Your summer holiday could have travel insurance cover thanks to your credit card
19 December 2019
Finding the right travel insurance for your summer holiday is an important part of trip planning. But did you know your credit card may actually come with it?
Complimentary credit card travel insurance is a handy feature of many premium credit cards. And if yours is named after a precious stone or metal, you could be in luck1.
Is credit card travel insurance like regular travel insurance?
In many ways, credit card travel insurance and regular travel insurance are similar. Both can provide cover for you (and sometimes your partner and children) that includes:
- overseas medical expenses
- loss or theft of personal items, and
- unexpected trip cancellation.
To check the specifics, such as the amount of cover or whether there’s any difference in cover or availability between destinations, check out the applicable product documents for your cover.
A big difference between these two kinds of travel insurance is the way you take out a policy. When you purchase a travel insurance policy from Suncorp Insurance2, you pay for the cover that’s right for you. Pretty straightforward, right?
Credit card travel insurance, on the other hand, needs to be activated.
How to activate your credit card travel insurance
Even if your credit card entitles you, your partner and your children to complimentary international travel insurance, you’ll have to meet certain requirements to activate it. These requirements will likely differ between credit card providers. With a Suncorp Clear Options Platinum Credit Card3, for example, you’ll need to:
- be the cardholder
- make sure your trip is shorter than six months, and
- purchase your overseas ticket (and the tickets of the family members you’re travelling with) with the card or its rewards points.
It’s important to check the terms and conditions of your card — or the card you’re considering — to see what you need to do to activate travel insurance.
The benefits of credit card travel insurance
Suncorp’s Clear Options Platinum Credit Card offers a few significant travel benefits. In addition to international travel insurance, eligible customers can access:
- Interstate Flight Inconvenience Insurance
- Transit Accident Insurance, and
- Extended Warranty Insurance on items you purchase using the card.
Like any credit card, you might find it useful to weigh up any pros and cons to figure out if it’s right for you. Even though the name suggests credit card travel insurance is complimentary, check whether you’ll pay an annual card fee and other costs, such as interest and international transaction fees. However, it’s possible that the money saved by not having to buy a separate travel insurance policy could make those fees worthwhile.
How to get the most out of your credit card
Premium credit cards often give you access to rewards programs. If you’re a Suncorp Clear Options Platinum Credit Card holder, you can take advantage of Suncorp Clear Options Credit Card Rewards. With every eligible purchase on your card, you’ll earn points that can be redeemed for things like electronics, gift cards and travel. For more information, take a look at the terms and conditions.
(Psst — if you’d prefer to earn Frequent Flyer Points you can upgrade your rewards program to Suncorp's Qantas Frequent Flyer Rewards for an additional annual fee.)
- Do I really need travel insurance?
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- How to plan a holiday on a budget
1 Citigroup Pty Limited ABN 88 004 325 080, AFSL No. 238098, Australian Credit Licence No. 238098 (Citigroup) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp-Metway Ltd ABN 66 010 831 722, Australian Credit Licence No. 229882 (Suncorp Bank) promotes and distributes Suncorp Clear Options Credit Cards on Citigroup's behalf under an agreement with Citigroup. Suncorp Bank will not guarantee or otherwise support Citigroup's obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Bank internet banking and telephone banking). Suncorp Bank has not assisted you to make this application and does not suggest you apply for any particular Suncorp Clear Options Credit Card type. Citigroup, not Suncorp Bank, will be assessing your application.
2 Suncorp Travel Insurance is issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance ("Vero"), a member of the Suncorp Group. Suncorp Insurance is a brand of AAI Limited. Except to the extent imposed by law, companies in the Suncorp Group do not guarantee and are not responsible or liable for the products, services, obligations or liabilities of the other companies in the Suncorp Group. Suncorp Bank does not guarantee and it is not liable for this product.
3 Complimentary insurance covers: Terms, limitations, conditions and exclusions apply. Refer to the Complimentary Insurance Description of Insurance Cover for further insurance. AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631 (trading as Allianz Global Assistance) under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 has issued an insurance group policy to Citigroup Pty Limited ABN 88 004 325 080 AFSL and Australian credit licence 238098 (Citigroup) which allows eligible Citigroup account holders and cardholders to claim under it as third party beneficiaries. Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. The terms, conditions, limits and exclusions of the group policy are set out in the Description of Insurance Cover Terms and Conditions which may be amended from time to time. Citigroup does not guarantee this insurance.
Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Disclosure Statement or Product Information Document before making any decisions about whether to acquire a product.