Citi Cuts Travel Insurance on Some Credit Cards
In an article titled "Card Act's Collateral Damage: Networks", Maria Aspan writes for the Monday edition of the American Banker about Citi "slashing some travel insurance benefits on its high-end credit cards." According to Aspan, "Citi said last week that it is reducing the amount of "travel accident insurance" it offers on several elite cards, in some cases to a quarter of the former coverage levels, effective Oct. 1."
This is too bad. Does it costs Citi more to have 1mm in coverage than 250k. Clearly people will choose other cards from other issuers for thier travel then -- the largest ticket item likely so could backfire on Citi in total spend on T+E. Would like to know isfCiti plans to change this feature on MasterCard World Elite (as some of thier products have been upgraded to such) and the Citi Chairman MasterCard (not Amex).
Posted by: ns | August 31, 2009 at 05:04 AM