3 Things That Disappeared From Credit Cards in 2018

3 Things That Disappeared From Credit Cards in 2018

It’s been quite a year for credit cards, with new bonus earning opportunities, new rewards-tracking capabilities and, of course, new products. However, the story of credit cards in 2018 isn’t simply about the additions. The narrative also includes some characters and chapters that no longer exist. Here’s a look at three notable things that have disappeared over the past 12 months.

1. Your Autograph

At the end of 2017, Mastercard and Discover both announced plans to ditch signature requirements for in-person transactions. By April, Visa and American Express had followed suit. The move seems long overdue. After all, comparing signatures from the back of a credit card to one scrawled on a receipt was never exactly a strong way to prevent identity theft.

While credit card networks no longer care if you sign at checkout, you’ll still need to pick up a pen in certain shopping situations. It’s up to merchants to make the call on whether you need to sign a receipt or use your finger to trace a digital autograph on a screen. Ditching signatures will certainly speed up transactions. Banks and credit card networks are working to make them even faster with biometric-based payment methods, too. Goodbye, signatures. Hello, face scanning.

You can put down the pen. All four major credit card networks no longer require physical signatures. The only thing you’ll have to sign is your receipt. (Photo via Getty Images) 2. Some Smaller Perks

Saving time at checkout is good news, but the next wave of disappearances means that your purchase may no longer qualify for some lesser-known benefits. Discover ditched five benefits this year: extended product warranty, return guarantee, purchase protection, auto rental insurance and flight accident insurance.

While Discover’s changes applied to its entire card portfolio, Chase made some individual adjustments to many of its cards. All Chase-branded card holders lost price protection, and all except the Chase Sapphire Reserve lost return protection. Some Chase Freedom card holders no longer have lost luggage reimbursement and travel accident insurance, while card holders with the Chase Freedom Visa Signature saw their trip cancellation/interruption insurance coverage slashed from $5,000 to $1,500.

Citi, meanwhile, adjusted its Price Rewind program (a branded name for similar purchase protection offered on other cards) to limit the benefit for card holders from $500 to $200 per item and capped the max per-year benefit at $1,000.

These changes all serve as a reminder to pay close attention to notices about changes to your card and to read the fine print in a card’s terms and conditions before applying for it. While attractive sign-up bonus opportunities are compelling reasons to open a new credit card, those lesser-known benefits can make a big difference, too.

3. The Ability to Buy Bitcoin

When the year kicked off, Bitcoin was making big headlines after a valuation surge that peaked near the $20,000 mark at the end of 2017. Everyone wanted in on the crypto craze, and some Bitcoin buyers were actually using their credit cards to get on the bandwagon. That didn’t last long. By February, Chase, Bank of America, Citi, Capital One and Discover had all banned cryptocurrency purchases using credit cards. The move wasn’t surprising, and gold-rush card holders should be thanking the banking industry. As of writing this post, one Bitcoin is worth just under $4,300.

Buying Bitcoin with a credit card was a short-lived phenomenon. The entire financial industry banned Bitcoin purchases on credit cards. (Photo via Getty Images) Looking Forward

As you reflect on the last year of changes to your credit cards, it’s also time to look ahead to opportunities to earn more points and miles in the new year. Check out our guide to shaping your strategy for spending smart and maximizing your travel.

Featured image via Getty Images.