | 14.40% | 7.80% | 72.61% |
| USAA Preferred Cash Rewards World MasterCard | 13.00% | 12.44% | 16.75% | 11.78% | 15.60% | 0.00% | 69.57% |
| USAA Cash Rewards World MasterCard | 13.00% | 12.44% | 16.75% | 11.78% | 15.60% | 0.00% | 69.57% |
| Wells Fargo Propel 365 | 15.60% | 12.26% | 18.25% | 12.93% | 0.00% | 8.70% | 67.74% |
| Wells Fargo Propel World | 15.60% | 12.26% | 18.25% | 12.38% | 0.00% | 8.70% | 67.20% |
| USAA Rate Advantage Platinum MasterCard | 13.00% | 12.44% | 15.25% | 10.17% | 15.60% | 0.00% | 66.46% |
| USAA Cash Rewards Visa | 13.00% | 12.71% | 15.25% | 11.78% | 13.60% | 0.00% | 66.34% |
| USAA Rate Advantage Platinum Visa | 13.00% | 13.41% | 15.25% | 10.17% | 13.60% | 0.00% | 65.43% |
| Platinum From American Express | 15.60% | 12.71% | 17.75% | 9.71% | 0.00% | 9.00% | 64.77% |
| EveryDay Preferred From American Express | 15.60% | 12.71% | 17.75% | 9.58% | 0.00% | 8.70% | 64.33% |
| Green Card From American Express | 15.60% | 12.71% | 17.75% | 9.58% | 0.00% | 8.70% | 64.33% |
| Premier Rewards Gold Card From American Express | 15.60% | 12.71% | 17.75% | 9.30% | 0.00% | 8.70% | 64.06% |
| Gold Card From American Express | 15.60% | 12.71% | 17.75% | 9.04% | 0.00% | 8.70% | 63.79% |
| Citi Simplicity | 12.40% | 13.50% | 15.25% | 0.00% | 14.40% | 7.80% | 63.35% |
| Blue Sky From American Express | 15.60% | 12.71% | 17.75% | 7.65% | 0.00% | 8.70% | 62.41% |
| Blue Cash Everyday From American Express | 15.60% | 12.71% | 17.75% | 7.65% | 0.00% | 8.70% | 62.41% |
| EveryDay From American Express | 15.60% | 12.71% | 17.75% | 7.65% | 0.00% | 8.70% | 62.41% |
| Blue From American Express | 15.60% | 12.71% | 17.75% | 7.65% | 0.00% | 8.70% | 62.41% |
| Blue Cash Preferred From American Express | 15.60% | 12.71% | 17.75% | 7.11% | 0.00% | 8.70% | 61.87% |
| Wells Fargo Cash Back | 0.00% | 13.06% | 15.50% | 12.11% | 14.20% | 6.70% | 61.57% |
| Wells Fargo Home Rebate Visa Signature | 0.00% | 13.06% | 15.50% | 12.11% | 14.20% | 6.70% | 61.57% |
| Wells Fargo Visa Signature | 0.00% | 13.06% | 15.50% | 7.88% | 14.20% | 6.70% | 57.33% |
| USAA Cashback Rewards Plus American Express | 0.00% | 12.71% | 16.75% | 11.78% | 15.60% | 0.00% | 56.84% |
| USAA Cash Rewards American Express | 0.00% | 12.71% | 16.75% | 11.78% | 15.60% | 0.00% | 56.84% |
| Chase Slate | 0.00% | 12.97% | 15.50% | 0.00% | 17.30% | 7.85% | 53.62% |
| Capital One QuicksilverOne | 0.00% | 12.44% | 14.00% | 10.76% | 13.60% | 0.00% | 50.80% |
| Barclaycard Rewards | 0.00% | 12.18% | 14.50% | 0.00% | 15.50% | 6.85% | 49.03% |
| Barclaycard Ring | 0.00% | 12.18% | 14.50% | 0.00% | 15.50% | 6.85% | 49.03% |
| U.S. Bank FlexPerks Travel Rewards American Express | 0.00% | 11.56% | 18.25% | 10.80% | 0.00% | 8.05% | 48.66% |
| U.S. Bank FlexPerks Select+ American Express | 0.00% | 11.56% | 18.25% | 10.80% | 0.00% | 8.05% | 48.66% |
| Capital One Platinum | 0.00% | 12.44% | 14.00% | 7.88% | 13.60% | 0.00% | 47.92% |
| Capital One VentureOne | 0.00% | 12.71% | 15.50% | 11.03% | 0.00% | 6.70% | 45.93% |
| U.S. Bank FlexPerks Travel Rewards Visa Signature | 0.00% | 11.91% | 15.50% | 12.26% | 0.00% | 6.05% | 45.72% |
| Capital One Venture | 0.00% | 12.71% | 15.50% | 10.49% | 0.00% | 6.70% | 45.39% |
| U.S. Bank Cash+ | 0.00% | 11.91% | 15.50% | 11.06% | 0.00% | 6.05% | 44.52% |
| U.S. Bank Perks+ | 0.00% | 11.91% | 15.50% | 11.06% | 0.00% | 6.05% | 44.52% |
| Bank of America Travel Rewards | 0.00% | 11.56% | 15.50% | 10.80% | 0.00% | 6.05% | 43.91% |
| Bank of America Cash Rewards | 0.00% | 11.56% | 15.50% | 10.80% | 0.00% | 6.05% | 43.91% |
| Capital One Quicksilver | 0.00% | 12.71% | 15.50% | 7.88% | 0.00% | 6.70% | 42.78% |
| Bank of America Better Balance Rewards | 0.00% | 11.29% | 14.00% | 0.00% | 12.50% | 0.00% | 37.79% |
| U.S. Bank Platinum | 0.00% | 11.91% | 15.50% | 0.00% | 0.00% | 6.05% | 33.46% |
| Wells Fargo Rewards | 0.00% | 13.06% | 0.00% | 12.11% | 0.00% | 0.00% | 25.17% |
| Wells Fargo Home Rebate Visa | 0.00% | 13.06% | 0.00% | 10.01% | 0.00% | 0.00% | 23.07% |
| BankAmericard | 0.00% | 11.56% | 0.00% | 0.00% | 0.00% | 6.05% | 17.61% |
Ancillary credit card benefits can be quite helpful, but they also tend to be complex and under-utilized. For more insight into how consumers can better take advantage of these account features and what such perks may look like in the future, we consulted a panel of leading experts in the fields of personal finance, marketing and consumer studies. You can check out their bios and responses to the following questions below.
- Which credit card benefits do you think are most advantageous for users? Which do you think are most underutilized?
- Do you believe such benefits increase consumer loyalty? If so, do you think it's more with card issuers or card networks?
- What benefit that credit cards do not currently offer would you like to see added?
Prentiss Cox Associate Professor of Law and Co-Director of the Law in Practice Program at University of Minnesota Law School
Timothy R. Graeff Professor of Marketing and Director of the Office of Consumer Research at Middle Tennessee State University
Which secondary credit card benefits do you think are most advantageous for users? Which do you think are most underutilized? My two general observations are as follows: 1. Many of these products (e.g., extended warranties) are sold to consumers at vastly inflated prices relative to cost/risk by merchants and third parties, and the fact that card issuers offer these benefits for free confirms that consumers vastly overpay for such products in the market. So the offer of such products by card issuers is a much more cost-effective means for consumers to obtain these protections. 2. My experience in this area leads to me an intuition that few consumers understand, and thus few consumers effectively use, these benefits. The terms and conditions of credit card use overwhelm consumers with information, and thus I suspect that far more people would use these benefits if they were more salient. Timothy R. Graeff Professor of Marketing and Director of the Office of Consumer Research at Middle Tennessee State University 
Which secondary credit card benefits do you think are most advantageous for users? Which do you think are most underutilized? I know that cash back is a huge benefit that draws many consumers to use one card over another. Beyond that, I would expect that the secondary benefits that provide the most direct, tangible benefits to card users would be preferred. For example, return extension, price protection, and extended warranties would seem to have the most direct, noticeable, and usable benefits for consumers. And yes, I do believe that the more benefits - that consumers can see themselves actually taking advantage of on a frequent basis - the more motivated a consumer is to using that card. However, consumers can be very habitual. They often end up using the same card for all purchases. So, infrequent benefits such as rental car insurance might might not end up being used or taken advantage of if consumers routinely use the same card for every purchase (they might simply forget to use the card that offers a specific benefit for a specific type of purchase). Methodology
This report was intended to help consumers more easily determine which individual credit cards provide the best combination of benefits so they can better target card comparison and application efforts, ultimately ending up with a better result. After all, comparing credit cards based on fees, interest rates and rewards has become easier in recent years, following the Great Recession and CARD Act, but ancillary benefits are still relatively misunderstood and difficult to distinguish across issuers. Information is accurate as of Nov. 16, 2015
With that in mind, WalletHub evaluated the benefits offered by all non-co-branded consumer credit cards (excluding student and business card offers) from the 10 largest issuers by purchase volume. We first analyzed the major types of ancillary credit card benefits in a series of six individual reports: Return Extension, Extended Warranty, Price Protection, Purchase Protection, Travel Insurance and Rental Car Insurance. For the purpose of this report, we determined each card’s score by multiplying its scores in the previous six reports by the weights listed below. All of the reports were originally completed at the individual card level, with the exception of Extended Warranty and Rental Car Insurance, which were done at the card network level. As a result, we scored each individual card using the same methodology as these two reports, excluding the “Card Ubiquity” category. We did this for two reasons: policies can differ between cards on the same network, and a card ultimately has the benefit or does not.
- 2016 Return Extension – 20% Weight
- 2014 Extended Warranty – 20% Weight
- 2015 Price Protection – 20% Weight
- 2015 Purchase Protection – 10% Weight
- 2015 Travel Insurance – 15% Weight
- 2015 Rental Car Insurance – 15% Weight
Based on the above methodology, we determined not only whether each card offers a given benefit, but also the amount of coverage it provides and how that coverage compares to an ideal policy, according to our subjective opinion of what a consumer would expect based on commonsense, rather than an unlikely in-depth review of the card’s terms and conditions.
from Wallet HubWallet Hub
via Finance Xpress
0 comments