55% of People Don’t Know What Benefits They Have on Their Card

(From MasterCard’s “The Heart of Commerce” Blog)

Chris Bond | July 1, 2011

We Americans like to travel, but between gas prices and airline prices, it’s not cheap these days.  And it’s not without its worries, either. With fears of having your wallet stolen, or your luggage lost, or getting in a car accident, it can be stressful.  So you’d think that if there were a product that protected you from the hassles of travel, and save money, the great American public would be all over it.

The good news is there such a product: it’s your credit card.

Virtually all credit cards come with a variety of benefits, from protection against loss or theft of the card, to insurance and special travel services.  But recently we asked the Harris Poll organization to do a survey for us. We surveyed over 1,000 adults about their hopes and concerns as they began planning their summer vacation and the role of cards in their trip. We found that more than half of all consumers surveyed were not aware their cards came with benefits.

Our goal was to see how credit cards could be of the most help to travelers, so we asked them to tell us about both their travel concerns, and the benefits they already had. Here’s what they told us they wanted most in benefits and services:

– Insurance for trip cancellations (41%)

– Insurance for rental cars (40%)

– Insurance for lost or damaged luggage (40%)

What was most surprising was that 55% of the people surveyed did not know what services their card already provided.  This told us that in many cases, they might have been paying extra for benefits they already had on the card, or going without special perks like concierge service and lounge access.

If you’re nervous about losing your cash keep in mind then there’s no safer way to carry money than a card.  If your MasterCard is lost or stolen, you can cancel the card with a quick, toll-free call and get a replacement, and we’ll even work with your bank to get you a cash advance if you need one.  Be sure, too, to check what kind of benefits your card offers as you start planning your vacation.  You can do this by placing a call to your issuing bank and you may well find that you already have the safety and services you want, right there in your wallet!

(From MasterCard’s “The Heart of Commerce” Blog)