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Sorry if this sounds dumb but I've seen many a talk about Visa Signature Cards but I don't know why they are so wanted. What makes a card a Signature card, what are the perks, why do you all want them so badly?
Yeah there are perks. Rental car insurance, travel accident insurance, NPSL among other things.
Mastercards version is World MC.
@kroberts67 wrote:Sorry if this sounds dumb but I've seen many a talk about Visa Signature Cards but I don't know why they are so wanted. What makes a card a Signature card, what are the perks, why do you all want them so badly?
Visa Signature cards offers a number of perks such as travel protection, concierge services, entertainment/ luxury hotel & other stuff deals, etc. Also, Visa Signature reports as "flexible spending credit card" (other term given- NPSL) which means that you can go over your given limit w/o overlimit fees, as long as you pay the excess by the due date.
Their concierge service is subpar at best.
Take JP Morgan's conceirge service as a comparison: One busy Saturday night with no prior reservations I call the number on the back of my JP Morgan Select card and explan that I'm in the middle of a crowded 5-star restaurant with a 2 hour wait and an impatient date by my side. Less than 5 minutes later the hostess gets a phone call from JP Morgan's Executive Office and within 2 minutes my date and I are sitting in one of the best seats in the house sampling Italian wines 'on the house'.
I'll never forget that night. That was one night that I feel like JP Morgan got me laid.
IMO it's largely someting people might consider an "I made it" status on a card that signifies your credit history is strong. The extra benefits aren't really anything to write home about.
Some might consider it an 'I made it' status, but they would be delusional.
Sure, a VS card in general offers reasonable perks and requires a $5k minimum CL, but that doesn't mean a whole lot. I'm not saying it shouldn't be a goal for people rebuilding credit or just starting out, but it shouldn't be considered some 'upper class' status.
Outside of the uber-elite cards like the Centurion and JPM, which have much more stringent asset and spending requirements that 99.999% of people will never qualify for, credit cards don't mean much.
If I recall correctly, the Visa Infinite is somewhat more 'elite', with an even higher CL requirement, but that isn't offered in the US.
Signature cards also have included extended warranties for purchased items.
@phonic wrote:Some might consider it an 'I made it' status, but they would be delusional.
Yeah that's kind of the tone I was trying to imply (and think I failed at).
I made it status? Thank you! Lol.
In all seriousness, there are extra perks but I don't think I ever used any of them, I don't think it's such a big deal to have a siggy. Also, to the OP some credit card companies will only give you one if your credit limit is at least $5000.