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Mastercard has announced that it will add a slew of benefits that resemble perks an issuer like American Express or Chase would offer credit card holders. Starting Tuesday, World and World Elite Mastercard holders will receive things like a monthly Lyft credit, extra points through Fandango’s and Boxed’s loyalty programs and discounts with the food delivery service Postmates. Cell-phone insurance and identity protection will be added on July 1st. These benefits will be on top of what Mastercard already offers to some of its World and World Elite card holders, like a concierge program and Shoprunner membership.
Here’s a breakdown of the benefits straight from Mastercard. Note that some benefits only apply to World Elite cardholders while others apply to both World and World Elite cardholders:
- Lyft : World Elite cardholders will receive a $10 credit for every five rides taken in a calendar month, which will be automatically applied to the next ride, capped at once per month.
- Fandango : World Elite cardholders will earn double Fandango VIP+ points for the movie tickets they buy. This means cardholders will get 500 Fandango VIP+ points (worth $5) for every two movie tickets they purchase via the Fandango app or Fandango.com, which can be used towards purchasing movie tickets on Fandango or towards streaming movies and TV shows on FandangoNOW.
- Boxed : World Elite cardholders will earn 5% Cash Rewards on their Boxed purchases, which can be used towards future purchases on Boxed.
- Postmates : World and World Elite cardholders will receive $5 off every order of $25 or more.
- Cell Phone Insurance: World and World Elite cardholders will be eligible for Mastercard Cellular Telephone Protection when they charge their monthly telephone bill to their World or World Elite Mastercard. This benefit—with a maximum liability of $600 per claim for World cardholders and $800 for World Elite cardholders—covers stolen or damaged mobile phones as well as cosmetic screen scratches even if they don’t affect the ability to make or take a call. Cardholders simply have to submit a claim if they incur a loss, up to $1,000 per year.
- Mastercard ID Theft Protection™: Cardholders who register for Mastercard ID Theft Protection will have access to an enhanced Mastercard ID Theft Protection™ benefit suite that provides end-to-end digital servicing to monitor their personal information. Additionally, cardholders have access to a team of identity theft resolution specialists, available 24 hours a day, seven days a week, 365 days a year to help quickly resolve any identity theft incidents that may occur.
At first glance the most enticing benefit appears to be the $10 Lyft credit you’ll receive after taking five Lyft rides in a calendar month and paying with a Mastercard World Elite credit card. Unfortunately the credit expires after 30 days, but if you’re a frequent Lyft user it should be an easy benefit to take advantage of. What’s even better is that this benefit should be stackable with Lyft’s Delta SkyMiles benefit, the ability to earn JetBlue points on airport rides and its business rewards program. If you have the Citi Premier Card (also a World Elite credit card) you can earn 3x points on Lyft purchases since the transaction should code as a travel purchase.
The Postmates $5 discount is pretty generous, considering it can be used on every order where either a World or World Elite credit card is used. The Capital One Savor Cash Rewards Credit Card is a World Elite Mastercard and also offers complimentary Postmates Unlimited which waives delivery fees (through December 2019). Combining these two benefits could lead to some serious savings for food delivery fans.
Cell phone protection is notable too, considering it covers cosmetic damage and appears to be on par with similar offerings through the Chase Ink Business Preferred Credit Card and Wells Fargo Propel American Express® Card. While Fandango and Boxed benefits will probably be used a bit less, they’re still solid offerings and worth considering.
It’s important to read about the differences between World and World Elite Mastercards. If you don’t already have a card there are number of solid travel rewards cards that run on the Mastercard circuit. Some of the top Mastercard World Elite credit cards include:
- Citi / AAdvantage Platinum Select World Elite Mastercard — $99 annual fee, waived the first year; earns 2x miles on American Airlines purchases, at gas stations and at restaurants, offers a first bag checked free
- Citi Executive AAdvantage World Elite Mastercard — $450 annual fee; includes Admirals Club membership, earns 2x miles on American Airlines purchases
- Citi Prestige Card — $495 annual fee; earns 5x points on air travel and at restaurants and 3x points on hotels and cruise lines, up to $250 in travel credits each year, a 4th Night Free on hotel stays.
- Citi Premier Card — $95 annual fee; earns 3x points on all travel purchases (including gas), and 2x points on dining and entertainment
- Barclaycard Arrival Plus World Elite Mastercard (not currently accepting applications) — $89 annual fee, waived the first year; earns 2x miles on every purchase and a 5% rebate when you redeem your miles
Mastercard has told TPG that in lieu of the new perks it will be ending the price protection and extended warranty benefits afforded to its cardholders. It’s following in the footsteps of other banks who’ve started cutting similar benefits. Here’s TPG’s list of the best credit cards for extended warranties and the best credit cards for purchase protection.
This story was updated to include comment from Mastercard that they will be ending the price protection and extended warranty benefits.
Featured image by Igor Golovniov/SOPA Images/LightRocket via Getty Images.
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