The Associated Press announced yesterday that MasterCard has added some new benefits to their World and World Elite cards.
You might be thinking “MasterCard is a card network, not an issuer.”. While this is correct, the benefits still extend to the World and World Elite cards regardless of issuer. That means that certain Capital One and Citi cards (for example) will be treated the same because of their membership in the MasterCard network.
The beauty of network-related benefits is that all cards that offer them will also offer increased added value. Therefore, you can use these new benefits to help justify a card’s annual fee if it has one.
World & World Elite
The following benefits are offered to World and World Elite cardholders:
MasterCard ID Theft Protection
The great Dwight Schrute once said:
“Identity theft is not a joke, Jim. Millions of families suffer every year!”
Dwight was right with this classic quotation. MasterCard agreed and made ID Theft Protection a standard benefit for all World and World Elite cards. This protection provides cardholders comprehensive digital services to monitor personal information. Cardholders also have access to identity theft resolution specialists to help them solve any incidents that might happen.
This protection is going to be huge given the recent data breaches and an uptick in digital crimes! I’m happy to see an entire network taking a proactive role in watching out for their customers.
Cell Phone Insurance
This benefit protects cardholders if they charge their monthly phone bill to the MasterCard. The insurance covers stolen or damaged mobile phones and cosmetic screen scratches. Scratches are covered even if they don’t affect the ability to make or take a call.
World cardholders have a maximum liability of $600 per claim. This number increases to $800 for World Elite cardholders. Also, there is a maximum liability of $1,000 per year for both types of cardholders.
This perk is currently offered with the Citi Prestige and Premier, both World Elite MasterCards. It’s also a benefit offered with the Chase Ink Preferred (a Visa Signature card).
As though having an Amex offer, cardholders receive $5 off every order of $25 or more from Postmates.
World Elite Only
The following benefits are offered on World Elite cards only:
Cardholders receive 5% cash back on all Boxed purchases. All cash rewards must be used towards future Boxed purchases.
Cardholders earn double VIP+ points on all movie tickets purchases. That means cardholders will get 500 VIP+ points (worth $5) for every two movie tickets they purchase on the Fandango app or website. Points can be used towards purchasing movie tickets on Fandango or towards streaming movies and TV shows on Fandango NOW.
Cardholders receive a $10 credit after taking five rides per calendar month. The credit will be automatically applied to the sixth ride. And there is a maximum of one credit earned per month.
PYCR’s Favorite MasterCards
The Citi Premier earns 3x TY points on General Travel and at Gas Stations. It also earns 2x points on Dining and Entertainment. The Premier currently has a sign-up bonus of 50,000 points. This bonus can be earned after spending $4,000 in the first 3 months.
The Premier has a $95 annual fee (waived the first year). However, it also comes with World Elite MasterCard benefits plus a few more of its own. These benefits together should justify the Premier’s annual fee.
The Citi Prestige is the most premium MasterCard available in the industry. It offers World Elite MasterCard benefits and some nice perks of its own, including the famous Fourth Night Free Benefit and a $250 Travel Credit. However, these benefits are countered by a $495 annual fee (NOT waived the first year).
The Prestige earns 5x Thank You (TY) points on Airfare and Dining. It also earns 3x points on Cruises and Hotels. The Prestige currently has a sign-up bonus of 50,000 points. This bonus can be earned after spending $4,000 in the first 3 months.
MasterCard is trying to compete on a network basis with American Express. The latter network has been rolling out new standard perks across its cards (some of which are specific to business cards and others to personal cards). However, MasterCard’s perks are universal to their World and World Elite cards.
I like how useful and relevant these new perks are, especially because MasterCard is the second-largest card network in the United States. Many people have MasterCards and would certainly use the benefits if they are aware of them.
Awareness is the key here. If more people are aware that the benefits exist (i.e. read this post), they will be used. Otherwise, they will go the way of Discover’s Purchase Protection (and several other Discover network benefits).