Free Travel Insurance With Credit Cards
Posted September 28th, 2009 and last modified July 22nd, 2011Free travel insurance is a convenient by-product for frequent overseas travellers. If you look at basic travel insurance costs for the other side of the world you quickly pay several hundred dollars for a trip.
While there are always good deals to be had, there is no better deal than free and since you already pay for your credit card and use it, why not benefit from it with free travel insurance?
Featured Credit Card with Complimentary Travel Insurance
Enjoy a range of platinum privileges with the Citibank Clear Platinum Card which features an amazingly low interest rate on purchases. You will also enjoy the freedom of higher credit limits, complimentary international travel insurance, your own personal concierge service, personalised rewards program and much more.
- $99 annual fee
- 11.99% p.a. on purchases
- 2.9% p.a. for 12 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
- Minimum Income Requirement of $35,000 p.a.
If something is free then it is obviously going to save you at least the initial cost which is always a good thing. That being said, this type of cover is not truly free as it is associated with a high end card that typically will have an annual fee. However, even if you have a platinum card that carries a steep annual fee of one hundred dollars each year there is still a fairly good chance you are going to come out ahead of the game if the cover is decent.
Benefits Of Free Travel Insurance Credit Cards
If you have free travel insurance credit cards you are saving a big chunk of change on your travel needs. Insurance when you go abroad is an absolutely necessity, that comes with a high price tag. Just make sure the card you choose offers the type of cover that really protects you when you are outside of Australia.
The biggest benefit of free travel insurance credit cards is that first word; free. If something is free then it is obviously going to save you at least the initial cost which is always a good thing. That being said, this type of cover is not truly free as it is associated with a high end card that typically will have an annual fee. However, even if you have a platinum card that carries a steep annual fee of one hundred dollars each year there is still a fairly good chance you are going to come out ahead of the game if the cover is decent.
Free Travel Insurance Credit Cards
Cost – As we said before the money that you save from using plastic that offers complimentary cover can be quite significant. Even if you are only hopping over to New Zealand for a couple of weeks the cost to add cover to your trip for just one person is around $70. Using the cover your card offers will save big bucks.
Restrictions – Almost all free travel insurance credit cards have certain restrictions and regulations that you must understand. To begin with it is usually stipulated that you must book all or part of your travel with your designated card in order to get the coverages. There are sometimes other restrictions and limitations that you should familiarise yourself with by reading the terms an conditions of your card prior to booking a trip. Some coverage will only work for you, the cardholder, whilst others will also cover your travelling companions as long as they are family members. In order to squeeze the most value out of your insurance you must understand exactly how it works and how to use it. Most of the time this cover is only for international travel. If you need domestic cover you may have to purchase it separately or find a card that offers that specifically.
Benefits – If you have found that the plastic you currently own does not have this coverage then might be looking for a new card. When you look at the trip coverages make sure that it is not solely trip accident coverage. You want something that will protect you and your investment in the event of illness or injury, cancelled plans, lost luggage, even inconveniences like delayed flights or lost luggage. Get the most cover for your money. This may mean spending more cash on the annual fee so compare that to how much you will actually use the coverage and the cost you would incur if you had to buy it on your own for each of your trips. Look at some of the more prestigious gold or platinum card options as the usually offer the best travel rewards.
Free travel insurance credit cards are just one more way that you can put your plastic to work for you. Too many of us just use our cards as a convenient way to spend money and accept that the convenience comes with a bit of a cost. However, if you really want to make the most of your money and even of your spending you need to take full advantage of every perk and benefit cards offer. To do this you have to take the time to read and understand all of the perks offered by your card company and to be willing to switch when necessary to a better card. Do not let brand loyalty stand in your way. Get the card that meets all of your needs all of the time.
Free travel insurance comparison:
In Australia most gold and platinum credit cards offer free travel insurance amongst their other host of rewards. These cards always attract a higher yearly fee because of the extras you get with them.
On another note, always read the fine print of your credit card issuer to make sure you are in fact covered for what you think you are. Not all cards pay for the same cover and covers vary a lot. Plus, you need to pay for your trip with your card before the insurance becomes valid in most cases.
As you can see from the table above, all of these credit cards charge various annual fees for their cards.
Usually when the fees are higher there is more to be gained in extras and bonuses. All of the above do offer complimentary free travel insurance. Read terms before you go ahead.
Check out today's featured offers:
| Citibank Clear Platinum | Qantas AMEX Discovery | ANZ Platinum | Westpac Low Rate |
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2.9% p.a. for 12 months |
$0 annual fee Up to 10,000 Bonus QFF Points |
0% p.a. for 6 months on purchases & balance transfers |
0% p.a. for 6 months on purchases & balance transfers |
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