Travel Insurance Analysis: Commonwealth Bank Gold
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Travel is good for the soul and the body. It broadens your horizon and it relaxes your mind – these statements could be regarded as a romantic or a poet’s view on travel. Reality paints a different picture although the sunny blue skies and the splashing waves are still there. Reality tells us to prepare, plan, and foresee any difficulties when we travel. And part of that preparing, planning, and foreseeing is to have travel insurance.
Why Get Travel Insurance
Just think about it: your perfect vacation plan is just hours away from coming true – bags have been packed, tickets on hand, credit cards ready and then suddenly everything falls apart. Think of Murphy’s Law when you suddenly have to cancel your travel plans with the looming truth of non-refundable parts of your air fare, hotel accommodations, and a myriad of other things. Having travel insurance could protect you from unexpected situations like these – cancellations and accidents.
Some would say that travel insurance is not really for everybody. But if you are a frequent traveler going on long trips, you might consider taking out a policy. Moreover, getting travel insurance for expensive trips or trips planned in advance is another must. The more expensive your trip is, the more expensive the risk becomes. Having yourself covered lowers the risk of losing everything you have invested for that trip. For trips made in advance, the possibilities that something might happen in between the trip you intend to have next year and the planning time are greater compared to short-planned trips. When you choose a packaged tour, you might also want to get coverage. These deals have certain clauses which state that changing a part of the package could affect the other prices in that deal.
Cancellations are not the only thing you should be worried about. Although the likelihood of finding yourself in a plane crash or other kinds of accidents during vacation is slim, it is better to come prepared. Having travel insurance for medical emergencies could compensate you for most of the medical expenses incurred during your travel time.
Getting Travel Insurance
If you are contemplating getting travel insurance, the first step would be to check the current coverage you have so that you won’t have to purchase another policy if you are already covered in your existing one. There is no point in buying another travel insurance policy when you are already covered somewhere else.
You may not even realise you are covered for travel insurance as many premium credit cards such as the Commonwealth Bank gold credit card come with inclusive travel insurance. If you have credit cards like these, you don’t may not need to buy a travel policy – it includes international travel coverage. The list below includes other benefits a Commonwealth Bank gold credit card bring:
| Product Name | Commonwealth Bank Gold Awards Credit Card | |
|---|---|---|
| Balance Transfer Rate | 5.99% p.a. for 5 months | |
| Interest Rate on Purchases | 0% p.a. for 5 months (reverts to 20.24% p.a.) | |
| Offer end date | 30 June 2013 | |
| Annual Fee | $144 p.a. ($114 for qualifying customers) | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 21.24% p.a. | |
| Minimum Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|
$4,000 | |
| Minimum Monthly Repayment | 2% | |
| Credit Card Type | American Express/MasterCard | |
| Late Payment Fee | $20 | |
| Complimentary Travel Insurance | Yes | |
| Available to Temporary Residents | Yes | |
| Joint Application | No |
- Security and travel insurance. How much does a policy cost? You don’t have to worry about prices when you have the Commonwealth Bank gold credit card. It gives you coverage for up to 3 months and replaces any stolen, lost, or damaged goods that have receipts of around 90 days. It also covers travel delays, accidents, rental cars, medical problems, and deaths or accidents that might happen during the trip. It also has a $750 income benefit to replace income lost during travel.
- Extended Warranty Insurance. Credit cards are basically used for purchasing, but the Commonwealth gold card has a normal warranty extension for up to 1 year for goods purchased in and out of Australia. This is good news for frequent travelers who like shopping in every travel destination they are into.
- Worldwide access. What could be more frustrating during traveling than making a purchase and knowing that the credit cards you have been carrying are not honoured in that part of the world. However, the Commonwealth Bank gold credit card gives you access to over 29 million locations all over the world.
- Interest Free Period. How would you like being given a grace period? A 55-day interest free period is included when you have this credit card. Around two months without interest gives you ample time to relish your vacation and your resources without worrying so much about interest rates.
- Online security guarantee. You are reimbursed for any financial loss or damage that might occur if and when there is unauthorized activity in your account, provided you have met security responsibilities required.
- Wide range of rewards. You don’t just get yourself covered, but you also earn rewards for every purchase made through your Commonwealth Gold credit card.
Read the Commonwealth Bank Gold Awards Credit Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | Yes - Conditions apply | |
| Credit Rating Requirement | Good | |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $4,000 |
| Annual Fee | $144 p.a. ($114 for qualifying customers) | |
|---|---|---|
| Minimum Repayment | 2% | |
| Late Payment Fee | $20 | |
| Over Limit Fee | $10 | |
| Overseas Emergency Replacement | $20 | |
| Overseas ATM Balance check | $1.25 | |
| Overseas ATM Withdrawal | $4 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $15 |
Pros
- The gold card has a range of benefits that are designed to make a travellers life a little easier. Things like commission free travellers cheques, complimentary international travel insurance and Global Connection are offered with this card.
- Qualifying customers are up for a reduction on their annual fee.
Cons
- If you're looking to opt into the Qantas Frequent Flyer Direct Program was choose to do so and will incur and additional fee.
- Additional card holders come in at $15 each. This is a feature that is offered for free with most cards.
Read the Commonwealth Bank Gold Awards Credit Card terms and conditions.
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Am I eligible for travel insurance with my gold master card?
Hi Ross. This account comes with a MasterCard and American Express Card linked to the one account. If you use either of these cards to meet the below eligibility requirements, as outlined on the Commonwealth Bank website, you’re covered under the complimentary international insurance policy:
“You, your spouse and your dependent children will be automatically covered for complimentary International Travel Insurance on your journey. As long as you travel together for the entire journey, you each have your return overseas travel ticket(s) purchased before leaving Australia, and you spend at least A$1,000 each on prepaid travel costs (this includes the cost of your return overseas travel ticket(s), airport /departure taxes, prepaid overseas accommodation/travel, and/or prepaid overseas itinerary items) and these costs are paid by one or a combination of the following payment methods:
charged to the cardholder’s eligible credit card account; or paid for by the redemption of the cardholder’s Commonwealth Awards points through the Commonwealth Awards program. This excludes points redeemed for Frequent Flyer programs.”
Please refer to the terms and conditions for further information. The document is found on the Commonwealth Bank Gold Awards Card webpage,
Hello Ross,
thanks for the question!
There are some eligibility requirements for these insurances and pre-existing medical conditions where this insurance will not be paid, so it may be helpful to visit the Commonwealth Bank website or call Zurich, the provider of this insurance, to get a copy of the insurance policy, and have a read through.
I hope this helps,
Marc.